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Hey, Budget Besties! ? Can you believe it’s already July? The second half of the year is here, and it's the perfect time to get back on track with your budget. Whether you’ve nailed the first six months or need a fresh start, we’ve got you covered. We are guiding you through setting up your July budget step-by-step. Grab your budget template, sit down with us, and let’s make this month financially fabulous!
Key Takeaways:

Wrap Up June: Before diving into July, close out your June budget. Update your actual numbers to reflect what you spent.

Set Up July: Begin with your income, debts, bills, spending, and savings. Make sure everything is up-to-date and realistic.

Specific July Expenses: Plan for summer vacations, 4th of July celebrations, sports camps, and any other seasonal expenses.

Adjust for Changes: If your bills have increased or you have new expenses (like kids home for summer), make sure to adjust your budget accordingly.

Goals Alignment: Ensure your budget reflects your financial goals, whether it's paying off debt, saving for a trip, or any other priority.


Steps to Create Your July Budget:

Wrap Up June:

Update actual numbers in your budget.

Review and adjust for any variances.

Income:

Record all expected income, including salaries, bonuses, and reimbursements.

Debts:

Update debt balances and minimum payments.

Celebrate any debts paid off!

Bills:

Verify recurring bills and adjust for any changes.

Add any new monthly expenses.

Spending:

Plan for groceries, gas, family fun, and personal expenses.

Adjust for realistic amounts based on past spending.

Savings:

Fund your savings buckets for future expenses like travel, medical, and holidays.

Start new savings buckets if your budget allows.


July-Specific Considerations:

4th of July: Plan for parties, fireworks, and any special meals.

Summer Expenses: Include sunscreen, bug spray, and yard supplies.

Back to School: Start saving for school supplies and clothing.

Travel Plans: Budget for any vacations or trips.

Seasonal Activities: Consider summer sports camps, pool memberships, and extra utilities due to heat.


Listener Tips:

Garage Sales: July is a great time for yard sales to declutter and make extra money.

Sports Physicals: Schedule and budget for necessary check-ups.

Lawn Care: Plan for higher utility bills and any lawn treatments.

Prepare for August: Start thinking about back-to-school and fall expenses.


Financial Goals:

Set Your Intentions: What’s your main financial goal for July? Paying off debt? Saving for a big purchase? Make sure your budget aligns with this goal.

Stay Motivated: Remember, it's okay if the first half of the year didn’t go as planned. July is a fresh start!




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