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This involves keeping every receipt after every purchase, and tallying up how much you’re really spending. It’s best to work with real numbers when coming up with a solid budgeting plan. Get a Handle on Accurate Numbers When it Comes to Monthly Spending
PERSONAL BUDGET SPREADSHEET PDF FREE
Using a free budget template can help you easily keep tabs on your finances.
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It’s crucial that you know exactly how much is coming in every month, because that’s the figure you’ll be basing your budget around. It’s probably closer to $3,000, and maybe even less. Because of all these other hidden expenses, using $4,200 as a basis for your budget really isn’t accurate. What you should really be basing your budget on is your actual take-home pay each month.įor instance, if you make $50,000 annually as a salary – or around $4,200 per month – you need to take into account your income tax, benefits, pension plan, and other costs that you’re paying that get docked off your monthly checks. The answer here isn’t simply your annual salary, nor dividing that number by 12 equal parts for each month. Know Exactly How Much You Really Bring in Here are some helpful budgeting tips to help you come up with a functional budget to keep your finances healthy. It only takes a misstep or two to turn your detailed budget into a total mess. If you’ve already tried starting a budget and keep running into obstacles, perhaps it’s time to start looking at the fundamentals. After making a change, you should check the formulas to make sure they are still correct.Click below for the free budget template that matches your lifestyleĬreating a budget might not exactly sound like the most enjoyable task in the world, but it’s a necessary part of keeping your finances in order, and keeping you out of mounting debt. If your Net is negative, that means you have overspent your monthly budget.Īdding or Removing categories: You need to be careful when adding or removing categories, to avoid messing up the formulas used for calculating the totals. The Monthly Budget Summary table in the upper right of the worksheet totals up all your income and expenses and calculates your Net as Income minus Expenses. So, if you spend more than you budgeted for, the value in the Difference column will be red - to help it stand out as a warning. The spreadsheet uses the accounting format where negative numbers are in parenthesis like (115.00), and conditional formatting is used to make the negative numbers red - red means bad in this case.
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The calculations in the "Difference" column are set up so that negative numbers are bad. Using the Personal Monthly Budget Template See our articles Make a Budget and 5 Basic Budgeting Tips if you are just getting started or new to budgeting. At the end of the month, you record in the "Actual" column how much you really spent during the month.įor a more detailed set of budget categories, see the Household Budget worksheet. This represents your goal - you're trying to keep from spending more than this amount. You record your desired budget for each category in the "Budget" column. The purpose of this type of budget worksheet is to compare your monthly budget with your actual income and expenses. Some numbers are included in the Home Expenses category as an example, but you'll want to replace those numbers with your own. To use this template, just fill in numbers that are highlighted with a light-blue background (the Budget and Actual columns).