Closing Out My June Budget | Step-By-Step Process

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Closing Out My June Budget | Step-By-Step Process

Рет қаралды 281,632

4 жыл бұрын

Today, I am closing out my June budget and showing the entire process!
What do you do with your budget after the month is over, and you’re ready to begin a new month? Most people don’t realize it, but your spending throughout the month gives you some incredibly helpful information.
One of the first steps to creating and sticking to a realistic budget is tracking your expenses. Your spending is the underlying foundation for creating a budget and ensuring that your budgets in the future are successful.
If you are not aware of where your money is going, you can’t make the best decisions for your dollars. Today, I am going to show you how to extract all of the vital information from your expense trackers using three helpful worksheets.
➡️ HOW I TRACK MY SPENDING: bit.ly/3aIe89I
➡️ HOW TO USE A BUDGET CALENDAR: bit.ly/2IzF2Vj
➡️ FINDING YOUR WHY: bit.ly/3aJUryj
➡️ THE BUDGET MOM'S FINANCIAL FREEDOM STEPS: bit.ly/3cfJXsp
➡️ HOW TO GET STARTED WITH THE CASH ENVELOPE METHOD: bit.ly/2vQJaO5
➡️ HOW TO CREATE A PLAN OF ATTACK TO PAY OFF DEBT: bit.ly/2wDETxF
➡️ HOW TO CLOSE OUT YOUR BUDGET: bit.ly/2Ltmtnp
➡️ SAVINGS CHALLENGES IN 2020: bit.ly/2MUInRw
➡️ SUMMER THEME ENVELOPES: bit.ly/2NTOV2V
➡️ SUNFLOWER THEME ENVELOPES: bit.ly/3eYXFAT
➡️ SINKING FUND ENVELOPES: bit.ly/2BCBx0z
ABOUT ME
I'm the blogger behind www.thebudgetmom.com. I am a single mom to my rambunctious son, live in Washington, and I'm passionate about helping people with money management and personal finance. Let me know what you like to learn more about! Leave me comments and suggestions on my video and let me know!
YOU CAN FIND ME AT:
📝 BLOG: www.thebudgetmom.com
📘 FACEBOOK: / thebudgetmom
📸 INSTAGRAM: / thebudgetmom
📌 PINTEREST: / thebudgetmom
GET STARTED
➡️Start Here: www.thebudgetmom.com/start-here/
➡️Free Email Course: bit.ly/2UYgNFf
➡️Free Resources: bit.ly/2PDmTHz
➡️GET 10% OFF my popular Budget-by-Paycheck Workbook - Coupon Code TBMKZfaq bit.ly/2CR7U9n

Пікірлер: 302

@meekshouse21 4 жыл бұрын

This is the first time I truly understand how to complete these pages. Thank you Miko!!!

@terrysweet9507 4 жыл бұрын

Finally Miko, I just never bothered with those three worksheets until you walked me through it because I'm a visual learner. Keep the videos coming they're very helpful and take care.

@xoJessCS 4 жыл бұрын

If it helps anyone, when you're getting the percentages, instead of counting over the two decimals, to get your percentage just multiply by 100. Ex. Money spent / total income × 100 = your percentage in that category.

@jadzia2074 3 жыл бұрын

😊 thank you

@zariah5679 3 жыл бұрын

ty!

@ciannacoleman5125 3 жыл бұрын

I seriously love the budget planner you have designed, it is so clear thorough and easy to visualize. I don’t currently have the money to buy the planner but have made a rough version in a spreadsheet and after building the discipline to stick to it I will likely buy one. Physically writing something on paper with a good pen is just a better experience than typing.

@ashleelong5974 2 жыл бұрын

I am in the same boat. Check out her website she has several pages for free.

@dianabusby420 3 жыл бұрын

I would love to see you and Ryen filling out your workbook pages together, live. Just spread out at the table, start by adding up the trackers and talking about what you're doing and why. Is that something you would think about doing?

@lauriselma1 4 жыл бұрын

Yay! Finally a video I’ve been waiting for. This gives me a better understanding of how to close my budget. I’m always off when I close my budget.

@TheSophia05 4 жыл бұрын

Thank you Miko for doing this video. This is exactly what I needed in order to close out my budget. It was so overwhelming but this step by step keeps it simple. ❤️

@mzjennx 4 жыл бұрын

Ty so much for sharing this. Some how this makes so much sense! I’ve been following you since March, slowly watching all your video here, IGTV, reading your blog and doing the email course. I’ve learned so much so far and I think this one is the best video I’ve watched so far (or maybe it’s because it’s all making sense as I keep watching and keep doing it). Ty for your guidance! You are so helpful, thorough and inspiring!

@mindsetwithmarie676 2 жыл бұрын

I'd love to see another closing out the month more recent! Maybe with Ryan this time to see how she does it and extra tips she might give! I love your videos! Tfs ♥

@destiny6017 4 жыл бұрын

Love your videos!! New subscriber, I've been binge watching your videos like a TV show😅 you've uplifted me and put a fire under my ass about my goals and finances, thank you!!❤

@tarellbain1436 2 жыл бұрын

I share the same sentiment Never focused on my finances like this always said I'd start next month and never did.

@k-diva1476 4 жыл бұрын

Best video ever! So helpful actually seeing and going through the process. I have the printable workbook and can’t wait to pre-order the upcoming workbook. Your channel and workbook has been such a blessing in my life. God bless you!

@amberstuart1836 2 жыл бұрын

I love this video so much! 🙌🏼 Also, the reason your budget was off $2 is because you’re start balance was actually $2103 instead of $2105. 😎 so you had a perfect budget actually!!

@phylicianguyen6063 2 жыл бұрын

I thought I was going crazy! I was doing my math with Miko LOL

@amberstuart1836 2 жыл бұрын

@@phylicianguyen6063 I was even thinking, it's just $2. But then I saw her sticky note said $2103 and she had wrote down $2105 to calculate her final budget and that's how I caught it lol.

@meaganbrown6502 4 жыл бұрын

I love all your videos, but this ONE....OMG....amazing and so helpful!!! i now fully understand how to fill out all the worksheets!!! thank you so so much for everything you do!!!

@stephaniemattiuzzo9508 4 жыл бұрын

The breakdown is so helpful! I am so grateful for all that you (and Ryen And your team) are doing! I’ve always wanted to get more specific with an ACTUAL budget and this is the first time in my life it makes sense and is realistic (2nd month in with the BBP download). Thanks again - you truly have a teacher’s heart !!

@sarav9581 3 жыл бұрын

This video is so incredibly helpful! I re-watch it each month before I close out my budget. Thank you, Miko!

@mylifeinmoderation7182 4 жыл бұрын

I just started using your "where did my money go" worksheets and they have been incredibly helpful. Things I thought I was spending a lot on, I am not and it is helping me shift my focus on the categories that need more attention.

@ayannafraleymoore5265 4 жыл бұрын

my life in moderation YES, those worksheets are a budgeting game-changer!

@cheer0410 4 жыл бұрын

so many helpful tips here! I had been getting so bogged down when my numbers were off but am going to try to just keep going! Thank you!!

@titimari66 4 жыл бұрын

Thank you! I’ve been searching for an older video you had like this and could not find. I’ll save this one!

@crazychick 4 жыл бұрын

I needed this thank you. I was getting all turned around. I'm going to sit down with the video tonight and close out my June budget thank you very much

@navamorris3478 3 жыл бұрын

This video helped me understand exactly what to write on the trackers that come before January (bill tracker, yearly spending overview). Initially I had written out each bill and sinking fund on a separate line on each of the trackers. What a repetitious overload! I've now reworked my categories and what I list on each tracker. THANK YOU!!!

@normalafountain7013 4 жыл бұрын

Thank you Miko for this video! It’s going to help me a lot! Your the best

@esseyaich 3 жыл бұрын

This video is the “missing manual” I’ve been looking for!! I needed help with all of this. Thanks so much!

@vitzaniadominguez6961 2 жыл бұрын

Your thorough videos have taught me how to use the budget planner in increments, so I don't get overloaded by the new info. Where I'm at, it feels a lot to track every expense on the envelopes and then write similar info in the expense tracker. But, after watching how you close off the month for your costs, it makes sense to do so for mine. I, too, would like to know visually that my money is moving along the way I have planned. Thank you, Miko, for the encouragement and the help!

@teresacarrington244 4 жыл бұрын

Yes! It’s work that’s so worth it. I personally get a lot of joy and feelings of accomplishment with this system. I am learning and still not all that successful every month. My goal for the month of July is consistency! 🙏🏾

@kellypost1353 4 жыл бұрын

This was a fabulous breakdown!! Will definitely need to re-watch again and will get easier the more I do, but LOVED THIS!!!

@jessicalogan1119 4 жыл бұрын

Love your videos! I giggled every time you said "incoming income."

@KimEsCreations 3 жыл бұрын

Thank you for going step by step on how to close out the monthly budget 😊😊 I'm now understanding more on how to do it. Feeling excited for the end of October.

@marissaann1233 4 жыл бұрын

I love that you made this video! It's nice to see the process of closing out your budget, rather than explaining it after you already did it. :) One thing I do differently is the Monthly Debt & Savings income...on that page, I put my actual income instead of my income + starting balance. It just makes more sense to me to do it that way.

@abigaylemabey4813 2 жыл бұрын

Could you do an update on this with your monthly booklets? This is very helpful but just a little bit different and I think an updated step-by-step would be incredibly helpful! Love your videos!! Excited to see what I can accomplish financially using this system!

@Mrsmadison45 4 жыл бұрын

Brilliant show and tell, you should teach in a school!!! Honestly you are the second person who literally explains step by step 🌻 My Mother taught me many years ago. I’m in my 60’s and I live a very frugal life and Dave Ramsey is the way to go, Cash is King 👑.

@phyllisandrews3277 3 жыл бұрын

Watching your past videos so I can understand fully how to use the boxed set. I can’t wait for it to come in!

@angieponce8231 4 жыл бұрын

This step by step is super helpful. Thank you!

@ayannafraleymoore5265 4 жыл бұрын

I look forward to these close out videos every month!

@KirestenK 2 жыл бұрын

As someone who works in accounting, it's the same idea but just for yourself, very helpful to stop and look at your budget.

@chautney6811 4 жыл бұрын

Awesome video! 🤦🏾‍♀️ now I can start using those pages!

@budget2freedom 2 жыл бұрын

I love your video.... very easy to understand and thorough!! Thank you!!

@barbaracarbone4658 4 жыл бұрын

Very good. It shows so much. Thanks for sharing.

@tanissacarter 4 жыл бұрын

Thank you for this video. I think I will now be able clues out a month. I started your system back in March and have yet to be able to close out a month

@ginajohnson1654 4 жыл бұрын

Love the detailed steps!! Look forward to these videos every month

@ayannafraleymoore5265 4 жыл бұрын

Gina Doucette I do too!

@katecarpenter7666 3 жыл бұрын

This was so helpful to watch as someone trying to wrap my head around this method. I have started the track your expenses part of your course and preliminary budget but I was so overwhelmed. This really helped break things down for me. I will definitely be watching this over and over again!

@disneyprincessmaryblack5161 2 жыл бұрын

Thank u I am a low income monthly budget and I have learned to much by watching ur videos. I'm so happy I found ur channel.

@MJeanzy 4 жыл бұрын

So helpful. Thanks for sharing!

@adventuresinorganizing5773 2 жыл бұрын

So much helpful information, I ordered your book last nights. Excited

@iammlyss 3 жыл бұрын

From now on I'll roll over my left over money into my sinking funds. Thanks for that helpful video

@mrsdeannacoleman 4 жыл бұрын

I love this! I currently have your Live Rich Planner from last year and bought one for next year as well! I LOVE IT! Looking at adding your Budget By Paycheck when It comes out as well! I’ve never enjoyed budgeting as I do now with just the live rich planner! I am looking forward to diving deeper and doing this with each paycheck as well :) THANK YOU

@StargazerBudgets 2 жыл бұрын

I miss these types of videos from you!

@ivylin8103 2 жыл бұрын

just got subscribed, I love how you plan and organize. 😊

@cecif9419 2 ай бұрын

Ordered my budget by pay check book! Can’t wait 😃

@barbarahatfield8027 4 жыл бұрын

Wow this interesting . It’s almost a year to understanding all of this ...... I have look at so much budgété on KZfaq . But really I like méthode

@Birdmom1823 4 жыл бұрын

Really enjoy and love watching your videos 💕 💙💜

@dmc21043 4 жыл бұрын

this was sooo helpful. Thank you.

@keekeesdaily 4 жыл бұрын

Thank you for this video. It has been very informative. I am just about to start your workbook. I feel I need some sinking funds now.

@yangiemouie 4 жыл бұрын

This video was super informative! Thanks for doing this

@MC-df2hr 4 жыл бұрын

This video was SO helpful!!!

@fusionshredder 10 ай бұрын

Anything takes long when you first start and don't know what you're doing. Consistency gains speed. Thank you for the video

@MsMystic77 3 жыл бұрын

I love your envelope holder!!!!

@Lucy1ROCK 4 жыл бұрын

This was great! Thank you!

@stephaniebenally8993 4 жыл бұрын

Miko after you calculate percentage, multiply by 100 to get percentage. This helps avoid guessing or mistakes.

@coolchickalive 3 жыл бұрын

Thank you! Very Helpful!

@doogieRN1 3 жыл бұрын

Thank you Miko, I have to stop getting side tracked close to the end of my tracking period, that's when I see errors the most, my budget not coming out to zero, and trying to adjust from budgeting from the 1st of the month to the 30th or 31st, but now exactly as I get paid from the 10th of one month go the 10th of the next, it just seems so long and then I get🤪 mixed up!! Haven't got the knack of it just get, but it is a progressive learning process I know!!🤦🏿‍♀️🙆🏿‍♀️

@franchescachuchro7114 2 жыл бұрын

I REALLY hope you consider doing another video about this. I just can't seem to understand how to do this. I am a cashless spender and use credit cards. I may be complicating it more but I do pay my credit cards with no interest every month. PLEASE consider doing this again!!!

@loe3175 4 жыл бұрын

Would you consider doing some videos about starting a small business? You have made your own so successful! (Not asking for your trade secrets! Just some things you might've learned along the way!)

@thedaysthatcount 4 жыл бұрын

Thank you for going through your closeout process with us. It makes it much easier to understand. Could you talk more about the budget planning process each month and how you handle rolling over cash in your envelopes? You mentioned in this video, as you were working on comparing budgeted numbers to actual dollars spent, that you budget $x toward Pet, but that you were over because you had rolled over cash from the previous month. Do you not take into account those funds that you've rolled over? How do you notate it on your budget? Thank you so much for all of your videos. This method has changed our lives!

@GUACHARN 4 жыл бұрын

That is my exact question above!! Ive been at this for almost a yr now, and was not including the cash I have left from 1 month and rollover into next on paycheck bill tracker page

@amandavelong83 4 жыл бұрын

I have the same questions you do!

@jmariee003 3 жыл бұрын

This video helped me understand better how the workbook is done.

@cookie31344 3 жыл бұрын

So glad to see this! Just starting here and these worksheets were a bit intimidating! Can you also show how you do your expense tracker worksheet? I noticed u have Walmart for example, do u save receipts and highlight and separate Walmart beauty, Walmart pets? Do u do it as u spend it (daily) or do it at the end of the month? And how do u tie the expense tracker back to your budget by paycheck bill tracker and envelope pages?

@damattice23 4 жыл бұрын

I highly recommend the savings challenges. So helpful and makes it fun. Will there be an option to get the life planner in the printable version?

@susanmccabe6217 4 жыл бұрын

Yeeeeeees , so exited !!!

@Pandorash8 4 жыл бұрын

Handwriting this certainly makes it more concrete. I love my excel spreadsheets, but I’m considering switching to paper...

@Elizabeth-uj8vn 2 жыл бұрын

I did the paper then switched to spreadsheet and now I’m switching back to paper bc I can see it better on paper than my small screen. I keep missing bills thinking I wrote it down.

@jacinthabellairs7028 4 жыл бұрын

This was so helpful.

@irishgirl9667 4 жыл бұрын

Introduced your method and your site to a instructor at my gym. He and his fiancé just bought a house and getting married next year.

@latanyaneal4070 Жыл бұрын

I enjoy watching your videos 😀

@owlbefine8910 3 жыл бұрын

I have been using the notebook all year but I have not completed these sheets yet🙄 December I’m gonna get it done!!!

@Mrs.Negrete 4 жыл бұрын

Hello! When will you have more work books? I would like to order one 😆 i really love the work book but says out of stock 😟

@CozyJJ0213 3 жыл бұрын

I just went over my spending and realized last month I spent $1000 in groceries! that is insane! I kept saying how broke I was but duh! my money was going to food! and $400 on eating out! I feel so dumb! hopefully October will be better now that im tracking it!

@MsSusieStone 3 жыл бұрын

Are you doing better with tracking your expenses? I would be so nice to hear that it helps you 😊

@miyagusal 4 жыл бұрын

Gracias, por la explicación, aunque a mi nunca me sobra nada.

@doogieRN1 2 жыл бұрын

YAY!!! YAY!! YAY!!! I am only off by $3.70, from October's ending balance (after subtracting my expenses from my income) which is my November starting balance!!

@wendyalbeno361 4 жыл бұрын

Thanks for all the información

@SuperVeeveez 4 жыл бұрын

I just started really watching and paying attention to your videos recently. So, I am curious, you don’t have a rent or mortgage payment? I see you crossed out debt, that’s awesome!

@keishahudson3646 4 жыл бұрын

Thanks for this video. I always have a bit of trouble working this out. Still a bit on the debt sheet for where did my money go. Soo... that filofax tbm wallet?

@MamaK3622 4 жыл бұрын

Just a heads up... your closing budget on the last page you did was $6000 something not $5705. On your previous page you wrote $6000 something. I know you we’re copying from one page to the next and I would want someone to tell me if I did that. I wouldn’t want your next month totals to be off with comparisons from this month. I love watching videos like this.

@tracyb9978 4 жыл бұрын

I think the difference you are referencing is what she used as her starting balance for July ($1000 in checking and $230 carried over in cash envelopes).

@Elizabeth-uj8vn 2 жыл бұрын

Ok Karen 😂. Sorry couldn’t help myself 🙏🏼

@meganginger3791 4 жыл бұрын

This is so helpful! I'm still really struggling with grocery budgeting and trying to have an abundance of organic healthy food....I want to save money but also am trying to nourish my family. Is there hope for an organic girl in a budget world? 💜💖love from Canada❤💖

@doogieRN1 2 жыл бұрын

Miko, I hope you do another video like this with the updated BBP!! PLEASE DO!!

@karenlong9607 3 жыл бұрын

Can we have instructions on how to close out the budget with the next round of this planner/box set? I think it’ll be truly helpful.

@MaribelFelipecandlelady 2 жыл бұрын

I am new to the budget by pay check. Started at the beginning of this month. Closing out and my question is, do you include the 2022 challenges for March, in cash list ?? Thank you for all that you have done. Your videos are soon helpful.

@stephkeithtoon1974 4 жыл бұрын

Should we track direct deposits into 401k and insurance payments in the expense tracker?

@monicatorrez7568 4 жыл бұрын

I was not able to close out my June budget due to the passing of our middle son - I had lost the desire to be on budget and just didn’t have the desire to care about much but then came July and I started back on track and found that even though I didn’t do well last month I was still able to put a few dollars aside to savings to make up what I had to use for last month situation. It was then when I realized even when I am in a bad time in life I was able to financial see it through thanks to TBM. I am praying that I can get back on track completely soon

@JenniferJones-im5im 4 жыл бұрын

So sorry I cannot im9

@GUACHARN 4 жыл бұрын

Omg Im so sorry for what you are going through 😔

@vyball701 4 жыл бұрын

So sorry for your loss. Sending you prayers, hope you are safe and healthy during this time of uncertainty. No amount of words can be enough, but please know you are in my thoughts and prayers. Also, remember to take care of yourself and your own basic needs. Bless you dear

@CruisingtheworldwithJackie 4 жыл бұрын

Thank you.

@julesgabrie87 4 жыл бұрын

Would love if you could do a video showing with paydates that don’t end in a month so like the 10th & 24th & how the bills from the 1st to 10th would be tracked

@GUACHARN 4 жыл бұрын

Thats how i get paid

@taniafleming9343 3 жыл бұрын

I love this page but how would it work for bi weekly budgeting?

@JenTurtzo Жыл бұрын

Hi! Do you have the template of your Costco Sinking fund envelope somewhere, I love this one!

@floraramos1478 3 жыл бұрын

Question: if I buy the printable version will I have an option of what size to print it out on? I have a classic size folder I can use.

@karenharris7874 3 жыл бұрын

So I have been watching your videos and I follow you on Instagram and I want to know when do I start my budget by paycheck. When I get my first paycheck of the month or do I start the 1st of the month. Thank you

@anap2916 2 жыл бұрын

Thank you. I started closing out my budget. It’s a bit confusing.

@annettejones1775 3 жыл бұрын

What type of planner book you have? I really like it

@emilycooper5858 4 жыл бұрын

Thanks for the tutorial! This is much appreciated. What brand are your TBM pens? The grip looks like something I have been looking for. You should add them to your shop!

@thebudgetmom 4 жыл бұрын

I'm not sure what brand they are :-) TBM Pens will be coming to the shop, just not these exact ones

@racheldodds2694 4 жыл бұрын

I see you added both categories in checking and cash tracker together. What about if I take $100 cash out for household for the month but then I use my debit for an online household item. Would I count that under the checking or cash tracker since I’m going to have to add it back into the bank? Loved the video!

@lexitubbs2757 2 жыл бұрын

Can you tell me where you get your monthly budget book and monthly expense books with the inserts please?

@hollisterx219 4 жыл бұрын

I’m trying to find the organizer wallet you are using and I can’t find it in the mint color . Do you have a link of this wallet organizer by chance ? Thank you!!!

@jewelbreden9628 3 жыл бұрын

I’m a new subscriber, and you just blew my mind! I just purchased 2 of the workbooks … one for me n my daughter. I to was wondering about those pages. Now I kinda understand….. until I dive in, I’ll have to keep watching your videos! Awesome concept and vital how n where the money is going from your household!!! Very happy I found your channel!!!

@wendyalbeno361 4 жыл бұрын

Can I get some more information on the savings account you are using for retirement please TIA