Day: January 17, 2016

Budget Bootcamp Day 16: Review 1

budget bootcamp day 16 budget bootcamp review
Review

Whoooo Hoooooo We are on Day 16 of the 30 Day Budget Bootcamp! We are over halfway there to learning how to master our budgets. Today is a catch up day of sorts. Let’s review what we have learned so far. For a full re-cap, you can go back and read all of the Budget Bootcamp posts.

If you don’t have time to do that then keep reading and I will give you a mini breakdown of what we have covered so far. If you have missed any of the exercises, then now is the time to go back and do them.

So far, we have clearly defined our why. You know exactly why you want to create a budget, whether it is to conquer you debt once and for all, or to save for the downpayment of your new home, you are clear on why you want to start budgeting.

We have written our family financial mission statement that aligns with our family values and we have written our financial vision, along with our S.M.A.R.T. financial goals. My blogging mentor has a saying, “A goal without a plan is just a wish.” So as we forge forward, we have our goals written and placed where we can see them daily, and next we will create our plan i.e. budget to make those goals a reality.

If you are married, or whatever your relationship status is, you have had that all important money talk with your significant other and you both should be on the same page. We have also learned that we need not only know our net worth but also how to find it.

In these past 15 day’s we have learned how to track our spending patterns and habits and why we should tack them. Whether they are good or bad habit’s, we have learned how to identify what triggers us to spend. We have also learned how to break any bad spending habit’s that keep us from our ultimate financial goals. We also learned how to identify common budgeting mistakes.

We have learned how to live below or within our means and how to have fun without breaking the bank or going over budget. We also covered how to determine our needs versus our wants.

Finally, we have learned several different budget forms and my favorite of which is the zero-based budget, which gives us the power to set where every bit of money we earn goes.

All in all, we have covered a lot of ground and set the foundation of the rest of the bootcamp, which will be creating our budget. Join me tomorrow as, we embark on the journey of creating a budget that works for you.

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