Doing an annual review will help you prepare your budget for the coming year. While most people budget on a monthly basis, it’s important to remember that not all months are the same.
Everyone who has the power to spend the money needs to be involved in the budget. So if you’re married, or part of a couple who share finances and expenses, you need to budget together or at least ‘in tandem’.
If family is a value, then a trip to visit family in New York for a week this July is a goal. If giving is a value, then a commitment to give $50 a month to a specific charity is a goal.
It really helps you see things clearly when it’s all laid out in a physical format. There are, however, plenty of online tools and apps that can really work for some people.