Simplest Way to Build Your First Personal Budget Spreadsheet
Did you know that a personal budget spreadsheet can help you master your finances like a pro? Many people feel overwhelmed when it comes to making a budget or organizing their finances. This is just because they have not been taught an easier way to manage it all.
If you’re not a numbers person, it may all seem a little overwhelming. Or maybe you don’t like to feel restricted on how you enjoy your money that you work so hard for.
Things to Put in your Personal Budget Spreadsheet
If you want your personal budgeting sheet to work for you, then it’s important to know what things to put in this sheet. The worksheet will only benefit you when you include everything and then use it correctly.
Most people know that you should put your rent or mortgage and your normal monthly bills, but after that, some people get lost or forget to add other expenses.
It would be best if you also put the following things in your personal budget spreadsheet: transportation, automotive maintenance and repairs, gas, clothing, school lunches, pocket money, food and beverages, personal care, medical and dental expenses, recreation and entertainment expenses, charity contributions, special expenses, and more.
You may find that you really need to put some time and thought into your expenses to make sure you don’t forget anything. You can look over past months’ bank records to see what you have been spending money on and where.
It would be best if you also gathered all the bills and invoices that come in to be sure you don’t forget anything. Only when everything is listed in the budget spreadsheet can you begin to use it for your needs.
How to Use Your Personal Budget Spreadsheet
Having the personal budget spreadsheet is a great start, but you actually need to be able to use it to benefit from it.
This means you need to do more than create the sheet and then never look at it again. You need to put it in a location where you will see it often and be able to refer to it regularly.
Once you have everything listed in your spreadsheet and you are aware of what your expenses are, it’s also important to make sure you know how much money you have coming in. If your pay varies, then always underestimate rather than overestimate to ensure you have enough.
Use personal budgets regularly when you are tempted to spend and calculate your monthly expenses on a regular basis to make sure you are not going over.
Determine what constitutes an actual emergency and don’t overspend on what you consider “emergencies” that will offset your budget and your plan.
It may take some time to get into it the first couple of months, but once you set a routine, you will find it easier to stick to your budget, and as it all comes naturally, you will probably need to look at the personal budget spreadsheet less often.
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