How to use a budget worksheet!

So you downloaded our budget worksheet, or you have your own.  If not, get our starter budget worksheet.  Now you may be wondering how to effectively use a budget worksheet.  What needs to be included in it?  Everything, everything needs to be included.  This means if you want to have money to hit up that coffee shop you can’t live without, or that burger and fries, then include it.  Want to ensure you have money to play, then include it.  The purpose of the budget worksheet is to track your spending and to help you with your budget selected (If you have not selected a budget, our book can help with that).  Budgeting doesn’t mean no spending on anything that is not a bill, it means making responsible financial decisions and knowing what you are spending on.  For the budget worksheet to be effective, and the budget to work, everything money is spent on needs to be tracked.

My preference for creating, using budget worksheets is Microsoft Excel.  For some instructions on using Excel, click here.  There are other budget worksheet options available, just do some research online to find what is the best option.

In the budget worksheet, you will have categories.  Within those categories you put the amount that you spend for each item.  Add as many categories needed, and be descriptive.  When it comes to certain items, such as a power bill, that may not be the exact same every month, input the average and round-up.  It is better to allocate more than what is needed, not less.  If you have a surplus, that money can be allocated to another debt, some sort of savings, or even more “play.”  The budget worksheet can be setup weekly, bi-weekly, monthly, and/or yearly.  The initial setup will take some time, once setup it will make paying bills easier and save time in the long run.

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