2020 is flying by. It literally feels like it was the beginning of quarantine just yesterday, but that was actually over 6 months ago(no really, it was!). Seeing as though it is the beginning of Q4 2020, it’s a great time to look at your budget again.
I have gone over the steps for setting up a budget, so check out the post here for a reminder of how to do that. But, there are a few things in particular to consider when thinking about your budget for the last part of the year in particular that you many not have considered before.
Holiday Spending
The end of the year means that the holiday season is coming! Christmas, Thanksgiving and so many other holidays are coming up, so take this time when setting up your q4 budget to think about the costs associated with these events.
So, as you set your budget for Q4, make sure to include these costs into your budget. Think about how much a plane ticket or gifts for the family costs, and make sure that you are saving towards that amount. Because if you don’t, you could end up spending more than you have, and getting into debt is never fun!
Tax Prep
This isn’t the most fun topic, but it’s something important to think about sooner rather than later. Now, if you work for a company, taxes are probably being withheld for you. But, if you are a contractor or freelancer, you may still owe some taxes on the income you have earned.
Taxes are very complicated and differ for everyone, so its best for you to do research about your own situation. They are also stressful so why not start early and do yourself a favor when tax time comes around? Also, by doing this you can prepare if you do owe money to the government and start budgeting and saving it sooner rather than later.
Reevaluate
The start of a new quarter is also a great time to reevaluate your budget. Take some time and look back on the year. What worked well for you? What could you do better? Do you always need more money for a certain category? Or do you always have extra in a category?
Use this time to really take a look at your life now and think about how it has changed since you set up your budget. Most likely, your life has changed in the past 6 months (thank you 2020). So, why should your budget stay the same? Now is a great time to add new categories or edit out ones that are no longer relevant.
I love the beginnings of things. It’s a great time to check in and see how things are going and what can be changed. So I am excited to take the beginning of Q4 to go through and review my budget. Here is to making the rest of the year the best it can be!
Is there something you are including in your budget for Q4? Let me know below!
