Preparing a monthly budget is essential for anyone looking to gain more control of their personal finances. For that reason, you won’t have a true representation of your financial health and you could be missing valuable information that can help you make better-informed decisions. ![]() Without a budget template, minor or variable expenses may fall through the cracks and not be accounted for. By tracking your expenses and income in a professional template, it’s a lot easier to keep track of minor details. Helps you track minor detailsĪ budget is only as good as the data it contains. Now that you’ve got a handle on what a budget template is, let’s look at a few of the benefits of using one. Expenses: Food, transportation, medical, utility, debt, pet, and variable expensesīudget templates also add these individual amounts together, showing you what you’re spending and earning in each individual category.ĭownload Excel template Why use a personal monthly budget template?. ![]() Income: Wages, tips, capital gains, bonuses.Generally, a personal budget template splits your income and expenses into categories like: In other words, a done-for-you template takes the guesswork out of creating a budget. While you can create your own budget planner, using a ready-made template guarantees that you’re not neglecting important financial information. And most importantly, a monthly budgeting template provides a bird’s eye view of your current financial situation. It lets you compare your budgeted expenses and income versus your actual expenses and income. Get the template What is a personal monthly budget template?Ī personal monthly budget template helps you plan your spending. We’ll also take a look at ’s personal monthly budget template. In this article, we’ll introduce you to a variety of monthly budgeting spreadsheets, worksheets, and planners that can help you in your budgeting journey. When people live beyond their means, they usually end up in a web of debt.Much of the anxiety around budgeting your money can be reduced with a little proactivity, persistence, and the right budgeting template. If your current salary does not give you enough leeway to buy a new car, then don’t. Rule of thumb is that your income should be at least twice as much as your total monthly expenses. One important thing to remember when budgeting is to live within your means. However, if covering your essential costs alone already gives you a negative amount, then look into your list again and see where you can cut back. If you still have extra money left after covering both essential and extra expenses, then good for you! You can use that extra money to add into your savings. Deduct the Essentials from Your Incomeĭeduct the total amount of essential expenses from your total income and if you still have extra, see if it is able to cover for the expenses listed in your extra expenses. Get the separate total for your extras and a separate total for your essentials. Add Up Both CategoriesĪdd up both categories of extra and essential expenses. Look through your list of extra expenses and mark those that you do not immediately need to purchase or pay ASAP. The second category should list down your extra expenses – items that do not necessarily have to be paid or bought, such as Chinese take-outs or that new Givenchy tote. The first category should list down the expenses that you essentially need and have to be paid immediately, such as your mortgage and you utilities. Categorize Your ExpensesĪfter you have determined your expenses, set them apart into 2 different categories. Pulling up receipts from previous purchases is a great way to get an average of the cost you spend on every month for particular items such as gas and groceries. Keep Track of Your Income Deduct the Expensesīy using our Sample Budget Forms, keep track of your income and your expenses. Below are tips and tricks on how you can work your way to structuring a Budget Plan. ![]() Creating a Budget Plan might sound like a simple and insignificant process however, when done properly, budgeting might just make you the next Bill Gates.
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