Many budgeting gurus recommend sitting down monthly, with your spouse or partner if you’re married, and formulate a budget for the upcoming month. However, it’s important that you do something else FIRST. And that is taking a few minutes to do a “post mortem examination” of this month’s budget.
Ask yourself: What worked well this month? What categories did we overspend on? Did we forget to put something in the budget altogether? The purpose of doing this is NOT to beat yourself up over your money mistakes. It’s to learn from the past and apply that knowledge to the future so you continue to improve your budgeting skills!