Believe In A Budget Review (2024)

A lot happened in 2016. It was my first full year of freelancing and I went into the year with determination, positivity and hope. I focused on my blog and businessby setting short, mid and long-term goals.

In a nutshell, here are 10blog highlights:

  • I focused on writing longer, better content. Most of my posts were between 2,000 – 3,000 words.I only wrote 45 blog posts in 2016, whereas in 2015 I wrote 130ish shorter blog posts.
  • My page views in 2016 more than quadrupled from2015.
  • The majority of my traffic coming from Pinterest for the second year in a row.
  • This lead to creating Pinterest Presence, my signature course that helps other bloggers and businesses with their Pinterest skills.
  • I finally got on board with having a Facebook page, something I resisted for a while.
  • I intentionally did a total flip-flop on my business model and switched up how I earn income (more below).
  • Creating quarterly goals made a huge, positive impact on being efficient, achieving goals and not getting burnt out.
  • My revenue streams went from two sources to five, which has helped grow my income tremendously.
  • I shaped my income to be more passive, especially when I needed to step away from work for a couple months for personal reasons.
  • I turned down potential business ventures and freelance work to grow my own brand. No regrets!

Personal and business growth

One of the best blog and business achievements I focused on this year was to stop being shy.

Believe In A Budget Review (1)

By opening up myself more, reaching out to fellow bloggers and cutting down on being an introvert, many opportunities opened for me.

I also dreamed big – and managed to achieve every goal I set out to make and then some.

I have a hard time with congratulating myself on hitting goals and tend to always focus on achieving them or setting up a new goal.

When I pulled out my scratch paper of hand written goals for the year, it was weird being able to cross every item off my list.

I worked my butt off this year, primarily in the first six months of the year. This allowed me a lot more freedom the second half of the year. Was it worth it? Yes, absolutely.

Outside of blogging, I worked on various projects. I provided consulting services that were related to my field of work from my “real life”.

I don’t write about my career niche on this website as it doesn’t have anything to do with this blog (it’s a totally different line of work) and I enjoyed the balance between the two.

I continued my side hustles and participated in research studies, surveys and mystery shopping. You can learn more about how all of these helped me earn a nice side income here.

I also became a landlord for the first time on a property I own out of state.

Meh, I’m still undecidedif want to be a landlordor would rather sell the property. I was able to travel for over 3 months this past year, with mypets! Speaking of pets, one of my sweet babies went to to Rainbow Bridge recently (RIP in Sir Elway) and that was hard.

I overcame one of my biggest fears, which was speaking in person. I gave my first in-person speech at an event about personal finance (I was terrified) and I’m so glad I did something that scared the bejeezus out of me. It was a success and I’m glad I can cross that off my list of things to do that scare me 🙂

Iworked up the nerve to start working with fellow bloggers in person. Although we all maintained our own work projects, I realized my productivity and goal-orientation increased dramatically when around fellow entrepreneurs!

My priorities changed

Sources of income

I was able to quit my full time job at the end of 2015 because of my freelance career. At the time, around 90% of my income consisted of freelance work.

I knew I wanted to free up my time as well as make more money, but I was limited to how much money I could make when I had clients.Believe In A Budget Review (2)

While I loved having clients, my time and income was limited. I was frequently turning down clients due to lack of time.

I worked really hard to change this. I created courses, products and grew my passive income.

By summer, I achieved this goal so freelance income was only making up around 10% of my income.

By reducing my freelance work, Iwas able to significantly grow my own blog and business while earning even more income.

Helping others

I receives alot of emails in 2016 from people who need encouragement.

Many readers liked my story on how I got started blogging and grew my income and wanted to know if he or she could do the same.

Many readers had questions about starting a new blog (you can read the step-by-step tutorial here) and whether I thought their blog idea was a good idea.

Others had questions about WordPress or blog ideas.

I was more than happy to answer everyone’s emails. I was new once (and sometimes still feel new!) so I was happy to help.

This lead to starting a private Facebook group where bloggers (or people in the process of starting a blog) can ask questions in a judge-free zone. You can join the Facebook group here.

My top 10 blog posts of the year

In no particular order, these posts performed the best in 2016:

  • Epic List of Side Hustle Ideas
  • 5 Tips for a No Spend Day or Week or Month
  • How to Start a Blog Today
  • Easy Side Hustles
  • How to Organize Your Life
  • My First Blog Income Report
  • How I Made Money from Side Hustles
  • How to Move Across the Country
  • How to Get Over 100,000 Page Views from Pinterest
  • Why You Should Stop Being Scared to Start a Blog

My online income increased

2016 was my first full year of blogging full time. This was a great decision and I have never been happier.

Here all my online income reports from 2016

  • January 2016 online income report $3,640.89
  • February 2016 online income report $3,787.91
  • March 2016 online income report $5,041.85
  • April 2016 online income report $5920.52
  • May 2016 online income report $7,268.68
  • June 2016 online income report $9,700.11
  • July 2016 online income report $9,566.15
  • August 2016 online income report $9,604.90
  • September 2016 online income report $6,682.24
  • October 2016 online income report $7157.04
  • November 2016 online income report $10,736.55
  • December 2016 online income report **coming soon!

My expenses decreased

When I average out my expenses from the past year, they averaged around 3-7% of my monthly income.

Believe In A Budget Review (3)I had very little expenses and I was intentional about this.

My expenses were reduced when I reduced my freelance income.

Let’s be honest.

Freelancing is hard.

Freelancing took up 50% of my time, which meant I needed to use a VA (virtual assistant) to help me get everything done on a daily basis.

Once I reduced my freelance business, I was able to take control of the majority of my tasks.

There is no right or wrong amount to outsource.

I enjoy doing a lot of the work myself, so this was an easy area to save money.

As the year went on, I really became efficient in streamlining my business.

I used this planner 24/7 to stay organized with my personal and professional life. At the same time, I wascompletely comfortable with outsourcing areas that I sucked at doing 🙂

I created products that have completely changed my source of revenue

Creating products was the best thing I could have done for my business. Having my own products allowed me to have more control over my income. I was able to use my products to help many of my readers! I was also able to host joint webinars with fellow bloggers, which helped increase my audience and blog page views.

You can view all my courses and products here:

Webinars

Speaking of which,participating in webinars was one of the hardest things I initially didthis year. I was pretty nervous in my first couple of webinars, but now I feel really comfortable in front of the camera. You can check out my next webinar here.

Various courses, products and books that made an impact

In no particular order, these were some of my favorites from other bloggers:

What’s on the horizon

Finally, I’m in the process of launching atotally different niche site. I’m excited about this because it’s a brand new project for me to work on that I really care about.

I am excited to see what’s in store for 2017.I’m still finalizing my goals for next year and can’t wait to see where this blog and business takes me!

What was your best part of 2016? What are you looking forward to in 2017?

Believe In A Budget Review (2024)

FAQs

How to review the budget? ›

How to Do Budget Analysis in 4 Steps
  1. Decide on a Frequency. First, you need to determine how often you want to analyze your budget. ...
  2. Look for Variances. After you decide on a frequency, the next step is to start analyzing the numbers. ...
  3. Check Your Budget Against the Forecast. ...
  4. Make Changes If Needed.

What is the main purpose of a budget is to help you? ›

A budget is a plan that helps you manage your money. It helps you figure out how much money you get, spend and save. Making a budget can help you balance your income with your savings and expenses. It guides your spending to help you reach your financial goals.

What is the fourth component of a budget? ›

The Key Components of a Budget

Learn about net income, fixed expenses, variable expenses, and discretionary expenses and examples of each.

How to present a budget review? ›

Using visual aids in your presentation can make your budget review findings more understandable and memorable. Visual aids such as charts, graphs, tables, diagrams, icons, images, and animations can illustrate data, trends, comparisons, and insights.

What is the budget review process? ›

It involves reviewing past budgets, identifying and forecasting revenue for the coming period, and assigning amounts to spend on a company's various costs. When done well, the process involves input from senior management, your finance team, and budget managers across the organization.

What are three good ways to budget? ›

5 budgeting methods to consider
Budgeting methodBest for…
1. The zero-based budgetTracking consistent income and expenses
2. The pay-yourself-first budgetPrioritizing savings and debt repayment
3. The envelope system budgetMaking your spending more disciplined
4. The 50/30/20 budgetCategorizing “needs” over “wants”
1 more row
Sep 22, 2023

What is the main focus of a budget? ›

In essence, a budget empowers individuals to establish a more secure financial foundation, benefiting both their immediate financial well-being and long-term financial goals. Think of your budget as your “profit plan”.

What is a budget example? ›

For example, your budget might show that you spend $100 on clothes every month. You might decide you can spend $50 on clothes. You can use the rest of the money to pay bills or to save for something else.

What makes a successful budget? ›

A well-designed and practical budget is always workable. It should include all sorts of long and short-term plans and expenses with a practical approach. A flexible budget is always a successful one. To execute the plans and achieve the goals, a budget must be flexible.

What does an ideal budget look like? ›

We recommend the popular 50/30/20 budget to maximize your money. In it, you spend roughly 50% of your after-tax dollars on necessities, including debt minimum payments. No more than 30% goes to wants, and at least 20% goes to savings and additional debt payments beyond minimums.

Is $1000 a month enough to live on after bills? ›

Bottom Line. Living on $1,000 per month is a challenge. From the high costs of housing, transportation and food, plus trying to keep your bills to a minimum, it would be difficult for anyone living alone to make this work. But with some creativity, roommates and strategy, you might be able to pull it off.

What is a master budget? ›

A master budget is the central financial planning document that includes how a company will spend and how much it expects to earn in a fiscal year. A master budget contains budgets of departments within the organization and projections that allow for management to plan for the upcoming year.

What should the first priority in your budget be? ›

Identify Your "Must Pay" Expenses

Paying for shelter should always be the first priority, so you continue to have a roof over your head. If you pay for utilities, like heating and water, you may have a month or more to make your payment before having your service disconnected.

What best describes a budget? ›

A budget is a spending plan based on income and expenses. In other words, it's an estimate of how much money you'll make and spend over a certain period of time, such as a month or year.

How do you evaluate a budget? ›

One of the most common ways to measure and evaluate your budget and forecast performance is to compare the actual and expected outcomes of your financial activities. You can use various tools and techniques to do this, such as variance analysis, trend analysis, ratio analysis, and benchmarking.

How do I review my budget regularly? ›

1 Track your actual spending and income

You should do this at least monthly, or more frequently if you have a volatile or irregular income or expenses. 1- Schedule Regular Reviews: Set a regular interval for budget reviews (monthly, quarterly). 2- Track Actuals: Compare actual performance against budgeted assumptions.

How do you review a project budget? ›

How to manage a project budget
  1. Spend time outlining the project tasks. Before you can calculate your costs, spend time thinking about each task and how you're going to accomplish them. ...
  2. Make an estimate. ...
  3. Finalise your project budget. ...
  4. Track any changes. ...
  5. Monitor your budget regularly. ...
  6. Keep the project on budget with automation.
Jul 31, 2023

How do you review a budget proposal? ›

Proposal Budget Reviews typically include the following:
  1. a cursory review of the proposal budget and budget explanation for accuracy and presentation.
  2. a cursory review for unallowable costs and expense classification.
  3. a review of reasonableness for selected items of cost.

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