Without a budget template, minor or variable expenses may fall through the cracks and not be accounted for. By tracking your expenses and income in a professional template, it’s a lot easier to keep track of minor details. Helps you track minor detailsĪ budget is only as good as the data it contains. Now that you’ve got a handle on what a budget template is, let’s look at a few of the benefits of using one. Expenses: Food, transportation, medical, utility, debt, pet, and variable expensesīudget templates also add these individual amounts together, showing you what you’re spending and earning in each individual category.ĭownload Excel template Why use a personal monthly budget template?.Income: Wages, tips, capital gains, bonuses.Generally, a personal budget template splits your income and expenses into categories like: In other words, a done-for-you template takes the guesswork out of creating a budget. While you can create your own budget planner, using a ready-made template guarantees that you’re not neglecting important financial information. And most importantly, a monthly budgeting template provides a bird’s eye view of your current financial situation. It lets you compare your budgeted expenses and income versus your actual expenses and income.
Get the template What is a personal monthly budget template?Ī personal monthly budget template helps you plan your spending. We’ll also take a look at ’s personal monthly budget template. In this article, we’ll introduce you to a variety of monthly budgeting spreadsheets, worksheets, and planners that can help you in your budgeting journey. This example is also included in the free spreadsheet found on the Budget Tools page.Much of the anxiety around budgeting your money can be reduced with a little proactivity, persistence, and the right budgeting template. This may not seem like a lot of money, but look at everything they have accomplished - they are covering all their expenses, they are paying down their debt, and they are saving for their retirement. They can use this money for anything they want - paying down their debt, going out for dinner or a movie, or saving it for next month when they anticipate more expenses. After all expenses are paid, they have $170 left over. Their total monthly income is $4800 dollars and their total monthly expenses (for this month) work out to $4630 (found by adding their planned and unplanned expenses). The following table is an example of unexpected expenses that can occur in a month:īy looking at the above totals we get a clear picture of Tim and Sally’s financial situation. For example, in any given month, their child may have to pay for a field trip at school, the car may need some repairs, or Tim may buy lunch at work some days. However, this extra money is often put towards unexpected or unplanned expenses. Even if you misplace a bill, you will remember that it has to be paid.Īs you can see, their combined income more than covers their planned expenses. This is very convenient because you always know when a bill is due and how much money should be in the bank account on any given day. Note that the days are listed for when each fixed time payment is due. The following table shows all their expenses: This extra paycheck will be like a bonus for that month. For example, when Sally’s first paycheck falls on the 1st, her second paycheck will come on the 15th and a third paycheck will come on the 29th. This has the occasional advantage that Sally may get three paychecks in one month. However, each month they will need to calculate how much combined income they will get for the month as well as be aware of when they will receive it.
They have rent payments of $1200 a month and have a debt of $6500.Įven though they have different time intervals of their pay, they decide to use a monthly budget interval. Sally uses public transit to get to and from work. They own one car, which Tim drives to work. They have two children, one in school and one in daycare. Sally works part time as a receptionist and brings home $500 every two weeks, after tax. Tim works for a transportation company and earns $3800 a month, after tax. The following example illustrates how to create a personal budget using a two income family.