A spending plan is an essential tool for managing your personal finances. However, making a spending plan is only the first step in taking control of your finances. It’s essential to review and adjust your plan regularly to ensure that it remains effective and relevant to your current financial situation.
Your financial circumstances are not stagnant. They change constantly. A raise, a new expense, or a change in income can impact your budget. Therefore, reviewing your budget regularly will help you determine if it still works for you or if it needs adjustments.
We recommend that you review your budget at least once a month. This will help you identify any changes that you need to make quickly. However, if your financial situation is more stable, it may be ok to do it quarterly.