Then add a category at the bottom for “Stuff I forgot to budget for” because let’s be realistic, there’s always stuff like that. Choose your budgeting tool of choice. Monthly income (use your take home pay).Don’t you wish recipe bloggers would do this? (You’re more likely to succeed in a way that sticks if you forge ahead though.) What You Need to Create a Budget Templateīefore we get started, you’re going to need to make a list of the following things: Skip all of this good advice and jump straight to a Todoist checklist to create a budget template. So let’s talk about setting up a personal budget that will become a part of your normal life instead of another abandoned notebook. The point I’m trying to make is that the system is important, but implementing the actual habit into your day-to-day life is critical to long-term success, in both sock-matching and money management. We can stop buying the notebooks they’re not the missing piece. Okay, at this point, I’m talking to myself about myself. Seriously-the only reason you’re not perfectly organized/physically fit/financially independent/able to find matching socks in the morning is because you didn’t have the right system! If only you had bought a new notebook, matching sticky notes, highlighters, colored pens, patterned washi tape, and fancy paperclips for that particular project, you’d be killing it by now. The hope offered by a new process, system, plan, or notebook can be slightly intoxicating-it feels like the universe might finally be handing you that one pesky piece you’ve been missing that would complete the puzzle of Responsible Adulthood. Or maybe for the third or fourth or fifth time, but you’re serious about the “for all” part on this go around.
Helpful information from the Consumer Literacy Consortium.So, you’ve decided to sit down and figure out how to create a budget template, once and for all. Living On A Budget - Tips and Resources.Your budget will likely change over time depending on your salary and financial goals.īudget worksheet from the Federal Trade Commission. It is important for you to track your progress and review your budget frequently. Using whatever system works for you (online app or website, envelope system, excel spreadsheet, paper budget), create a budget.įind areas where you can cut back and find areas where you can fund your short term and long term goals. Long-term goals, such as saving for retirement or your child's college education, are goals that will take years to accomplish. Short-term goals, like saving up for a vacation, should take a year or less. You should make a list of both short- and long-term financial goals you want to accomplish. Setting your goals will determine your success in planning and keeping a budget. Then, list your variable expenses, such as dining, entertainment, travel, groceries and other expenses that vary from month to month.įinally, add in other expenses, such as taxes and insurance, which may be billed annually, semi-annually or quarterly. These are expenses that stay the same each month. You should include your full-time job and any other income sources, like income from rental properties or dividends.īegin by listing all of your fixed expenses, such as mortgage or rent, car payments and student loan payments. The first step in starting a budget is finding out how much money you make in a month.Ĭalculate your net income, which is your final, after-tax take-home pay. A budget is a planning tool to help you determine how you will spend your money.