There are people with challenges keeping track of their income and expenditure. It is not uncommon for such a person to wonder where their paychecks are going month in month out. If this is your situation, you need a sure plan to keep your finances on check. A good way is by using free excel budgeting spreadsheet to help you understand how your money is utilized. However, when using this tool, there are important tasks you must carry out to enjoy great success.
One may have a good budget template. However, without clear financial goals, it is hard to achieve anything. You ought to have discipline and focus as well to achieve financial goals. Once you have set your goals, you can use the excel budgeting tool to help you work towards your plans. Prepare a record showing short and long-term financial goals. It is crucial to list them in order of priority. However, most excel budget worksheets will allow you to edit and make necessary changes.
Consider your net income. This also includes any other source of income outside your salary. Make sure to less all deductions such as P. A. Y. E, social security, insurance and others. Only consider the amount of money that remains after all deductions. This is what you use in your budget worksheet.
Check if your worksheet has columns for variable and fixed expenses. This is important categorization when planning. You already know various expenditures such as mortgage payments and loans as fixed. These do not change for a specific period. However, other payments you make may change depending on different circumstances. For instance, fuel, entertainment and food prices vary. Fill each in the relevant column and indicate how much you spend on the item per month.
You could also consider having categories for savings, needs, and wants. This is because there are times you have to decide about mandatory expenditures and wants to keep up with your financial goals. If any variable or fixed item is necessary for your wellbeing, it falls under needs. If you want to set up an emergency fund or save for a holiday, this goes to savings. List clearly in your worksheet to make sure you are certain where your money is going.
Look for a worksheet that you can easily personalize to fit your needs. You could go for an excel budget template if need be. With this, you will create fields that match your spending categories. Concentrate on your variable expenditures to see if there is some money you could save.
Always make sure to record daily expenditure. After sometime, these records will give an idea of main areas you spend your money. You can use such records to plan for the coming month before you get your salary. This way, you make sure you are not caught unaware.
There are various worksheets available online today. One will find not only free excel budget worksheets but also Google document spreadsheets. Of importance is to use templates which are easy to customize to desired fields.
One may have a good budget template. However, without clear financial goals, it is hard to achieve anything. You ought to have discipline and focus as well to achieve financial goals. Once you have set your goals, you can use the excel budgeting tool to help you work towards your plans. Prepare a record showing short and long-term financial goals. It is crucial to list them in order of priority. However, most excel budget worksheets will allow you to edit and make necessary changes.
Consider your net income. This also includes any other source of income outside your salary. Make sure to less all deductions such as P. A. Y. E, social security, insurance and others. Only consider the amount of money that remains after all deductions. This is what you use in your budget worksheet.
Check if your worksheet has columns for variable and fixed expenses. This is important categorization when planning. You already know various expenditures such as mortgage payments and loans as fixed. These do not change for a specific period. However, other payments you make may change depending on different circumstances. For instance, fuel, entertainment and food prices vary. Fill each in the relevant column and indicate how much you spend on the item per month.
You could also consider having categories for savings, needs, and wants. This is because there are times you have to decide about mandatory expenditures and wants to keep up with your financial goals. If any variable or fixed item is necessary for your wellbeing, it falls under needs. If you want to set up an emergency fund or save for a holiday, this goes to savings. List clearly in your worksheet to make sure you are certain where your money is going.
Look for a worksheet that you can easily personalize to fit your needs. You could go for an excel budget template if need be. With this, you will create fields that match your spending categories. Concentrate on your variable expenditures to see if there is some money you could save.
Always make sure to record daily expenditure. After sometime, these records will give an idea of main areas you spend your money. You can use such records to plan for the coming month before you get your salary. This way, you make sure you are not caught unaware.
There are various worksheets available online today. One will find not only free excel budget worksheets but also Google document spreadsheets. Of importance is to use templates which are easy to customize to desired fields.
About the Author:
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