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Budget Reset

Get back on track with your finances in practical steps.

Reset Your Financial Health

Whether you've overspent, lost track of expenses, or want to start fresh, a budget reset helps you understand where your money goes and make intentional choices about spending.

⚠️ Disclaimer: This tool provides general budgeting guidance only. For serious financial concerns, student loans, debt management, or investment advice, please consult with a certified financial advisor.

Step 1: Assess Your Current Situation

  • 1. Gather your last 3 months of bank statements
  • 2. List all your income sources and amounts
  • 3. Calculate your average monthly income
  • 4. Categorize your spending (housing, food, transport, etc.)
  • 5. Calculate total spending by category

Step 2: Identify Problem Areas

Look at your spending by category. Which ones are higher than you expected? Which are essential vs. discretionary?

Essential Expenses

  • • Rent/mortgage
  • • Utilities
  • • Groceries
  • • Insurance
  • • Transportation

Discretionary Spending

  • • Dining out
  • • Entertainment
  • • Subscriptions
  • • Shopping
  • • Travel

Step 3: Create Your Budget

Use the weekly planner below to plan your spending for the next week. Set targets for each category and track where your money actually goes.

Weekly Action Planner

My 3 Focus Areas This Week:

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Common Budget Categories

🏠 Housing: 30-35% of income (rent/mortgage, property tax, maintenance)
🍔 Food: 10-15% of income (groceries, dining out)
🚗 Transport: 10-15% of income (car payment, gas, insurance, transit)
💊 Insurance: 10-25% of income (health, auto, renter's, life)
💰 Savings: 10-20% of income (emergency fund, retirement)
🎉 Discretionary: 5-10% of income (entertainment, hobbies)

Quick Wins to Cut Spending

Cancel Unused Subscriptions

Review all subscriptions (streaming, apps, memberships). Cancel ones you don't use. Could save $50-200/month.

Meal Plan to Reduce Dining Out

Planning meals prevents impulse fast food. Cooking at home costs 60-70% less than eating out.

Review Recurring Bills

Call your insurance, phone, and internet providers for better rates. Take 30 minutes, save $20-50/month.

Use Cash or Envelopes

Limiting to physical cash makes you more aware of discretionary spending. Try it for one month.

⚠️ When to Seek Professional Help

This guide is for general budgeting. For serious financial issues, consider consulting a professional:

  • • Credit Counselor: If you're struggling with debt
  • • Financial Advisor: For investment and retirement planning
  • • Tax Professional: For complex tax situations
  • • Nonprofit Credit Counseling: NFCC.org (many services are free)