Money Morning Routine | Closing Out January Budget

Money Morning Routine - January 31, 2025

Today, I closed out my January budget and I am ready to start my February tracking period! I have my budget for my paycheck on 2/1 done, and ready to go! I will be heading to the bank today to pull out cash for my variable spending!

I also wanted to note that it may seem like my morning routines take a long time or a lot of time. It doesn't. If I wasn't recording or explaining my steps, I only spend about five minutes a day on my finances!

Fetch Rewards is the app I use to turn my shopping receipts into free gift cards. Sign up for free with my referral code (WVQFM) and we'll each earn points when you snap your first receipt.

ABOUT ME

Kumiko Love empowers women everywhere to regain control of their financial lives. An Accredited Financial Counselor with over nine years of experience in the finance industry, she founded The Budget Mom, a community of millions of women on a path to financial fulfillment.

She's also the creator of the wildly popular Live Rich Planner® and Budget by Paycheck® Workbook. Love has been featured on Good Morning America, the Today show, CNN, CBS, ABC and in USA Today, US News, World Report, Huffington Post, Money Magazine, Parents Magazine, the Washington Post, and Real Simple. She lives in Spokane Valley, Washington.

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[JenniferGirard-bnbz]

Seeing the over budgets at the end of the month were way more difficult to see in the beginning of my journey, knowing I was spending stupidly and going overdrawn on my checking account. Having that mind switch to "you have the money, you just spent it differently than planned" was a big breakthrough.

[sarahmadelina]

I've been cash stuffing and zero based budgeting for a few years now, but I just discovered your method in December, and I am closing out my first month! I'm so excited for this year! 🌎 rocked!

[ShelleyLockwood]

Thank you for explaining your closing out Budget for January; So helpful to me. Every month I learn more about how much money I need for each category. I don't feel stressed about going over because I just tweak and adjust in the next month. I have been following you for 3 years and have improved my finances immensely! You work damn hard in your BBP business and I appreciate you!

[jackiebowen]

This was great teaching, Miko. Thank you so much! 💚

[kaywillms]

I feel like the streaming services are getting a little pricey. We don’t have cable, but everything adds up so quickly.

[MDKMimi]

This is so helpful. Thank you Miko. Blessings to you all ❤

[CrisBayless]

Okay Miko, hear me out: *The Budget Mom App* I love and have the budget by paycheck workbook but find myself not using it consistently. But I do use an online budget tracker that I can access on my phone and computers to input/track/plan everything to do with my budget. It may not be in the cards due to business things that I'm not aware of but I would totally pay for that!

[blessedbudgetsbyAbigail]

Hi 👋 let’s close out January budget

Here watching and supporting 😊

[alexisballard]

Coming back to this video on Feb 10th when my tracking period ends! First time I’ll be attempting to close out and i already know my eating out category is over

[michellemorales]

I used to get so frustrated when I didn't balance out that I stopped trying for a long time! 😮

Here were my top 2 problems:

1. Not counting ALL 3 of our checking accounts in our rollover amount. 👎

I was only using our "main bills account, " which was not accurate. We use 3 accounts. 👍

2. Not properly tracking my credit card TRANSFER payments vs. Debt payments. 👎

Credit card usage paid in full the same month is to be listed as a transfer payment. Payments made to charges in a previous month are to be listed as a debt payment. 👍

💙💜💙

[Mony]

Very informative. The balance on your bank statement as of the close for the banking month or actual last day of the calendar month??

[Alise-xxgn]

Where do you come up with the monthly budget amount on the monthly budget category breakdown? The breakdown on the Paycheck Budget Tracker has different values and labels. Is there somewhere else you total the budget items from your Paycheck Budget Tracker to identify the Budget amounts for the Monthly Budget amount? For example, can you explain how you came up with the Fun/Entertainment category?

[latanyaneal]

❤ good evening how are you doing today ❤

[traciecarlson]

Do we add the starting balance in to the total monthly inflow?

[tinabryant]

I'm still getting the habit of using the expense tracker so I didn't have everything written down for January

[CourtneyBrooksher-segy]

Where do you account for your cash for
February cash envelopes when you go to the bank on 1/31 instead of 2/1?

[hairchic]

Sorry I asked a question on yesterday video. I meant to ask on this video. If you use a credit card do you just add that into the category you have created? Which will probably show over budget

[risa]

As someone who has never actually had a written budget, your videos are very helpful. I'm a little confused, though. I don't use cash -- debit and credit cards only. I pay my credit cards in full every month unless there is a 0% interest period. These are always calculated to pay in full before or by the end date. When do you record debit card charges? The day they occur or the day they post to the bank account? Some medical expenses are charged on care credit and paid in full when I get the statement. Some doctors are now adding fees to cover credit card processing charges, so I've started writing checks. When would those expenses be counted? Sorry for the long post, but I've been struggling with these questions for a while. Thank you!

[anaf.]

Is "Savings Used" an Inflow because you transferred it into your Checking account? Because, otherwise, it seems like an expense since you used/spent it. Thanks for clarifying this. 😊

[adriaowens]

How do you track expenses made on the credit card? Do you use a separate tracker in addition to your checking and cash trackers?