Everyone has their own personal expenses, from the food we eat to the bills we need to pay. Organizations big or small are no less different as well. To keep their business running, expenses are part of the whole operations. This is why companies tend to create a budget plan to ensure their business remain afloat and they are able to pay all their expenses. And part of the plan is to efficiently track their budget and expenses in order to watchfully control the flow of cash and expenses. To learn more about this, let us discuss this further below. And if you need templates that can help track your budget, then check out our free budget tracker samples that you can download on this page.
10+ Budget Tracker Samples
1. Monthly Budget Tracker
2. Budget Tracker Template
3. Standard Budget Tracker
4. Household Budget Tracker
5. Budget Tracker in PDF
6. My Budget Tracker
7. Operating Budget Tracker
8. Event Budget Tracker
9. Daily Budget Tracker
10. Project Budget Tracker
11. Weekly Budget Expenses Tracker
What Is a Budget Tracker?
Working or running a business is hard, but we all need to do it in order to pay for our bills and basically keep ourselves alive. Money is something that comes and goes so easily, so to make sure you are able to properly handle your finances you need to set up a budget plan. A budget can help you feel more in control of your finances and make it easier to save money for your goals and your future. The trick is to figure out a way to track your finances that works for you.
Once you’ve set up your budget plan, to ensure that it works efficiently you must be able to properly track your budget and expenses. Regularly tracking your expenses will help you maintain control of your finances, and promote better financial habits like saving and investing. And this is not only applicable for personal use, even large corporations intensively track their budget to make sure their company continues to stay afloat and pay its expenses. Managing finances automatically would mean tracking your finances and allocating extra for your savings.
How To Track Your Budget
There are several ways to efficiently track your budget and you can do this by using budgeting and forecasting software or applications. You may also want to download our templates so you can start tracking your budget. Overall, budget tracking enables you to monitor how much of your budget has been spent over time, to see how much is remaining, and course-correct when necessary. Here are some useful tips that should help you competently track your budget, whether for personal or business use.
1. Net Income
First, calculate your net income. A net income is the net earnings minus tax and interest. This will serve as the cash you currently have without strings attached.
Identifying your expenses can be tricky since there is no fixed amount to them especially when it comes to stuff like groceries, gas, and entertainment. But you still need to include this if you want to track your budget properly. So, determine your fixed costs such as rent or utilities, or if you run a business one of which is an employee’s salary. And include the variable expenses–those that change on a monthly basis. To do this, you may opt to record the things you spend by writing this all down or keeping receipts.
Once you’ve determined your income and expenses, you may want to properly itemize or categorize your budget tracker on a monthly basis for easy comparison.
4. Adjust Your Spending Habits
If you noticed that you are always short on your budget or down on the negative, then it’s high time to make some necessary adjustments to your spending habits. Determine what you need to prioritize, or perhaps find other cheaper alternatives to make ends meet. Doing this will help you save some money for an emergency or for something you can use in the future.
5. Monitor Your Budget
Make sure you review and regularly monitor your budget. In this way you are aware of how much you are spending and if you still have extra money to save.
Why Is Budgeting Important In Project Management?
It is important because budgeting will help determine if there is enough cash to fund the project. And it also ensures that the funds are available at the right time.
What Is a Budget Worksheet?
This is a great tool that can in organizing and costing all resources, especially for activities on a project plan. This creates accurate and comprehensive activity-based budgets.
What Is a Deficit?
A deficit is simply when there is more money spent than received.
Saving money is important nowadays, you may need it for emergency or future use. In order to do so, a handy budget tracker will help you properly monitor your finances so you are able to set your priorities straight and save money in the process.
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