![]() For example, if you are planning to spend $600 for Christmas, then put away $50 each month into a special savings account, and budget $50 each month in the Christmas category. That way, the balances in your spending accounts will more closely match the balance shown in the ACTUAL column each month. If you are using the averaging approach, I strongly recommend that you use a special savings account as a holding place for these larger expenses. Include Irregular Expenses (non-monthly large lump payments) in the months in which they will likely occur, or use the approach of averaging the cost across each month. For example, enter the names of Birthdays in comments for the Gifts Given category. ![]() This is one of the benefits of using a spreadsheet. Cell comments show up as little red triangles, like the one to the left. Add cell comments as needed to help explain costs. So yes, you could probably get away with a single category for all "Entertainment", but I certainly wouldn't lump regular expenses in with variable expenses. Breaking out your expenses into specific categories will help give you a better idea of where you are spending and therefore where you may be able to cut back. If you have multiple savings goals, add a sub-category for each one. If you have a negative NET, then you'll need to cut back somewhere or earn more money. If you have extra (a Positive NET value), then you could allocate that to savings or paying off debt for example. When creating your budget, you would generally want to make the NET (Income-Expenses) equal to zero. There is a lot of information about this step inside the budget calculator Instructions worksheet, including the following:īudget Guideline #1 - Total Allocation or "It All Goes Somewhere" Step 3: Modify the Month labels as needed, depending on when you are starting your budget. Remember the note about copying/inserting entire rows. Step 2: Edit, Add, or Delete sub-categories as needed. This will usually be the sum of the balances in your spending account(s). Step 1: Enter your Current Balance as of Month 1. Please read through the instructions before asking me questions about how to use the budget calculator. Instructions: I've included a fairly extensive set of instructions and tips in the Instructions worksheet. Easy to edit/add/remove budget sub-categories (major categories not so easy, but doable).Fairly comprehensive list of budget categories.Calculates the Percentage (%) of Income for each major expense category.Actual spending for each month and each major budget category. Calculates the difference between Budgeted and Actual expenses on a monthly basis.Here is the collection of best printable budget templates broken down by categories (they are 100% FREE and downloadable, but may contain watermarks and uneditable). But if you like to plan everything with pen and paper, then budget printables will be a perfect solution for you. ![]() If you’re 100% digital person, you’re likely to google a smartphone app, excel templates or any other best online budgeting sites. When it comes to tools that can help you achieve that, there are plenty of mediums to choose from. A great advantage of having a budget is a possibility to track your spending habits over time and adjust them accordingly. ![]() It’s to help you plan for how, what for and how much money will be spent or saved during a particular period of time. A budget is a structured list of your personal or household expected income and expenses. Whatever you may need money for, it’s important that you stick to your budget day in and day out. You don't want to get a negative balance of your credit card, don't you? Moreover, keeping track of your finances can play an important role in the pace you improve your savings account balance and save money for your dream vacation, house or car. In the world of consumerism, it’s easy to spend a few bucks here and there to suddenly find out that you exceeded your daily, weekly or monthly budget. The ability to manage your cash flow and track your income and expense is vital. Because it's not only business people who care about profits and expenses. It's no wonder why one of the many tips on personal finance management is to make budget.Īnd you don't have to be a financial specialist to do that. What can be more important than time management? Correct. ![]()
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