IG LIVE: HOW TO CLOSE OUT YOUR BUDGET | Budget Tips

Back on March 1st, I did an Instagram Live all about closing out your budget.
This step and my "Where Did My Money Go?" Worksheets are the two things I get the MOST questions about.
What do you do with your budget after the month is over, and you’re ready to begin a new month? Most people don’t realize it, but your spending throughout the month gives you some incredibly helpful information.
One of the first steps to creating and sticking to a realistic budget is tracking your expenses. Your spending is the underlying foundation for creating a budget and ensuring that your budgets in the future are successful.
If you are not aware of where your money is going, you can’t make the best decisions for your dollars.
➡️ HOW I TRACK MY SPENDING: bit.ly/3aIe89I
➡️ HOW TO USE A BUDGET CALENDAR: bit.ly/2IzF2Vj
➡️ FINDING YOUR WHY: bit.ly/3aJUryj
➡️ THE BUDGET MOM'S FINANCIAL FREEDOM STEPS: bit.ly/3cfJXsp
➡️ HOW TO GET STARTED WITH THE CASH ENVELOPE METHOD: bit.ly/2vQJaO5
➡️ HOW TO CREATE A PLAN OF ATTACK TO PAY OFF DEBT: bit.ly/2wDETxF
➡️ HOW TO CLOSE OUT YOUR BUDGET: bit.ly/2Uz0UUW
ABOUT ME
Kumiko Love is a single mom who empowers women everywhere to regain control of their financial lives. An Accredited Financial Counselor with over nine years of experience in the finance industry, she founded The Budget Mom, a community of millions of women on a path to financial fulfillment.
She's also the creator of the wildly popular Live Rich Planner® and Budget by Paycheck® Workbook. Love has been featured on Good Morning America, the Today show, CNN, CBS, ABC and in USA Today, US News, World Report, Huffington Post, Money Magazine, Parents Magazine, the Washington Post, and Real Simple. She lives in Spokane Valley, Washington.
YOU CAN FIND ME AT:
📝 WEBSITE: www.thebudgetmom.com
📘 FACEBOOK: / thebudgetmom
📸 INSTAGRAM: / thebudgetmom
📌 PINTEREST: / thebudgetmom
GET STARTED
➡️Start Here: www.thebudgetmom.com/start-here/
➡️Courses: courses.thebudgetmom.com/
➡️Free Resources: bit.ly/2PDmTHz
➡️GET 10% OFF my popular Budget-by-Paycheck Workbook - Coupon Code TBMKZbin bit.ly/3FEdZFp

[@va3279]

I stopped using Instagram ,thank you for uploading on KZbin

[@MamaRomm]

Yes!!! I second this

[@lehuabrown7667]

Same!

[@justwendy9834]

Thank you so much! I don't do IG, so it was really nice to see this on YT. Please consider saving and sharing more of these things over here! Greatly appreciated! :)

[@rachelgilbert3164]

Same, I also do not do IG or Twitter or any of the other socials

[@cecilialozano1513]

"Your expense trackers are NOT going to match your budget" Thank you for this☝️😊

[@dragonmomandahamster]

when Miko basically said "when we have a plan we try to stick ourselves into that plan, rather than fitting our budget around what is actually happening, we are lying to ourselves!" - GOSH I needed to hear that! THAT is what I've been trying to do for years with our budget, vs. tracking what is actually happening and making a roadmap to reflect the reality. (side note, just got my BBP cheetah set in this week, and I'm LOOOOOVING it!)

[@applemarie77]

Thank you so much for hearing feedback and adapting to share on YT as well! You, your team and all the effort you put into sharing this knowledge is invaluable❤

[@Am-kt9ml]

I’d love to see a budget for small business owners. Ex- how much to take out for taxes, how mich to keep in your business to use for materials and how much to pay yourself that you can then use for personal income. My husband and I started a small Amazon FBA business and we’re not having a difficult time splitting up the money to put back into the business and what to use for living cost.

[@ivettemartinez6684]

Yes I will like that too

[@JBG26]

I am new to TBM and really love this so exited to start my journey with you❤ Thank you for sharing on KZbin I also don’t use Instagram frequently.

[@ashnichole8060]

I miss Ryan!! Love both of you so much! Thanks for all you do!

[@katandmoonbudgets]

12:33 I created a save category for transferring money to a savings account, and then created a SF USED category for when I use my savings because it really helped my brain to understand the process

[@lyndajordan1466]

This video helped sooo much. Thank you for posting on KZbin as I don’t utilize any social media platform except this. I was struggling with the tracking transfers and I get my check deposited in one account and pay bills out of one and variable spending out of the other and my account was always off. I also struggled with trying to make my expense tracker match my budget sheet and once you said it isn’t gonna match it was an “ah ha” moment 😊

[@emmyorzi9488]

I always learn something new from your videos. Thank you!

[@docdoctme]

Thanks for adding this on YT, I don’t have an instagram account. You are a great teacher!

[@123kirmizi]

I am so glad you shared IG live, I do not have IG so very appreciated

[@m.m.3181]

I think a major confusion on closing out budget is when you pay next month's bills in the current month. If you're trying to track expenses based on dates when funds clear the account, then it can get confusing. For example, I track what bills get paid with each paycheck, but close out my budget monthly, for simplicity. I pay the first week of the next month bills the last week of the current month. So the transactions clear the bank in the current month, even though they are for the following month. I treat part of the last paycheck as roll over and track it for the next month on my bills only. Variable spending I track for current month to the last day of the month.

[@jomar9024]

I had bought your budget by paycheck book a few years ago. but I never use that. I would make photocopies and then I stopped using that layout because basically my money now comes monthly. So I held on to it still in the original box was shipped in and this week I gifted it to a young single mother.

[@evelinacosta6713]

Thankful that you are putting it on KZbin ❤

[@jharvs3]

"Do you need all these accounts?" It's like you read my mind Kimiko! Curious if in the future you can explain how you have your accounts organized. Love watching your videos! Thanks for posting on KZbin!❤

[@everythinggirlzlove8698]

I LOVE THE WAY YOU BROKE THIS DOWN! ❤ TY!!

[@kimgapeach]

My husband gets payed on the 15th and the last day of the month. I always think the last checkis the first check. We have got most of our bills coming out either on the 1st or the 15th. I know that sounds a little crazy but like you it's the way it clicks in my head.

[@shashakeit013]

Thank you sooooooo much for uploading this here!!!

[@susanwhitbeck4210]

This was a great one to watch. I have been using your bill tracker sheet. I like how you have the buffer and how you explain ability not doing the percentages. Every time I don’t meet the requirements I feel like a failure. This video really put me at ease and gave me the courage to start again. Thanks for the great video.

[@ginwilcox9555]

❤ THANK YOU for posting this on KZbin! I'm not a big fan of Instagram because of the exact reasons you listed at the start of this amazing session. I watch these at least twice and when I'm doing my planning sessions I have listen to these. It's like getting extra encouragement for me. 😊

[@Reina623]

Your puppy is so adorable. Thank you for sharing these tips.

[@ElishaaLi]

Miko you have such a gift!! Your speaking voice is so compelling. Makes me so motivated and convinced to manage my money using the BBP method!

[@colorsofavon934]

It's not mirrored. It was clear. Thank you for all your help. 🧡

[@TrendzbyJennan]

Yes thank you for you tube ! ❤

[@HunTellerCash]

this i loved. ty so much 😍

[@butterflybudgeter2426]

I sincerely pray all is well with you, Ryan, your family,business and new baby. I miss your content and hope you can return soon.

[@Autumnbudgets]

Hello and lots of love to you all from 🇬🇧 England xx💖💖

[@DavidMoneyMovesJourney]

Great information. I am new to doing this and this explained a lot.

[@lisaruiz6799]

I failed accounting in college 3x. It frustrated me sooooooooooo much. However, when I went 1 on 1 with a tutor, I passed it the 4th time. However, that was OVER 20 years ago. What *I* need is the pages to be stopped (I can pause) on the videos due to my low vision. That's one of my biggest struggles is 'seeing' what you're doing. I'm still fine tuning things daily/weekly/monthly. But, I will agree, TRACKING is *everything*. It's one of the most important keys in budgeting. If you even forget a $.50 item, a $28 expense, etc. it will throw off your budget big time and you'll drive yourself nuts trying to figure it out. Keep your receipts in an accordian file, envelopes, heck, I *make* envelopes if I need to with scrapbook paper. Nothing fancy, just fold them up and use THOSE every time I shop. Doing so helps me remember not only where I shopped during the week, also, how much I shopped as well as how many of my no spend days went bust. This is fine keys of 'where your money went.'

[@cindywagner23]

Thank you!

[@pattyelaine9563]

Thanks for your perspective on %. My fixed costs are what they are so trying to get them to align with someone’s arbitrary allocation has always been so confusing to me.

[@rubyishii4802]

Thanks a lot 🎉more power now I know how to budget effectively.. from jpn❤

[@nitaprice5332]

Can you provide the link to BBP using and paying off credit card each month, please? Thank you.

[@yolandarobb4613]

Thank you for using YT! It’s the only thing I use

[@barbaracarbone4658]

Good video. Thank you.

[@yolandashelton2893]

Good morning praying you are doing well praying you have a wonderful day thank you for sharing your budget and all your budgeting tips it’s very helpful and I appreciate it and learning more and more about how important it is too have a budget and making sure too take care of myself so thank you and I’m excited and enjoying it I have a low budget but I save what I can and it feels good too have that extra little nest eggs put away in case I need something or a emergency come up so thank you and thank you for the newsletter and all the freebies Friday printable it’s truly appreciated and a blessing I enjoy your videos and thank you for taking the time too share all this wonderful information thank you blessings blessings 💙💜🤍💖❤️💗🫶🏾🫶🏾🫶🏾🫶🏾🫶🏾🫶🏾

[@galato4234]

Thank you Yumiko for these videos. Is any way that I could get the expenses tracker in Excel? Thank you.

[@natalee6654]

I honestly needed to hear this today regarding the percentages budgets, they definitely don't work for me

[@Womanhoodinprogress]

Hi from Australia, love your advice and thank you for putting the live on KZbin. I'm always looking for your latest uploads

[@desireemallinckrodt7476]

I just got my workbook! So excited to get started ! I have a question with the checking expense tracker - your starting balance is that before you withdrawal the cash for the envelopes? Do you track the amount you withdrew on your expense tracker ? If so Wouldn't that be hitting the amount you spent on variable expenses twice ? i.e. you pull out $400 cash and write that on checking expense tracker , you spend all $400 and track that on cash expense tracker - will that not total as $800 when you're closing out your month?

[@latanyaneal4070]

❤😊

[@Reina623]

Hi from Canada.

[@rachelgilbert3164]

Not me over here closing out my February budget and it's three weeks into March... 🤣

[@milantaylor357]

Is this really spending? Very helpful 😊

[@janellemarina]

Do you backtrack to find pending charges that have cleared because they seem to get placed back to purchased date not cleared date so they're mixed in with previously tracked expenses from the previous weeks.

[@shonJ17]

HIIIIII!!!!❤❤❤

[@seasonalliving2881]

Is there a link to how you track your different types of inflow/income?

[@jadiecakes3241]

I have NEVER had a pending transaction change in value 😨 thats so crazy!! Maybe its an american thing...? Thats why I always include my pending, cause i know it IS going to clear and the amount WONT change. Thats blown my mind lol. I cant even imagine that kind of uncertainty

[@thebosshouse]

American here. Sometimes businesses will put a hold on our accounts to make sure they get the estimated amount, but the final amount will be calculated later. Like when I last rented a car, the transaction was pending for a whole month and the final charge was less because I returned the car a day early. 💜

[@rozyy15]

Yep! For example, if you go to a restaurant and pay for the food and also tip the waiter, oftentimes, the original total amount will show up as pending but won't include the tip amount. The tip amount only shows up once the transaction is posted. That would always trip me up when budgeting! I think I'm going to try the method of not tracking the pending transaction until it clears/is posted for April to see if that reduces any confusion throughout the month :)

[@cindysnyder5189]

Say a restaurant bill is $50.00. You include a tip of $10. Pending might show only the $50 but will change to $60 once it actually posts. This is because the restaurant is”claiming “ the $50.

[@pattyelaine9563]

Also happens at gas stations.

[@phunt8551]

Roll over! Roll over is the key to balancing for the month or week. Whatever money is needed for the next week or month just roll it over....

[@melissaleisure8858]

When you spend from your sinking fund, do you track it under your cash account? That would be redundant, right.

[@jewelbreden9628]

Will you be selling physical BBP workbooks again?

[@CynthiaGoughArt]

On the video you mentioned linking some articles on being a month ahead on bills, where can I find that?

[@angelawright6202]

I saw another youtuber do this. She figured her monthly needs, then just made a sinking fund based on that. She gave it three years, so her monthly amount she set aside was x amount divided by 36. And I think she was paid three times a month, so that number was divided by 3. Hope that helps

[@CherylHutcheson78]

Im coming up to this a year later. Can you please link the article mentioned about the starting balance part? I feel like that is something I'm not doing the way you are and it's frustrating me because I account for my bills ahead of time and I'm getting frustrated

[@Dani_S0329]

How would you categorize Mortgage and Property Taxes? Are they Household or Debt or Mortgage is Debt and Taxes Household? Suggestion? My Mortgage is my ONLY debt.

[@elainecarrillo5434]

Hi 👋 ☀️good morning

[@momplusfive]

Are your budget books still a year to attain?

[@andreamaresh6958]

The budget planners are coming out later this fall. 🎉

[@amandahopper9334]

I'm still about $500 out on end of budget I've checked all my balances, transactions and add ups. I have tracked expenses on the credit card and don't know if this effects the balance as I don't use what's left in credit card in the starting balamce. Plan is to not use the credit card soon

[@andreamaresh6958]

That's my plan, too! If I only use my debit card, it will be a WHOLE LOT easier to track. You can do this! Miko said there are two ways to track credit cards depending on whether you pay them off every month or not. (I think that is where I have been going wrong.) If you carry a balance, you track your debt payments only. If pay them off in full every month, then you track the individual transactions (and treat the debt payments as a "transfer.") To the best of my knowledge, anyways. 😂

[@lisadearing5960]

@@andreamaresh6958I used to only use my debit card for everything. I had to go to a conference at our bank for work regarding fraud. They basically said, if your credit card gets hacked, it’s the bank’s money. If your debit card gets hacked, it’s your money. I don’t want anyone messing with my money! At the end of the day, I pull up my credit card charges and pay it out of my checking account. This just seems to click in my head and it’s been working for me. 🙂

[@Judy-ys2ge]

Where is Ryen? I haven’t seen her with you. Miss her.

[@TrendzbyJennan]

Very passionate video . Feisty

[@claudianunez465]

office depot sells a cushion to wet the finger instead using the mouth to pass the pages.....there is a finger cover for that too.... Do not take it bad... Looks weird seeing her do that

[@bluesoutherngirl1115]

Kumiko you're no longer a single mom!!! :)

[@Am-kt9ml]

Umm… okay? Your comment is IRRELEVANT to this BUDGETING video. There is nothing wrong with being a single mother. Single mothers are warriors and there is no need to look down on it and praise when they become married. In fact, married woman can still be “single” mothers.

[@ohjohnicaxo]

her comment did not imply anything was wrong w single mothers..

[@trinafitzpatrick607]

Why r u so angry. It ok. You are supposed to be teaching and i feel like you are yelling at me