{"id":12851,"date":"2016-05-25T09:05:44","date_gmt":"2016-05-25T13:05:44","guid":{"rendered":"http:\/\/www.moneysmartguides.com\/?p=12851"},"modified":"2022-08-19T15:07:04","modified_gmt":"2022-08-19T19:07:04","slug":"power-5-minute-budget-check-in","status":"publish","type":"post","link":"https:\/\/www.moneysmartguides.com\/power-5-minute-budget-check-in","title":{"rendered":"The Power of The 5 Minute Budget Check In"},"content":{"rendered":"<p><img decoding=\"async\" class=\"alignleft size-full wp-image-12852\" src=\"https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in.jpg\" alt=\"5 minute budget check in\" width=\"350\" height=\"233\" srcset=\"https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in.jpg 350w, https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in-300x200.jpg 300w\" sizes=\"(max-width: 350px) 100vw, 350px\" \/>Your budget can change quickly.<\/p>\n<p>You can plan everything out but sometimes expenses come up and things can change. Or maybe you don\u2019t spend as much as you were planning and have extra money you might be able to save or use to pay down debt.<\/p>\n<p>As proactive as you should be with your <a href=\"https:\/\/www.moneysmartguides.com\/learning-budget\" data-lasso-id=\"1188\">initial budgeting process<\/a>, you should never discount how well a 5-minute budget check in can keep you on your financial track.<\/p>\n<p>Not only will it help you stay on track during the month, but ultimately it helps you stay proactive with your financial future. It shouldn\u2019t replace your monthly budgeting process, but it helps you know where you are throughout the month.<\/p>\n<p>Outside of using an Excel-based budget template (bonus: <a href=\"https:\/\/www.hugedomains.com\/domain_profile.cfm?d=hackingyourbudget.com\" data-lasso-id=\"1189\" target=\"_blank\" rel=\"noopener\">here are 35+ budget worksheet options<\/a> I\u2019ve checked out that you can potentially use), this check-in is something that my wife and I have used for years to help us stay on track and know where we stand.<\/p>\n<ul>\n<li><strong>Read now:<\/strong> <a href=\"https:\/\/www.moneysmartguides.com\/free-budget-templates\" data-lasso-id=\"1190\">Click here to see the best free budget templates you need to use<\/a><\/li>\n<\/ul>\n<p>Do we have our planned amount of money for our date night later in the week? What about the money one of us planned for an activity out of the house?<\/p>\n<p>5 minutes a week and we know if we\u2019re still on track or not.<\/p>\n<p>How can you possibly take only 5 minutes (or less!) to check on your budget to see how you\u2019re doing? It\u2019s actually quite easy.<\/p>\n<p>And it really just comes down to making sure you are as familiar as possible with your monthly expenses.<\/p>\n<p>There is no need to look at how much you have spent in each category in the previous weeks of the month. This check-in is supposed to be forward looking and if you start analyzing your past spending, the task will take much longer.<\/p>\n<p>So how do you keep this at 5-minutes?<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-662604e0d52b2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-662604e0d52b2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.moneysmartguides.com\/power-5-minute-budget-check-in\/#4_Steps_To_The_5_Minute_Budget_Check_In\" title=\"4 Steps To The 5 Minute Budget Check In\">4 Steps To The 5 Minute Budget Check In<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.moneysmartguides.com\/power-5-minute-budget-check-in\/#1_Determine_How_Much_Money_You_Have_Available\" title=\"#1. Determine How Much Money You Have Available\">#1. Determine How Much Money You Have Available<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.moneysmartguides.com\/power-5-minute-budget-check-in\/#2_List_Out_Upcoming_Bills_Phone_MortgageRent_Water_Expenses_Food_Gas_Events\" title=\"#2. List Out Upcoming Bills (Phone, Mortgage\/Rent, Water) &amp; Expenses (Food, Gas, Events)\">#2. List Out Upcoming Bills (Phone, Mortgage\/Rent, Water) &amp; Expenses (Food, Gas, Events)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.moneysmartguides.com\/power-5-minute-budget-check-in\/#3_How_Much_Are_You_Over-Allocated_or_How_Much_Do_You_Have_Left\" title=\"#3. How Much Are You Over-Allocated or How Much Do You Have Left?\">#3. How Much Are You Over-Allocated or How Much Do You Have Left?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.moneysmartguides.com\/power-5-minute-budget-check-in\/#4_Adjust_Projected_Spending_Savings_Based_On_What_You_Have_Available\" title=\"#4. Adjust Projected Spending &amp; Savings Based On What You Have Available\">#4. Adjust Projected Spending &amp; Savings Based On What You Have Available<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.moneysmartguides.com\/power-5-minute-budget-check-in\/#The_Benefits_Extend_Much_Further_Than_5_Minutes\" title=\"The Benefits Extend Much Further Than 5 Minutes\">The Benefits Extend Much Further Than 5 Minutes<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"4_Steps_To_The_5_Minute_Budget_Check_In\"><\/span>4 Steps To The 5 Minute Budget Check In<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Determine_How_Much_Money_You_Have_Available\"><\/span>#1. Determine How Much Money You Have Available<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is as simple as looking in your checking account and\/or seeing how much cash you have.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_List_Out_Upcoming_Bills_Phone_MortgageRent_Water_Expenses_Food_Gas_Events\"><\/span>#2. List Out Upcoming Bills (Phone, Mortgage\/Rent, Water) &amp; Expenses (Food, Gas, Events)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>What do you have coming up before the end of the month? How much and when? This is the longest part of your 5-minute budget check-in.<\/p>\n<p>The better you understand your upcoming expenses, how much a gas fill-up costs, and what your pantry is looking like (and therefore how big your next grocery trip will be!), the easier this process will be.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_How_Much_Are_You_Over-Allocated_or_How_Much_Do_You_Have_Left\"><\/span>#3. How Much Are You Over-Allocated or How Much Do You Have Left?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Using the money you have left compared against your upcoming expenses, see if you have extra money or not enough to finish out the month. To see if your budget is on track in general, compare your new leftover number to what you had projected at the beginning of the month.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Adjust_Projected_Spending_Savings_Based_On_What_You_Have_Available\"><\/span>#4. Adjust Projected Spending &amp; Savings Based On What You Have Available<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If you suddenly realize you have an extra $100, you can plan to put that extra in savings or towards a retirement account.<\/p>\n<p>Or if you found that your leftover money is $100 beneath what you projected at the beginning of the month, then you need to look at the <a href=\"https:\/\/www.moneysmartguides.com\/cutting-monthly-expenses-save-ton-money-month\" data-lasso-id=\"1191\">opportunities to cut expenses<\/a>.<\/p>\n<p>The first category I would recommend looking at would be entertainment and food. Both can get expensive but both have options that are either inexpensive or free to take advantage of.<\/p>\n<p>I can\u2019t tell you how often my wife and I have made our budget at the beginning of the month and then a week later realized that some of our expenses came up sooner. Or perhaps we spent more on groceries because a great bulk-deal came up that we wanted to take advantage of.<\/p>\n<p>Not all adjustments have to be made because of bad spending habits.<\/p>\n<p>And on a weekly basis, sure, some of those minor adjustments may not move the needle that much. But this way, if you start over-or under-pacing your budget, you\u2019ll know sooner rather than later and can always adjust discretionary expenses on the fly.<\/p>\n<p>Spend too much on food one week that puts you on pace to spend $50 more than you thought during the month? Well now you know and can adjust how much you should be spending for the rest of the month.<\/p>\n<p>Have extra? Instead of spending it you can plan to put it in savings.<\/p>\n<p>Perhaps a doctor\u2019s appointment or home improvement expenses were $100 less than what you planned for. Well, the weekly check-in can let you know where you\u2019re at so you can potentially put that money towards debt or your savings.<\/p>\n<p>For us, that was an important distinction to make once we had been doing this for a while.<\/p>\n<p>The 5 minute budget check in shouldn\u2019t only be used to see where you\u2019re spending too much money.<\/p>\n<p>Not only can they help you get ahead of the game in your monthly budget, but they should also help you get ahead with your overall financial future.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_Benefits_Extend_Much_Further_Than_5_Minutes\"><\/span>The Benefits Extend Much Further Than 5 Minutes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>One of the main reasons we\u2019ve found the 5 minute budget check in to be helpful is that it defines a time for us to <a href=\"https:\/\/www.moneysmartguides.com\/biggest-money-mistakes-couples-make\" data-lasso-id=\"1192\">communicate about finances<\/a>. In general, we have a good, unspoken method of making sure we\u2019re on the same track about money, but these weekly check-ins definitely help too.<\/p>\n<p>Money is one of the top causes of fights between couples, but making sure communication is a big part of your financial life is a great step toward making sure you both are on the same page.<\/p>\n<p>Having this check-in is a great way to create some structure in your discussions if you\u2019ve struggled to find ways before.<\/p>\n<p>Neither of you will be at risk of spending or saving money that you may not have.<\/p>\n<p>You both always know where you stand because budgets, expenses and available money change regularly.<\/p>\n<p>That\u2019s why a weekly check is great.<\/p>\n<p>You shouldn\u2019t go a full month without knowing where your finances are netting out versus what you planned.<\/p>\n<p>After all, being proactive helps you get ahead with your budget and its one of the best steps to gain control of your finances.<\/p>\n<p><strong>Author Bio:<\/strong><em> Nate from <\/em><a href=\"https:\/\/hackingyourbudget.com\" data-lasso-id=\"1193\" target=\"_blank\" rel=\"noopener\"><em>https:\/\/hackingyourbudget.com<\/em><\/a><em> is a 24-year-old digital marketer by day &amp; personal finance blogger by evening, sharing his and his wife\u2019s journey to paying off $38k in student loan debt. You can find Nate on his site or on Twitter <a href=\"https:\/\/twitter.com\/hackingbudget\" data-lasso-id=\"1194\" target=\"_blank\" rel=\"noopener\">@hackyourbudget<\/a>.<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Your budget can change quickly. You can plan everything out but sometimes expenses come up and things can change. Or maybe you don\u2019t spend as much as you were planning and have extra money you might be able to save or use to pay down debt. As proactive as you should be with your initial budgeting process, you should never discount how well a 5-minute budget check in can keep you on your financial track. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}}},"categories":[64],"tags":[],"disclaimer":[],"uagb_featured_image_src":{"full":["https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in.jpg",350,233,false],"thumbnail":["https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in-150x150.jpg",150,150,true],"medium":["https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in-300x200.jpg",300,200,true],"medium_large":["https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in.jpg",350,233,false],"large":["https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in.jpg",350,233,false],"1536x1536":["https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in.jpg",350,233,false],"2048x2048":["https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in.jpg",350,233,false],"wp_review_large":["https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in-320x200.jpg",320,200,true],"wp_review_small":["https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in-65x65.jpg",65,65,true],"web-stories-poster-portrait":["https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in.jpg",350,233,false],"web-stories-publisher-logo":["https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in.jpg",96,64,false],"web-stories-thumbnail":["https:\/\/www.moneysmartguides.com\/wp-content\/uploads\/2016\/05\/5-minute-budget-check-in.jpg",150,100,false]},"uagb_author_info":{"display_name":"Jon Dulin","author_link":"https:\/\/www.moneysmartguides.com\/author\/jon-dulin"},"uagb_comment_info":6,"uagb_excerpt":"Your budget can change quickly. You can plan everything out but sometimes expenses come up and things can change. Or maybe you don\u2019t spend as much as you were planning and have extra money you might be able to save or use to pay down debt. As proactive as you should be with your initial&hellip;","_links":{"self":[{"href":"https:\/\/www.moneysmartguides.com\/wp-json\/wp\/v2\/posts\/12851"}],"collection":[{"href":"https:\/\/www.moneysmartguides.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.moneysmartguides.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.moneysmartguides.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.moneysmartguides.com\/wp-json\/wp\/v2\/comments?post=12851"}],"version-history":[{"count":0,"href":"https:\/\/www.moneysmartguides.com\/wp-json\/wp\/v2\/posts\/12851\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.moneysmartguides.com\/wp-json\/wp\/v2\/media\/12852"}],"wp:attachment":[{"href":"https:\/\/www.moneysmartguides.com\/wp-json\/wp\/v2\/media?parent=12851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.moneysmartguides.com\/wp-json\/wp\/v2\/categories?post=12851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.moneysmartguides.com\/wp-json\/wp\/v2\/tags?post=12851"},{"taxonomy":"disclaimer","embeddable":true,"href":"https:\/\/www.moneysmartguides.com\/wp-json\/wp\/v2\/disclaimer?post=12851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}