Episode•February 28, 2023•6 min

How Often Do You REALLY Need To Review Your Budget?! | Ep. 208

How often do you review your budget? It's a question that many people don't think about, but it's essential! In this episode, I'll tell you how to figure out how often you should be looking at your budget - and some tips for making the most of it! Every Tuesday, Tiffany answers one of your submitted questions. To submit a question for an upcoming episode, visit here: https://www.moneytalkwitht.com/asktiffany Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
Review your budget at least monthly as the bare minimum
Going months without review makes catching up painful and increases dropout risk
Monthly check-ins prevent the cycle of falling off and restarting
2
Check your budget every time you get paid for better control
If paid bi-weekly, review bi-weekly as the second minimum
More frequent reviews catch overspending earlier in the month
3
Daily budget checks are ideal for advanced users ("boss mode")
Longer gaps between reviews increase chances of derailment
Daily review prevents discovering overspending only at month-end
4
Reconcile your budget weekly to match bank records
Reconciliation ensures budget numbers match actual bank account
Look for discrepancies like off-by-a-dollar or off-by-a-few-cents transactions
5
Use your budget as the primary spending reference instead of your bank account
Every dollar is accounted for in the budget system
Budget tools with auto-import catch missed transactions

Intro

In this solo episode, Tiffany answers a listener question about budget review frequency and shares her personal system for staying on track.
Tiffany Grant is a financial coach and host of the Money Talk with Tiff podcast, where she answers listener-submitted money questions every Tuesday.

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– Opening & Question Introduction

Tiffany introduces the episode format (Tiffany's Take) and reads the listener question: "How often should I review my budget?"

– Minimum Review Frequency: Monthly

At bare minimum, review monthly. Longer gaps make catching up painful and increase the risk of falling off track.

You don't want to go months without reviewing your budget, because then it's going to be a pain to go back and put everything back in.

– Next Level: Review Every Payday

If monthly feels too infrequent, check your budget every time you get paid (e.g., bi-weekly).

If it's every two weeks when you get paid, then check it every two weeks. That is the second minimum.

– Advanced: Weekly Reviews

For even tighter control, review and enter transactions weekly.

– Boss Mode: Daily Checks + Weekly Reconciliation

Tiffany personally checks her budget daily and reconciles weekly. She uses YNAB (You Need A Budget) and checks her budget before spending rather than checking her bank account.

The longer you wait to check in with your budget, the more things have a chance to derail.

I check mine daily... I check my budget when I want to spend money. I don't check my bank account.

Reconciliation means comparing budget system totals to bank records and fixing any discrepancies (e.g., off by a dollar or a few cents).

– Start Where You Are

Beginners shouldn't feel pressured to check daily. Choose a frequency you can stick to—weekly, bi-weekly, or monthly.

It's really whatever you choose and what'll be easiest for you to stick to.

Resources

Topics

budgetingpersonal financemoney managementfinancial habitsYNABbudget review frequencyreconciliationfinancial coaching