It could also come from an experienced financial planning professional who can review your budget, offer suggestions and help answer questions. That might come from a trusted friend or relative who’s skillful with spending, savings, and investing.
It’s also helpful to get a qualified second opinion. Good thing is that it’s blank and totally customizable so you can make this budget template work for you by writing in only the expenses you need to account for. This printable monthly budget worksheet was created with beginners in mind. Make a habit of reviewing your budget every month, particularly in the early stages. FREE Simple Budget Template Printable by Life and a Budget. If you think you spend too much in a given area, set a goal that will prompt you to actively make changes. If not, examine your spending with two questions in mind: "What can I do without?" and "What’s really important?" Step 4: Categorize and budget your expenses.Īfter looking at all of your expenses, separate them into categories and set a budget for each. If your expenses add up to less than your income, you’re on the right track. If your income or expenses change each month, that can have a major impact on your budget.
If it doesn't seem right, check that you've captured all of your income and expenses. Step 3: Analyze your income and expenses.Īt the end of the month, total your income and your expenses and then subtract your expenses from your income. Consider using online tools, such as Budget Watch, to automate the process of tracking your spending and setting up budget goals. Track all your expenses, ranging from larger expenses, such as car, rent, mortgage, or credit card payments down to the amount you spend on daily lunches, or other incidental expenses. Step 2: Track your monthly expenses.įor one month, keep a detailed log of your spending. So, you’ll need to gather your financial documents, such as pay stubs, credit card and bank account statements, and auto or student loan bills, to ensure you have enough information to get started. Like other monthly budget templates, this one gives you space to budget for each category and record your spending. You don’t need to subscribe to all of Dave Ramsey’s philosophies to appreciate his monthly cash-flow plan. Whether you’re creating a budget for the first time or simply need a refresher course, here’s a step-by-step guide to get you started: Step 1: Organize your financial documents.Īt its core, a budget is a worksheet with separate categories for income, expenses, and savings. You can get the FTC budget template here. But when it comes time to create one – and then stick to it – it can be tough to get started. Most people know they need a financial budget.