Managing our money is difficult if we don’t know how to do it. Having a budget plan is a great way to manage our income and expenses. It will help you be aware of your spending habits and improve them for you to save more money that you can set aside for important things. A budget plan can help you get to the goal of controlling your spending habits and being financially stable so it’s important to start creating a budget plan right now! A budget plan doesn’t have to be complicated; you can only use a sheet of paper (or a word document) and make a worksheet to note down all your expenses. Read the article to find out how to make a budget worksheet!
FREE 15+ Printable Budget Worksheet Samples
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We have budget worksheets that you can work with to help you with your budget plans. They are easy to customize since they are in Excel (.xlsx) format. Browse through the samples below and choose one that you prefer.
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What is a Budget?
A budget is a plan to record your income and expenses. It helps estimate how much money you make and how much money you’ll spend on various things and priorities over time.
How to Make a Budget Worksheet
1. Note Your Monthly Income
The first thing to do when making your budget worksheet, write your monthly income on top of the worksheet. If the figures in your salary vary, take an average of your salary worth over four months. This will be the basis of your take-home income.
2. Calculate Your Monthly Expenses
Next is to list down and calculate every expense you have each month. Make two columns on your worksheet; the left side is detailing the type of expenses you have and on the right column, the amount you will spend. The goal here is to make sure you’re spending way less than what you earn. If you’re struggling with keeping your budget, analyze where your money is going and find out ways on how you can cut back your spending. One great tip to cut back on your spending is to know what expenses that you don’t need. Control your urges to aimlessly spend money just because you like a certain product. Only buy stuff that you need. Remember to track your expenses regularly. The best way to do this is to track your expenses every single day. This will give you a clear picture of where your money is going.
3. Make a Plan
Now is the time to practice self-discipline. Determine what expenses you need to spend every month and take note of it. Write the only essential stuff you need to spend; don’t add other things that you don’t need. To help you stick to your budget, add an additional 10-15% to your budget that you will use for expenses. This will help you be more flexible just in case there are expenses that you unexpectedly encounter and you still have enough budget to meet your other needs. Don’t forget to write down your expenses every month. It all boils down to sticking to your budget plan as much as possible.
4. Include the Following in Your Budget Worksheet
Don’t forget to include this in your budget worksheet. This is essential for you to budget your money better: residence cost and housing payments, emergency funds, savings, clothes and accessories, food, and transportation expenses.
What is the 50 20 30 budget rule?
According to Senator Warren in her book, All Your Worth: The Ultimate Lifetime Money Plan, this rule is to divide your income into three separate groups: 50% goes to attending to your needs, 30% on wants, and 20% on savings.
What are the three types of expenses?
The three types of expenses are fixed, variable, and periodic. Fixed expenses are expenses that don’t change every time. Examples of these are rent/mortgage, utility bills, credit card payments, health insurance, and transportation costs. Variable expenses are expenses that can change anytime. The main examples of these types of expenses are stuff you can buy in stores. Periodic expenses are expenses that usually appear few times in a year or fewer than that such as property tax, health bills, vehicle, and house maintenance.
Why do budgets fail?
Budgets fail sometimes because the management of a certain individual is not consistent. When you have a budget plan, you must stick to it and incorporate it into your daily life. This would help you be more conscious of the money that gets in and out of your wallet or bank account.
Refrain the mentality of being on a budget is restricted spending having a budget means overseeing your expenses to avoid losing all your money. See it as a way to help you be financially wiser and even teach your family members to do the same! To start making your own budget worksheet, refer to our sample action templates above. They are free so you can download and customize them according to your own format!
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