The Balanced Budget Planner – Easy Budgeting Solutions for Busy Moms
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It can be pretty challenging to manage your finances without a budget.
However, even the most financially savvy person will have a budget to keep themselves on track during the month.
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The secret to having a successful budget is finding tools that work for you. Learn how to create a budget planner that works for you here.
The budget spreadsheet that we offer you here is a simple way to break down your personal finances so that you can quickly see your monthly income and expenses.
Having a monthly budget is important so that you feel in control of your money and spending habits and you reach your financial goals. You want to have a monthly overview at the beginning of the month and the end of the month so can evaluate what you want to change and keep the same.
Although it might seem tedious, having a budget in place does help to keep what you spend during the month in check. In addition, it allows you to identify cash flow problems and helps you save more and pay down any debts you may have.
So, let’s delve into the nitty-gritty of a budget and how it can help you manage your finances.
Instant Download
The Balanced Budget Freebie
This is a simple way to break down your personal finances so that you can quickly see your monthly income and expenses and pay down debt.
What’s the Balanced Budget Plan?
This is the first step in preparing a budget. The plan. It’s your why.
Why do you need or want a budget? Is it to look for ways to save money or curb spending? Is it to become more organized?
Whatever your plan and needs are with your budget this planner will help get you started and keep you focused on your end goal. It’s easy to use and has lots of trackers that will suit your specific need.
Where to Start?
Although this might seem like a no-brainer, many people don’t know where to start when formulating a budget.
My suggestion is to go through the last 3 months of banking history.
Then, print those statements and use a highlighter or multi-colored pens to separate your household bills, like rent/mortgage, home insurance, electricity, water, etc./ cell phone, and internet. Then separate out your car/or public transit services
Then your groceries, and anything for self-care; gym memberships, mani/pedi’s hair cuts, etc.
Highlight what you spend on lunch/dinners out.
While you are doing this exercise, take note of what items are constant and what fluctuate.
Your rent/ mortgage is more than likely a constant expense, as are insurances, but hydro and electronic may vary depending on your usage.
When you have all this highlighted, it’s time to look at inputting these numbers into a spreadsheet or app.
Instant Download
The Balanced Budget Freebie
This is a simple way to break down your personal finances so that you can quickly see your monthly income and expenses and pay down debt.
Income
You will want to create a budget that shows you your Income each month. This includes any money that comes into your account each month. From your job, the government, and side hustles.
This is step one on creating your budget. You want to keep your spending within your means by tracking what you make vs what you spend.
This will help you see where you can try to cut expenses if you determine it’s something that needs to be done.
Fixed Expenses
Fixed expenses are expenses that come out each month. Examples of fixed expenses are your rent or mortgage, utility bills, cable, groceries, child support, child care, health insurance, student loans, credit loans, etc. These are household expenses that you need and must be in your budget.
Other Expenses
In the other expense category, you will add things like entertainment, and self-care expenses. These are more wants vs needs.
Once you have written out all of your income vs expenses you can see what’s left over and you can start to allocate money for each expense.
Budgeting Tip: Once a year you should go through all of your expenses and see if you can negotiate a cheaper rate. Contact your cable provider, cell phone provider, or insurance company, and negotiate a new rate to save you money.
Using the Balanced Budget Freebie and Planner
Now that you have an understanding of your income, expenses, and budget goals you can use the Balanced Budget Freebie or Planner to write down your numbers and get started.
Simply print out the printable template that you want. You will want to print out the monthly budget template to keep track of your money each month but you might also want the savings templates or monthly calendar to add some events and reminders.
The Balanced Budget Planner has so many options that you can pick out exactly what budget worksheet works for you. This is an annual budget that you can use again and again. No need to buy it twice and it’s very affordable.
Simply download your pdf and create your customized budget the simple way. No one has time for confusing budgets and unrealistic repayment plans. Create one that works for you and take control of your personal finances.
Instant Download
The Balanced Budget Freebie
This is a simple way to break down your personal finances so that you can quickly see your monthly income and expenses and pay down debt.
Using the Debt Repayment Worksheet
What I love about this debt repayment plan is that you have a sheet for each month. Paying down your debt takes time and it requires a plan. The Balanced Budget Planner gives you a debt tracker for each month so you can track what you’ve paid and where you are.
It also allows you to customize it based on the specific month. For example, the Summer months can sometimes have more vacation time planned and you might not be able to focus on debt repayment so you can adjust your amounts for those months.
In some cases, it’s not realistic to pay the same about towards debt repayment each month and The Balanced Budget Planner allows for that.
The Balanced Budget Free Template
The freebie that we offer you today also has a debt repayment plan that you can use to come up with an action plan. It comes with a debt tracker and a debt payoff plan. Using both of these templates will allow you to feel more in control of your debt and your payment plan.
The Balanced Budget Template (free version) also comes with a monthly expense tracker, income tracker, budget and bill tracker, and monthly at-a-glance tracker. 9 pages full of budgeting value for free.
Budgeting Apps to You Can Use
There are so many great tools to choose from that are free to use, and you can find one that works best with your needs.
Microsoft and Google offer free budgeting templates.
They are interactive and easy to use.
Easy and straightforward to use, these spreadsheets are all customizable.
In terms of apps, Mint and Goodbudget are just a few of the best free budgeting apps on the market, according to thebalance.com
There are other great apps on the market, but they come with annual or monthly fees, and if you are someone looking to save money, these may not be the best options for you.
How you choose to track your monthly spending is based on personal choice. With so many to choose from, you will find the one that works best for you in no time.
When to Start
Ideally, you want to look at your expenses on the very last day of the month so that you can make any adjustments you need on the 1st day of the following month.
Obviously, your research will be done whenever you decide that you want to start tracking your expenses. However, the day to start really tracking your expenses is always day 1 of the following month.
Remember that your budget should be reviewed often.
You never just want to set it and forget it.
Having a budget, especially in the beginning, means having to review it almost weekly. In fact, some experts say that reviewing your budget weekly allows you to better manage transactions (as there are fewer transactions during the week than the overall month), and you can better anticipate any financial curveballs thrown your way.
50/20/30 Rule
Once you have your weekly and monthly expenses figured out, you can then better implement the 50/20/30 rule.
This general rule of thumb is to allocate 50% of your after-tax income to essential needs
such as rent or mortgage, 20% to savings, and 30% to your wants.
You always want to do your best to pay down your debts, but don’t forget to pay yourself too.
Instant Download
The Balanced Budget Freebie
This is a simple way to break down your personal finances so that you can quickly see your monthly income and expenses and pay down debt.
Emergency savings, retirement contributions, or rainy-day funds are just as significant as curbing your spending and paying down your debts.
Even $25 a week invested in the right vehicle is a good number to start with because, for most people, it won’t break the bank.
Creating a budget, sticking to it, and adjusting it when needed is the best way for anyone to keep track of their finances.
It may take some time to input your spending initially, but once you get started, you will see how easy it is to keep track of your spending.
With excellent free apps and worksheets available everywhere, managing your expenses and building your savings will become second nature. I hope that this post helps you take control of your finances in an easy and simple way that works.
As a full-time working mom of three, I know what it’s like to feel like life is out of balance and out of control.
While I don’t have it all figured out, I am committed to sharing helpful tips and tricks with other mommas who are ready to break free from negativity, ditch mom guilt, & finally, live life on their own terms.