The Money Mindset Podcast

#148 BBMU - Closing Out Your Budget for the Month

May 18th, 2023

Welcome to the May 2023 Budget Bestie Meetup!

In this episode of the Money Mindset podcast, we'll be diving deep into the important topic of closing out your budget. This question has been raised multiple times recently, and it's time to explore it thoroughly. We'll discuss why closing out your budget is a crucial step in effectively managing your finances and how it can help you track your progress.

Join us as we share our wins from the previous month and discuss the importance of maintaining control over your budget. We'll also delve into whether you should close out your budget every month or adjust the timing based on your paycheck. Make sure to tune in and catch this episode—you won't want to miss it!

Hosting Today:
Hey, I’m Ashley Patrick, a personal finance expert and founder of Budgets Made Easy. I help busy moms create systems to save money and pay off debt so they can reach their big dreams faster and easier.

I was able to pay off $45,000 in just 17 months including $25,000 in student loans in just 10 months. I’m a Master Financial Coach and have a bachelor's degree in psychology and will help you get to the root of your money problems.

Since my journey started I have been featured on Fox Business, Yahoo! Finance, Food Network, USA TODAY, MSN, CNBC, NerdWallet, and many others.

“As we know, we feel like we're not making a lot of progress when you probably really have been. And so if you can actually see the numbers on paper and you can flip back and see, okay, in January on food, I spent a thousand dollars, but then in May I only spent 800. Even though 800 to you may feel like, oh I didn't do very well this month. Well if you look back and compare it to where you started for the year, you improved, right? And so sometimes we just need that tracking so that we can actually add to our confidence and add to our feelings of being able to do this because you can do this. And part of it is doing it of course. But the other part is believing enough in yourself.”
- Ashley Patrick

01:17 - Introduction to today's episode
02:40 - Importance of closing out your budget
04:33 - Closing out your budget by paycheck
08:05 - Tracking and categorizing your monthly transactions
14:03 - Discussing experiences about closing out your budget
24:09 - Sharing wins and achievements

For easy step by step directions and worksheets on getting your budget together and done in 30 minutes a month, download my FREE Budget Starter Kit on

And if you enjoyed the podcast today and got some great takeaways, I’d really appreciate it if you followed the Money Mindset Podcast so you don’t miss out on future episodes

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