Team Sproule

Budget Challenges

December 21, 2017  |  0 comments

Prior to the eCO Savings Race, the words “budget” and “monthly transactions” were rarely mentioned in the Sproule household, and each month Team Sproule wondered where their money was going.

Since the Race, Team Sproule has made it a priority to not only maintain a monthly budget, but to keep up with their monthly transactions so that the budget could be fine-tuned each month.   Team Sproule has learned that the process of creating the budget is not that difficult because there are so many resources available to assist with creating a budget.  However, Team Sproule has recognized several challenges and they are currently looking at ways to address those challenges.

Those challenges are as follows:

  • Underestimating budget amounts and/or completely leaving categories off the budget.
    • This is very important when creating a zero-based budget because there is very little room for error.   Team Sproule would recommend overestimating budget amounts and adding a miscellaneous category for those unexpected monthly expenses.
  • Failing to review/update the monthly transaction ledger on a daily basis.
    • Updating your monthly ledger when the expense occurs (same day) keeps you from missing expenses, and it also allows you to remember what each transaction was for.  Team Sproule would recommend setting a calendar reminder on your phone daily to review your ledger. 
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