© Tirachard Kumtanom/Dreamstime.com

Budgeting Methods: Make Managing Money a Rainy Day Activity

Not as fun as a movie marathon, but practical

© Tirachard Kumtanom/Dreamstime.com

Rainy weather makes spending time outdoors more difficult, but the precipitation won’t last long, and there is plenty you can do during that time. There are typical activities you can do, such as doing an at-home workout or having a feel-good TV marathon. It's also a great time to deep clean your home or declutter your closet.

Home Maintenance Budgeting for New Homeowners

But cleaning doesn't just have to be about your home. You could also use this time to be proactive about your budget and sit down and plan for the months ahead.

This might include making adjustments to your budget or creating a whole new one. Cleaning up your finances can also include organizing and prioritizing your bills or brainstorming ideas to limit your spending and focus on what you need to save for in the future.

Reassess your current spending habits. Do you follow the 50/30/20 rule? This means using 50% of your after-tax income on needs like food, mortgage and car payments; 30% on wants like your cell phone and cable bill; and 20% on debts and savings. This method of saving and spending is a good way to reach your financial goals, according to financial experts. 

Related

Need more direction to get your finances on track? Here are more smart, easy money-saving tips.