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This is my family’s actual income and expenses for the month of January.

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**This video is not financial advice. I am not a financial advisor and am just sharing my own experience….(read more)

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As we wrap up the first month of the new year, it’s crucial to take a look back at our budget and see how well we stuck to our financial plan. In January 2024, many of us may have set resolutions to be more financially responsible, save more, or pay off debt. One way to achieve these goals is to implement a zero-based budget with sinking funds.

A zero-based budget is a budgeting technique where every dollar of income is allocated to expenses, savings, or debt repayment. This means that at the end of the month, there should be no money left over, hence the term “zero-based.” By assigning each dollar a job, you can ensure that your money is being used efficiently and effectively.

Sinking funds are specific savings accounts set up for irregular or unexpected expenses, such as car repairs, medical bills, or home maintenance. By putting aside a small amount of money each month for these expenses, you can avoid going into debt when they arise. Sinking funds can help you plan for the future and minimize financial stress.

In January 2024, it’s important to look at the real numbers and see where your money went. Did you stick to your budget categories, or did you overspend in certain areas? By reviewing your expenses, you can identify areas where you may need to adjust your budget moving forward. Maybe you need to allocate more money to groceries or cut back on dining out. Whatever the case may be, understanding where your money is going is key to financial success.

As you review your January budget, don’t forget to celebrate your wins. Did you stick to your budget categories? Did you contribute to your sinking funds as planned? Celebrate these accomplishments and use them as motivation to continue on a path of financial responsibility.

In conclusion, the start of a new year is a great time to re-evaluate your budget and financial goals. Implementing a zero-based budget and setting up sinking funds can help you stay on track and achieve financial success. Take a look at the real numbers from January 2024, make adjustments as needed, and continue working towards your financial goals. With dedication and discipline, you can take control of your finances and build a solid financial foundation for the future.