This is the step where you start getting a handle on your expenses. Do this for all of your expenses for the month. If you’ve broken your expenses into categories, this is the time to add up each expense by category and log it in the appropriate spreadsheet cell for the month. In this next step, simply log your income in the appropriate spreadsheet cell(s) for the month. Now that you’ve organized your finances and have a personal budget spreadsheet, it’s time to begin using your budget. However, if you want to create your own budget template, then we recommend the following included in your budget: To assist you with creating a personal budget spreadsheet, we’ve included a simple personal budget example below that you can copy, modify, and use. Not only does an electronic spreadsheet easily adapt as your budgeting needs change, but it also offers the ability to include automated formulas to do all the hard work. You can go old school and write your budget down on paper or in a ledger, but we recommend that you use an electronic spreadsheet like Google Sheets (free), Excel, or Numbers. Now that you have everything organized, it’s time to create your personal budget. Step Two: Create a Personal Budget Template Remember, when reviewing your income for budgeting purposes, only focus on your take-home pay or net income – meaning, it’s already been taxed. However, if you have additional income like a second job or a side hustle, you would also consider this as income. Chances are you only have your salary and/or your significant other’s if you’re married. IncomeĪs for your income, this is also the time to organize and identify any sources of revenue you may have. This will now offer insight into what you actually spend your money on. The best way to review your one-off purchases is to skip the receipts and scrutinize your monthly checking account in terms of money spent and cash withdrawn.Īnd if you really want to shine like a diamond, spend your first month keeping notes of everything you spend money for 30 days. This means what did you spending on food, entertainment, clothes, etc.
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