10 Characteristics of the Best Budgets

Want to find out how your budget stacks up? Take a look at these 10 Characteristics of the Best Budgets, compliments of BALANCE. Find out what you’re doing right and what you can do to improve your budget.

1. Has been measured against actual spending activities for a period of time (tracking)
2. Is realistic for your situation
3. Allows for savings, especially for emergencies
4. Helps you work toward stated goals
5. Has “rewards” built into so that you aren’t depriving yourself
6. Lets you adjust on-the-fly if circumstances change or initial projections aren’t accurate
7. Doesn’t include overtime or bonuses as a part of guaranteed income
8. Reflects empowering choices
9. Has input from everyone whose life will be impacted by the budget
10. Is as thorough as possible

So how does your budget compare? Where can you make improvements? Use our interactive budgeting worksheet to see where you stand.

Making small changes to your budget can have a big impact on how quickly and effectively you meet your financial goals.