Does your budget feel like a chore – something you dread tackling? It doesn’t have to be that way! Today we’re talking about how to refresh your budget for the year ahead. We’ll make room for your priorities, goals, and yes – even some fun. So, stick around – because I think this one’s gonna be a game-changer! Let’s get started.
Links for This Episode
- Check out these DIY Resources and Templates
- Download your FREE Family Budget Worksheet
- Join the Financial Fix Up Membership
Podcast Episode Recommendations
- #29: How to Detox Your Finances Without Losing Your Mind
- #16: 5 Reasons Your Budget as a Married Couple Will Fail (And How to Prevent It)
- #8: 3 Simple Ways to Create Your Family Grocery Budget
- #3: How to Create the Ideal Family Budget for Your Family
Fresh Finance Challenge #3: Refresh Your Budget
Well hey there and welcome back to the Financial Fix Up Podcast. I’m your host, Sarah Brumley, and this is Day 3 of our Fresh Finance Challenge. Today we’re diving into one of the most important topics in this challenge – refreshing your budget for the new year.
And I know, some people thinking budgeting is restrictive, but I’m here to tell you that it’s not about saying no to everything you enjoy. Quite the opposite. It’s about creating a plan that helps you achieve what’s most important to you while still making space for fun along the way. And with a fresh year ahead of us, now is the perfect time to rethink your approach.
So, if you haven’t already, grab a piece of paper, the notes app on your phone, or even the back of an envelope and let’s get right to it.
The Importance of a Fresh Start
So, like I said, the new year is the perfect time to take a fresh look at your budget and the reason for this is because life changes. You are not the same you that showed up January 1st of last year, right? You’ve got new priorities, new expenses, and probably some new goals you’re hoping to hit.
And maybe last year’s budget worked fine – or maybe it didn’t work at all – but either way this is your opportunity to tweak it, improve it, and make sure it reflects your family’s needs right now. So, this is your chance to leave behind the stress and confusion and move forward with clarity and purpose.
Assessing Current Spending
So, how do we do this? Well, first, take a look at your spending from last year. Personally, I like to print off the last 12 months of bank statements to get a really close look, but if you’ve been tracking your budget carefully, you probably can take a quick glance and know what the issues might be. Maybe you’re noticing some streaming services that no one uses anymore or maybe your dining-out or Amazon purchases have gone through the roof. Whatever it is, make notes of those areas that you could cut back.
Once you’ve identified those, think about where that money could be better spent. Maybe it’s building up an emergency fund, setting money aside for a summer family vacation or adventure, or even tackling a big financial goal. The idea is to free up cash so that you can redirect it to what truly matters.
Making Room for Goals (And Fun!)
Now, here’s the part that I love: budgeting isn’t just about cutting back – it’s also about ADDING in what makes life enjoyable. Maybe that’s budgeting a little extra for family movie nights, saving for that weekend getaway with your spouse, or setting aside some fun money for those random coffee runs.
When you make room for these things in your budget, it’s easier to stick to it because you’re being intentional about what you spend your money on. And that makes all the difference.
Day 3: Take Action
Alrighty, it’s time for today’s action step: I want you to set up a simplified budget for January. Let’s break it down so it feels totally doable. First, start but focusing on your critical expenses – these are the things you absolutely need to cover, like housing, groceries, utilities, transportation, and whatever else your family needs to survive. You can think of them as the non-negotiables that keep your household running smoothly.
Once you’ve accounted for those essentials, it’s time to look at the extras. They might be things you need to keep and if so, add them to you budget, but do take the time to consider areas where you might need to adjust, like dining out, entertainment, or subscriptions. Is there room to trim down a little? Even small changes can make a big impact, so don’t underestimate the power of freeing up just $20 or $50 in your budget.
Now, here’s where it gets exciting: add in at least one new category for a financial goal. This could be something practical, like setting aside $20 to start or grow an emergency fund. Or it could be something that adds a little joy, like saving $20 for a fun family outing.
The key here is to keep it small and realistic. You don’t need to overhaul your entire budget overnight. By starting with manageable steps, you’ll build confidence and momentum. Plus, having a clear plan – even a simple one – will make January feel so much more organized and less stressful.
And don’t forget – this isn’t all about perfection. It’s about progress. If you can look at your January budget and feel like it reflects your priorities and goals, even in a small way, you’re already winning.
And if you don’t have a budget in place or are struggling to figure out how to make one work for your family, make sure to grab your copy of the Financial Fix Up Planner. For less than $20 you’ll have step-by-step tutorials to help you create financial goals that matter for you and your family, set up your monthly budget, track your expenses, and more. You can get yours by heading to lemonblessings.com/planner or by following the link in the show notes.
Have You Refreshed Your Budget?
Alrighty – that’s a wrap on Day 3 of the Fresh Finance Challenge. I know that budgeting might not feel exciting, but it’s truly the foundation of financial success. With a clear and intentional budget, you’re setting yourself up for a year of progress and some peace of mind, too!
Tomorrow, we’re going to take it a step further by setting a family financial goal that everyone can be excited about. It’s a great way to bring the whole crew into the journey.
In the meantime, don’t forget to hit subscribe so you don’t miss the next episode. And if you want extra tools or resources to help you refresh your finances, head to lemonblessings.com/news to join the Financial Fix Up Community.
Whatever you decide, just know that I’m cheering you on! You’ve got this! Have an amazing day and I’ll chat with you again tomorrow!
