Posted by: rhenderson8110 | March 13, 2013

Budget Template

Who says there is nothing free in life? Below you will see a simple budget template that I created to get you started. I have some tips on how to use this template the best and here they are:

– First of all, when you are inputting your income put in the exact amount you get paid after tax. The formulas are already created so that if you input your monthly income and your monthly expenses it will give you a total surplus or deficit at the bottom.

– Here is the color code:
Red: Income (if you have rental properties or other forms of income add columns for these too.)
Orange: Tithes (if you’re in a 3rd tithe year just add another column)
Blue: Necessary Living Expenses
Green: Savings/investments (if you contribute to your 401k or other investments add these here.)
Purple: Non-necessary Expenses
Yellow: surplus/defecit

– After you put in your estimates for things such as utilities, groceries, eating out, etc. the columns to the right are for you to go back at the end of each month to input what you actually spent. This allows you to see if your estimates are accurate. To do this quickly you can print off your bank statement OR you can use an online site that categorizes your transactions for you such as http://www.mint.com. I use mint.com and it helps me to see our spending trends.

– The second tab is to track your utilities. I found that I really did not know what our utilities were costing us. I have input formulas so that if you put in the bill amount, after 3 months of inputting you will begin to see an average. Nifty, huh? That way you can more accurately predict what you need to put aside for this. Also, you can begin to see what things like adding insulation, turning the temperature down by a few degrees in the winter and using fans can do for your bill. Otherwise you’re kind of just guessing and hoping it is making a difference.

Hope this is helpful and let me know if you have questions or would like to see something different!

Budget Template

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