The overspent budget, it happens to us all. Seriously don’t sweat it. We aren’t perfect but you shouldn’t let yourself continuously go overbudget. That means your living beyond your means and that’s a whole different problem.
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First, accept that you overspent
Maybe during the month, you needed to buy more food than you initially expected. Or if you’re like me, you decided to go on a last-minute family trip to Vegas the same week your laptop died. Either way, just accept that you overspent your money. It’s not the best feeling in the world but it happens to us all.
You are not a failure for overspending the budget. The budget is a guide to map where you want your money to go. If you have to change things around, it’s okay. As YNABers say, roll with the punches.
Take time to reflect on what you spent and why you spent it. Accept that you overspent and move on to the review phase.
Second, review your budget to see exactly where you’ve overspent
In my case, I blew my entire “vacation fund”. It’s so bad that I moved the out of control spending to its own ynab category so I’d know exactly what this overspending was.
This helped me to separate the overspending into “oops” and not, “crap I stuck at budgeting”. I know exactly why I overspent and can figure out how to cover the items without adding to my overall debt category.
Find a way to cover your overspending
This might not be possible and that’s not optimal but it’s okay. It happens to us all. You will need to make a sacrifice next month to cover what you already spent. Try to cut back on food costs for the month. See if you can sell some clothes on Poshmark (this is my plan). Or see if you can sell some items sitting around the house on eBay (this is part two of my plan, goodbye Chromebook).
Having a month of terrible spending can lead you to think of new ways to make money. Believe me, that’s what I’m doing this month. I just signed up for Swagbucks. You can make money by just watching videos. That’s half of my time on the computer anyway so I signed up. I’ll post a Swagbucks income report on March 20th for my one month anniversary.
If you don’t want to sell things online, sell stuff outside. As spring draws near, yard sale season starts. Bring all your stuff to a yard sale and recoup that cash.
Can you think of any other ways to balance an overspent budget? Add more ideas in the comment section below.