A budget calendar is like any other calendar that would remind you about important events. A budget calendar will help you remember the payment amounts and due dates. More importantly, you can also visualize how much money will flow in and out in a given month. You can use a paper calendar or digital calendar you already have and customize it. Otherwise, you can search for templates online and personalize them.
It helps you see what you can’t see
A budget calendar will help you visualize your financial situation every month. It will help you understand how your monthly income is spread across for paying upcoming bills and debts so that you will be able to plan your spending and prioritize saving effectively. It will also remind you to pay your payments before the due date to avoid penalties and reduce your credit score.
You can use a regular calendar, a digital calendar, or both together. You can start by reviewing your bank statements and marking the dates on the calendar. You can also add a brief description of each payment so that you don’t get confused if you have many similar payments.
Your budget calendar should have the following:
Income
If you have a fixed monthly salary that will be credited on a set date, you can add that date as “Payday” to the calendar.
Recurring payments
Add the dates when the monthly payments are scheduled — you can schedule monthly payments like rent or credit card bills if you haven’t, and you won’t miss the due dates — and other payments like semiannual car insurance or annual subscriptions.
Savings
You can also schedule fund transfers — just like scheduling for payments — to another account for savings. It can be an emergency fund or anything else that you have planned.
Personalize
You can add color for each category or create fun challenges with rewards that motivate you to save.
