The Fourth Budget Of The Year In Review

The start of a new month signals it’s time to share the fourth budget of the year in review, a new series that I started at the beginning of the year as a way to share how I budget and manage my money. The fourth month of the year was the most fun one even though I blew my budget in most areas. What is interesting is that even though I have been budgeting for so many years, there are times when even I blow the budget but what’s different between now and when I started budgeting is that, now even when I blow the budget I still have extra money in my account to cover those costs instead of going into debt.

At the start of the new month, I sit down and review my previous month budget to see how I did and also track my habits to see if I am consistently blowing my budget on unnecessary things or maybe an expenses has become repetitive which means it needs to be added as a new category to my budget tracker. I follow a ‘zero-based’ budget approach which simply means that my income minus my expenses = zero, this doesn’t mean I spend every single penny but rather that every single penny does have a job to do in my budget whether its going to savings or paying off the mortgage. If you are new to budgeting and need tips and guidance, I hope the fourth budget of the year in review will be beneficial to you as you start your budget journey.

The start of a new month signals it's time to share the fourth budget of the year in review, a new series that I started at the beginning of the year as a way to share how I budget and manage my money. The fourth month of the year was the most fun one even though I blew my budget in most areas.

Disclaimer: I am not a financial advisor, all opinions shared are my own.

The Fourth Budget Of The Year In Review

At the beginning of April when I shared my April Budget with me video, I talked about all the expenses that I was expecting throughout the month of April. One thing I had planned for but still ended up blowing my budget on is my brother’s birthday, I had allocated only £50 in my sinking funds for birthdays but his present was too expensive and I instead spent £260 (a who £210 more than planned). This expected unexpected income was swallowed up nicely in my budget because I have enough money saved in various savings accounts that I could tap into and use.

Whenever you are planning a budget, it is important to ensure that you budget for more than you normally spend at least that way you don’t find yourself out of pocket. I am both a ‘saver’ and a ‘spender’ – yes I am a walking oxymoron but such is life and because I have the mindset to always save more than I spend, when I need to make unexpected bigger purchases I can still afford to do that because I have been spending for a while now. For the fourth budget of the year in review as I have mentioned I below the budget and below I show a snippet of what my planned and actually spending ended up being.

Budgeting is not meant to be restrictive nor rigid and over the years I have found that having as much flexibility as possible truly helps me with my budgeting. When your budget is restrictive and you are constantly blowing it, it can become a hindrance which could lead to you becoming unmotivated to budget again. This is why when I blow my budget on my category I make it up by spending less in another category and if I can’t then I just adjust my budget for the next month. Get into the habit of adjusting your budget as need be but also track habits that cause you to overspend in some areas.

The start of a new month signals it's time to share the fourth budget of the year in review, a new series that I started at the beginning of the year as a way to share how I budget and manage my money. The fourth month of the year was the most fun one even though I blew my budget in most areas.

Other Money Posts you May Have Missed

And there you have it, the fourth budget of the year in review, I am glad that I was able to save 51% of my total income in the month of April and this is even with blowing my budget in my variable expenses. But as I said, budgets are a guide on how to spend your money, they are not meant to be rigid and stop you from enjoying your life but rather allow you to enjoy it better. You can check out how I budget my money and the April budget planning and close out is in the playlist below.

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28 comments so far.

28 responses to “The Fourth Budget Of The Year In Review”

  1. Natural Beauty And Makeup says:

    Budgeting is so important! In my family my husband manages everything related to finance, I totally suck at it 😞I am trying to save money as much as possible these days.

  2. StarTraci says:

    This is a very strong post – I often think of budgets as restrictive and I never revisit them. I like that you look back and compare reality to plan.

  3. Kita Bryant says:

    Keeping a tight budget is such a good idea. It is a great way to get ahead and stay ahead.

  4. Kathy says:

    I have always try to save in any way I can. I love to save money and I hate to spend it. I don’t spend unless I really need to.

  5. Ruth I says:

    I normally don’t review my every month expenses. The way you handle your money is incredible. I may be need to check mine starting now.

  6. Heather D says:

    I don’t really do budgeting, but I do scrimp and save where I can so that I can splurge elsewhere!

  7. Lynndee says:

    Reviewing the previous month’s budget and spending is a great idea. I will have to do that too. 🙂

  8. Catalina says:

    Yes, we definitely need an amount of money for extra expenses in our monthly budgets. This way won’t find ourselves out of pocket. Love this idea!

  9. Heather Seeley says:

    Saving 50% of your income is amazing! We have been trying to save as much as possible for the kids college.

  10. MELANIE EDJOURIAN says:

    I normally buy birthday gifts in advance when I see them and provided they are reasonably priced. Bet you bought your brother something lovely x

  11. Gracelene Dela Cruz says:

    Thanks for the book recommendations, I have read half the “The Richest Man in Babylon” and it’s really a great one.

  12. terristeffes says:

    Saving over 50% of your income in these times is no small thing. Thanks for sharing those thoughts and how you manage your funds.

  13. Tasheena says:

    This post is really informative, thanks for sharing your budget.

  14. My husband and I do a version of this. We go through our monthly statements and see where we can improve the following month.

  15. I love that you hold yourself accountable like this. I think if I documented it, I would be more likely to stick to a budget.

  16. We have done a lot of saving during Covid. It is good to make sure we keep spending in check and reevaluate our finances.

  17. Sarah m says:

    congratulations on saving 51% of your income! That is HUGE!

  18. Tara Pittman says:

    I understand about being a saver and a spender. When I spend money for home projects, I tend to spend more.

  19. Krystle says:

    Thank you for sharing your budget with us. I need to do this, but have no clue where to start.

  20. Amber Myers says:

    I do always love to save when I can. You never know what could happen in the future so it’s nice to have a cushion.

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I'm Miranda. Travel-Addict. Blogger. Moscato Addict. Weekend Escapist. Homebody. Countryside dweller residng in Oxfordshire.

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