Simple Budget Template That Works

We all know that creating a budget will help us bring discipline to our spending and help us in achieving our personal finance goals. Yet many of us don’t make a budget. We think about it. We may also make a new year’s resolution to make a budget but still we run away from it. Even if we make a budget, it is likely that we fail to keep up with it.

Why we don’t make budgets

  •  Too complicated: What to track, what to ignore, where to add what and all the craziness. Only if someone could simplify it a bit.
  • Too tedious: On top of it not being simple, making a budget is no fun.
  • Too time consuming: Maintaining a budget can be time consuming.
  • Not flexible: Not every month is same, so either we end up making a budget every month or fail meeting the budget.

I agree with all of this but I would hate for you to miss out on such a powerful tool that can help you achieve your personal finance goals. So I have done the majority of the work for you by creating this simple budget template that works. It’s so simple, just plug in the numbers and you have a budget ready.

Download the Simple Budget Template. The Budget Template can also be downloaded from the Personal Finance Resource Section.

Creating Simple budgets

–          Don’t count very penny: Making and tracking a budget is about creating financial discipline but you don’t have to track every penny you spend. Keep track of major expenses and round up. Keeping it a little simple will help you in completing it.

–          Keep room for irregular expenses: One major thing that ruins any budget is unplanned expenses. So keep some room for unplanned events like an additional dinner night out, a movie or drinks with friends. For less frequent things like vacations, it is best to spread the cost throughout the year.

–          Celebrate if you are close to your budget: You don’t have to hit the exact targets in your budgets. Even if you come in close to where you had planned to be you can celebrate, it’s a victory.

–          Be realistic: Keep your budget close to your current spending habits. Even if you are trying to make some changes in your spending habits, make then gradually by setting realistic goals.

Using the Simple Budget Template

  1. Record your expected income for the month. If you have varying income, you can write down numbers income based on historical average.
  2. Note down your expenses. Spend a few minutes to estimate these numbers. You should know most of these accurately beforehand. Use your judgment for others.
  3. Write down how much you expect to contribute to various saving and investment accounts.
  4. The numbers will add up automatically and appear near the bottom left. No need to perform any calculations.

How do you keep in budget, Do you have a simple process you can share with us?

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