What Is a Budget Calendar – and Do I Need One?
What Is a Budget Calendar?
A budget calendar is a financial tool designed to help you remember all of the important dates in your life, from the days when you can expect paychecks to arrive to the days that bills are due. The key benefits of creating a monthly budget calendar, planner or spreadsheet are:
Improved cash flow. By tracking your fixed expenses and bills, you can develop a better sense of your cash flow. By looking at past account statements and expenses and taking stock of monthly bills, you can easily pinpoint when significant expenses are due and set reminders to avoid late fees.
Fewer missed bills. With a well-laid-out tracking system, you'll be less likely to forget important bill due dates. As a result, you can avoid hefty late fees and even help boost your credit score if you're no longer missing key payment due dates.
Added savings. If you highlight key dates on a monthly calendar and set reminders, you're more likely to put cash aside for your retirement savings or to gradually fund your child's college education. Another option to ensure you're saving enough each month is setting up your bank account to automatically deposit money in designated savings accounts.