It's true. A monthly budget changed my life. TELLING my money where to go is a powerful tool! I found a template in Microsoft Excel and tweaked it for my needs. I then created my own budget template and put it in my "EXTRAS" tab for you to download as well. Again, this is a template I created myself, and I would like for it to be for personal use only.
How to do a Budget:
1. Calculate your monthly income for you or for you and a significant other that is sharing the bills.
2. List all your bills. Your rent/mortgage, HOA fee (if there is one). utilities, cable, insurance, car payment, etc. Take a peak at your checking account to find the automatic payments you make already and jot them down.
3. List any extra expenses, for example; monthly subscriptions. Like music services, beauty boxes, magazines, storage, etc. These are things that you could cancel, if needed. This section can also include any money you are transferring into a savings account.
4. List the cash you are taking out for the cash envelope system. (this will be a blog post by itself if you have no idea)
5. MATH! Grab your calculator, or use the excel program to subtract all your expenses from your income. This will be your Estimated Cost and Remaining Balance for the month.
The downloadable excel template is editable, therefore you can change the labels and the amounts for your needs.
And there's your budget. You are telling your money how much will go to what- whether it be rent or groceries. You are setting yourself up for success when you know exactly how much money is going out in a month. And with the leftover money? Well, since this is a debt blog...stay tuned.
Comentários