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 do a personal budget review? ›

The following steps can help you create a budget.
  1. Step 1: Calculate your net income. The foundation of an effective budget is your net income. ...
  2. Step 2: Track your spending. ...
  3. Step 3: Set realistic goals. ...
  4. Step 4: Make a plan. ...
  5. Step 5: Adjust your spending to stay on budget. ...
  6. Step 6: Review your budget regularly.

What is a budget review meeting? ›

A budget meeting is a structured gathering where stakeholders convene to discuss, assess, and approve financial plans and allocations for a specific period. It serves as a platform for aligning financial goals, reviewing performance against targets, and making informed decisions about resource allocation.

What is the purpose of a budget review? ›

Budget reviews help maintain financial accountability by assessing income, expenses, and performance against predetermined goals. Strategic Planning: It enables associations to align their financial resources with their strategic goals.

How to present a budget review? ›

Pro tips to make your own budget review presentation template
  1. Keep it brief. A budget review doesn't have to be a running receipt of the previous quarter. ...
  2. Understand your audience. Are you presenting internally or to the board of investors? ...
  3. Make use of graphics. ...
  4. Check the numbers.

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.

What to say in a budget meeting? ›

What's inside this Monthly Budget Review Meeting Template:
  1. 1 Review Long-Term Financial Goals. Take a moment to review what long-term financial goals we are working towards. ...
  2. 2 Progress. Analyze progress towards long-term financial goals. ...
  3. 3 Last Month's Budget. ...
  4. 4 Upcoming Expenses.

Who leads the budget review process? ›

The USD (Comptroller) is responsible for overall coordination of the Budgeting Phase and is considered the official lead for the Budgeting phase of PPBE.

How often should a budget be reviewed? ›

Monthly: Review your budget

Check your budget every month to make sure there are no surprises at the end of the year. Review your spending to keep your finances under control, and make sure you're aware of any cash flow issues before they become bigger problems.

What is budget performance review? ›

Budget performance measurement allows organizations to assess the effectiveness and efficiency of their budgeting processes. It provides valuable information on whether the allocated resources are being utilized optimally and whether the desired outcomes are being achieved.

How do you monitor and review a budget? ›

How can you effectively monitor your business or project budget?
  1. Set clear and realistic budget goals. ...
  2. Choose a suitable budgeting method and tool. ...
  3. Track and categorize your income and expenses. ...
  4. Compare your actuals with your projections. ...
  5. Adjust your budget as needed. ...
  6. Communicate and collaborate with your team.
Aug 31, 2023

What are the 3 purposes of a budget? ›

Answer and Explanation: Planning, controlling, and evaluating performance are the three primary goals of budgeting. Planning: Budgeting is a planning tool that enables businesses to establish quantifiable financial targets for the future. They are able to prioritize tasks and allocate resources more wisely as a result.

What are the 4 steps of the budget monitoring process? ›

There are four phases of the budget process:
  • Phase I - Development of annual budget goals.
  • Phase II - Identifying budget assumptions.
  • Phase III - Forecasting of annual expenses.
  • Phase IV - Monitoring of expenses and making appropriate adjustments regularly. ×

How do you review budget vs actual? ›

A budget variance is the difference between the budgeted amount and the actual amount. It is calculated by subtracting the budgeted amount from the actual amount. Depending on whether the actual numbers are higher or lower than the budgeted amount. It can be expressed as a positive or negative number.

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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