Your budget might be looking a bit tighter now. Up to now your budget would look as follows. Now there’s another key word! What’s disposable income? That’s the money you can spend on anything since nothing has a claim on it yet. This number will be subtracted from your income to give you your disposable income. Rent is $1000 and the car payment is $300. Let’s say that you only pay rent and a car payment each month. Sample Budget Template After Fixed Expenses These expenses could be any one of the following: What are fixed expenses? These are the part of the budget where you list expenses you incur every month regardless of how much money you make that month. Budget Template Part 2: Your Fixed Expenses When you complete this step you will get a very clear view of what you make every month that can be used by you or your family to pay off expenses and build the life you envision, with an extra added helping of financial peace and comfort. This is the value that you should input in your income section. Then your net income (which is what we want) would be: Let’s say the deductions for the month were $1000. Find a month that was similar in length to the current month and get those numbers! Sample Budget Template After Determining Net Income To make things simple, review previous months’ take-home pay. To get the net income you need to use in the budget you would need to subtract taxes, 401k contributions, health insurance premiums and other money taken out of your paycheck each pay period. Multiplying the total hours by the hourly rate would give your total income for the month. Some quick math later and we know that 40 hours multiplied by five weeks is 200 hours. For example, let’s say you anticipate working 40 hours a week, and the month has five weeks. If you are an hourly employee making $15 an hour, you will estimate the number of hours you anticipate working a month. Why? Anything going to taxes does not help your budgeting. It is important to list only the NET money you will receive from your paycheck after taxes. If you are salaried employee making a net of $2000 a month after taxes, you will list this as your monthly income. Yes, that means reviewing your pay stubs! If you’re an hourly employee you would want to write down an estimation of your upcoming monthly income based on the number of hours you are scheduled to work times your hourly rate. If you are working as a salaried employee you need to be aware of your monthly take-home pay. For this section it’s important to list your re-occurring monthly earnings. Here’s an essential part of building a solid budget: knowing and understanding your income. Let’s start by identifying the three vital parts of a budget that you need to include to successfully manage your spending. Have your budgeting tool handy? Let’s do this! We’re going to use this budgeting spreadsheet to get focused on building a strong financial foundation. Here’s a link to the automated Excel version. Here’s a link to the PDF printable version. You can nab this budgeting tool for free! Grab Your Budget Template Here Let’s break this down a bit and utilize a simple budgeting template to start this process on the right foot. And here at Home Beautifully, we’re all about nice and easy, am I right? But sometimes, they can be more confusing than they are nice and easy. There are hundreds of thousands of different budget ideas, examples, templates or worksheets you can download online or view on Youtube. The dance floor’s a little crowded when it comes to budgeting and online information. Now that sounds good, right? And keeping up with the budget monthly can be fun and even motivating once you get a feel for these long-term benefits. Budgeting will bring a sense of calm and security and maybe even some carefree happiness. By itself budgeting can feel very tedious and repetitive, and budgeting may not provide much in the way of an immediate reward or fast gratification.īut, here’s the thing, in the long-term budgeting is what will get you enough money to buy a new car, get a house, or retire happily. Want to learn more about this free budget template? Keep on reading for money tips and how to use this tool!īuilding a budget? Sounds like such a boring notion, doesn’t it? It turns out, many people don’t find the idea of establishing a budget all that exciting. So how does a budget template fit in? Simply.Establishing a solid family budget is one of the practical solutions for getting ahold of family finances. And having mindfulness about our finances? That’s critical to leading our homes and lives with purpose and beauty. Having sufficient funds to cover all of our monthly expenses can be majorly painful for those trying to build savings or minimize debt. Money is one of the top concerns of most families. We’ve all been there: stressing about finances.
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