Lesson 1: Budgeting That Actually Works - Checklist

Budget Setup

Gather last 3 months of bank and credit card statements

Categorize all spending into Needs, Wants, and Savings/Debt

Calculate current spending percentages in each category

Compare your current allocation to the 50/30/20 guideline

Identify areas where spending doesn’t align with your values

Choose your preferred tracking method (app, spreadsheet, envelope system, etc.)

Set up your chosen system with appropriate categories

Connect accounts or create manual entry process

Set up automatic bill payments where possible

Schedule weekly 15-minute money dates for review

Identify one “need” expense that could be reduced

Find three “want” expenses that don’t bring you joy

Create a buffer category for unexpected expenses

Set specific savings goals with target dates

Establish rules for handling windfalls or extra income

Schedule monthly budget reviews

Create process for handling irregular expenses

Develop strategy for shared expenses (if applicable)

Plan for upcoming seasonal expenses

Set up automatic transfers to savings on payday