![]() Then write the numbers in your expense tracker at the end of the day. You can either keep your receipts, make a note on your phone, or on a small piece of paper as you spend throughout the day. If you track your spending every day, you should write down what you spend as you go. Print out multiple sheets of your Daily Expense Tracker (one for each spending category or sub-category). I personally recommend recording your spending every day, or at the very least, once a week. It is so important for you to track your expenses so you can make sure you are staying on track with your budget. Therefore, I wanted you to have a place for you to track your daily expenses. Once you make a budget and allocate where your money is going, you need to track your spending to make sure you are sticking to the plan.Ī budget is useless if you don’t follow it. The next printable I’ve included for your free printable budget binder is a Daily Expense Tracker. Related Article: How To Make a Budget For Beginners Worksheet Daily Expense Tracker If you’re having a hard time figuring out how much you should be spending in each expense category, read my article “ How Much Should I Be Spending? (Budget Categories and Percentages)” This article will give you a general idea of how much of your income you should allocate to each spending area. If you are showing a higher expense column than income, you need to make some changes. The good news is once you do this, you rarely have to do this again because you usually spend money in the same categories every month.Īfter establishing your monthly income and expenses, hopefully, the end result shows more income than expenses. This is the foundation of making a real budget that will work. It can be very tedious, but it’s important not to skip this step. ![]() Unfortunately, you will not be able to account for the areas where you spent cash, but it will provide you with a rough outline of your spending.īe prepared to devote some time to this task. You can find this information by reviewing your past credit card and bank statements. If you are not sure what your expected expenses are, start by looking at what areas you spent money on in the past three months. Write down a list of all your expected expenses for the month. Next, you need to determine what your monthly expenses are. However, if you have other types of income-such as self-employment or other outside sources of income-be sure to subtract obligations like taxes and business expenses to determine your take-home pay. If you have earned income from an employer where taxes are automatically deducted, this is easy to establish. Your final take-home pay is called net income, and that is the number you should use when creating a budget. You may not use these funds each month, but when the expense arises, you’ll be ready.īudget planning helps you get out of debt/reach your goals. A good budget plan will tell you exactly how much money you have each month to put aside for savings goals, investment goals, and paying off debt.The first thing you need to do when making your budget is to determine how much money you take home every month after taxes. ![]() You should plan to set aside a certain amount each month for home maintenance, car repair, medical expenses, etc. ![]() This helps you plan ahead for the months expenditures and prevents you from making rash purchases.īudgeting prepares you for emergencies. When done right, your budget will give you ample funds for all those expenses life throws at you. Here are just a few benefits of using a monthly budget planner or tracker:īudgeting ensures that you don’t overspend. Budgeting forces you to take a long look at your finances and make your income and your outgoing match. Whether you are in debt, living month-to-month, or just can’t seem to save and invest as much as you want, a budget planner can help take back control of your money. Knowing how much money you have coming in and where your money is going is an important step in achieving financial freedom. Taking a good look at your finances every month and making a plan for your money will help you reach you financial goals more quickly.īenefits of Using a Monthly Budget Planner Please click here for more information about cookies collected and our privacy policy **. If you make a purchase using one of these links, I may earn a commission. ![]() ** This website contains affiliate links. ![]()
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