Use our budget template | Chapter 6: Free Budget Template

There are tons of different tools you can use to create a budget, but in this chapter we’ll go over how to use a budget template. A budget template is a customizable worksheet that helps you manage your budget by tracking all your living expenses.

A budget template is an easy way to calculate your finances to see if you are on track with your expenses. But instead of having to create a full budget yourself, a budget template gives you the outlines and just fill in the blanks with your budget specs.

In this series, we’ve covered everything there is to know about budgeting, such as what to budget and how to use Mint to create your budget, but this chapter will mainly focus on using a budget sheet template.

In this chapter, we’ll discuss the different types of budget templates, the benefits of using a budget template, when to start using a budget template, and more. To learn more about how a personal budget template can simplify your budgeting, continue reading the chapter or use the links below to jump to a section of your choice.

What is a budget template?

A budget template is a customizable worksheet where you can enter your own budget data to meet your personal financial needs. It is a very useful tool and can be used to get your finances in order and keep your spending in check to avoid falling into a budget deficit.

With a budget template, insert your total income and list all of your expenses, such as how much you spend on rent, groceries, and other necessities. You then deduct the costs from your total income.

You may be left with a fairly arbitrary income, basically how much money you have left over that you can save or use for additional expenses, such as buying a new car or saving for a house.

Types of Budget Templates

Depending on the stage of life you are in, you will want to use a budget template that is tailored to your situation. For example, college students may have a very different budget than a newly married couple.

Click below for the free budget template that fits your lifestyle

Click here to download the XLS file free budget template.xls.

There are several free budget templates available to suit your needs, be it college students, parents with children in daycare, single-person households, and so on. Choosing the one that fits your lifestyle is critical to helping you gain a clear understanding of how your take-home will cover all of your expenses.

Benefits of using a budget template

Making a budget may not sound like the most fun task in the world, but it’s a necessary part of keeping your finances in order and protecting you from mounting debt. There are many benefits to using a simple budgeting template, such as:

You Know How You Spend Your Money: Instead of Swiping Your Credit Card and Not Thinking About It, A Budget Template helps you become more aware of how you spend your money so you can see if/where you need to cut back. You can also use a budget to create a financial plan so that you can achieve your goals. It helps you stay organized: It’s easy to get overwhelmed when it comes to finances, but a budget template is a great way to keep your finances in one place. With a personal budget template you know exactly where your expenses are, making it easier to do things like budgeting for groceries. You have a plan for the month: A budget template is a great way to help you plan for the month before it even starts. You may have a trip ahead that requires you to set aside some extra cash. A budget template makes it clear what you can cut back on so that you have enough to cover your projected travel expenses for the month. It makes creating a budget easier: Instead of creating a budget from scratch every month, a budget template does the hard part for you. With a budget sheet template, all you need to do is fill in your personal details and you’re on your way to tracking your expenses.

Learning to budget can be difficult, but using a budget template makes the process a lot easier. Once you’ve mastered a budget template, it will become second nature to you and you’ll have no problem filling in your budget at the beginning of each month.

Preparing to use your budget template

If you’ve already tried to budget and keep running into obstacles, it might be time to look at the basics. It only takes a few missteps to turn your detailed budget into a total mess. Below are some helpful budgeting tips to help you create a functional budget to keep your finances healthy:

Know exactly how much you are really bringing in

The answer here isn’t just your annual salary, nor that number by dividing 12 equal parts for each month. What you should really base your budget on is your actual take home pay every month†

For example, if you earn $50,000 a year as salary — or about $4,200 a month — you should: consider your income taxes, benefits, retirement plan, and other expenses you pay that will be deducted from your monthly checks†

Because of all these other hidden expenses, it’s not right to use $4,200 as a base for your budget. It’s probably closer to $3,000, and maybe even less. It’s critical that you know exactly how much is coming in each month because that’s the number you base your budget on.

By using a free budget template, you can easily keep an eye on your finances.

Get a grip on accurate numbers when it comes to monthly expenses

It’s best to work with real numbers when coming up with a solid budget plan. This means that you keep each receipt after every purchase and keep track of how much you really spend. Your first budget essentially reflects how much you spend on average per month.

Don’t forget to pay in addition to the regular bills also include all your irregular expenseslike:

Renewal of the driving license Real estate tax Car registration Real estate insurance

These bills should really be scheduled throughout the year and not necessarily be considered “surprise expenses.”

Make sure you have some wiggle room for surprise costs

Life happens – and when life happens, you can face a lot of unexpected expenses. Maybe you need to add a new monthly expense to your budget, maybe you’re moving and you need to adjust your living expenses, or maybe you need to plan for an emergency.

Whatever the situation, it is imperative to have some leeway in your budget in the event of an unexpected expense. You never want to get too close so that if something happens, you have to use your savings to pay for it. It’s important to try leave some extra room in your budget for the unexpected†

Keep an easy-to-use budgeting tool handy

When you start with your budget, it’s good to know that there are tons of options available, such as envelope budgeting or a budgeting app.

All of these options make you more than likely to throw in the towel when it comes to keeping track of your budget. Your first budget should be really easy to manage and track to help you get a handle on your finances.

It is recommended that you use a simple, free budget template, which is basically like an online version of the paper-and-pencil type. While there are some great options out there, many of them can get too complicated — the more confused you are about the tool you’re using, the less likely you’ll be keeping track of your budget because it’s “just too complicated.” Leave this not happen to you Instead of, stick to simple tools especially if you are just starting out†

When should you start using a budgeting template?

Anyone can benefit from a budget template and it’s never too early to start using one. The sooner you start using a budget, the easier it will be to manage your monthly finances, plan for the future, and pay yourself first.

So what are you waiting for? Use a monthly budget template today and improve your financial health now and in the future.

A free budget template is waiting for you at Mint.com

For help creating a budget to track your expenses, Mint.com makes it easy. This online tool offers a number of budget templates to suit your lifestyle and collects all your finance accounts in one convenient place. It even allows you to streamline your budgeting efforts, giving you complete visibility into your income and expenses, so you can easily and quickly see exactly what’s happening in all areas of your finances. The best part? It’s completely FREE! Visit Mint.com to get started budgeting your finances today!

In the previous chapters of the series, we’ve discussed several personal finance tips and how budgeting can help you keep your finances in order. We’re familiar with some budgeting tools you can use to create a budget, such as with a budgeting app or a free budget template, but in the next chapter in the series, we’ll discuss the 50/30/20 budgeting rule, which is another useful one. tactic for you is to organize your finances.