Download these 19+ Free Personal Budget Templates to help you prepare your own budget.
Creating a budget for the first time is not as simple and easy as you think. According to a survey, only 40% of the people are able to start a monthly budget and stick to it. This means that if you want to live happily without putting too much debt on your name, you need to work with a personal budget. This is a way of calculating how much you earn per month and what your expenses are. This way when you calculate the exact figure of your overall monthly income, you can understand how much money you have. With this tool, you can also enlist your debt accounts so it is also very easy to allocate a portion of your income for the debt payments i.e. student loan, house rent or property mortgage.
These are the expenses or payments that you need to make at any cost. In other words, this budget will tell you how much money you need to spend without any compromise. On the other hand, once that is done, you can enlist the monthly or weekly expenses that you have in order to see how much you want to or need to spend on household expenses i.e. cloth and shoes shopping, grocery shopping and transportation. The best thing about this budget planning is that when you enlist your expenses, you can easily evaluate if you will be able to afford them or save some of your income or not.
Useful Tips for creating Personal Budget:
- Make up your mind to work with a Budget:
As said above, the most difficult thing about a personal budget is to make up your mind about using one. If you have decided to work with a personal weekly or monthly budget, it’s very easy from that point on.
- Evaluate how much you Earn per Month:
In order to start the budget preparation, you need to calculate how much you earn per month so that you can come up with a definite figure which is your monthly income. Include your regular salary, investments and income from your side business but don’t include the one time income sources i.e. bonus for good performance at work.
- Calculate how much money you owe to People:
If you owe money to people i.e. friends, relatives or your bank, you should enlist the amount of installments that you will make to each of them out of your monthly income. This is the expense that you need to make in all circumstances.
- Enlist and prioritize your Expenses:
after that, you should enlist the monthly or weekly expenses that you have. Once you make the list, you need to evaluate importance of each of the item so that you can prioritize them on the list.
- Eliminate the stuff that you don’t Actually Need:
It is definite that when you enlist your expenses, there will be some items that you don’t actually need. These are mostly the luxuries that you want but don’t need. If you want to save money, you need to eliminate these expenses that aren’t as important as saving money for future.
Here is preview of a Free Personal Budget Template created using MS Excel by my staff member.
Free Personal Budget Templates
Download all these Free Personal Budget Templates that can easily help you to prepare your own Personal Budget effectively.