It shows which chunk of your income should go to your “needs” (50%), “wants” (30%), and “savings/investments” (20%). This budget planner is based on the well-known 50/30/20 breakdown. The planner will add everything up and show how your spending compares to the 50/30/20 budget. You fill in the fields about your income and expenses. Here are some budget planners you may like. ![]() “Which budget planning template should I pick?” The best part is that you don’t have to bend over backward to get started – a great deal of work has already been done for you. There are multiple spreadsheets online, many of which are completely free to use. They can help you get on board with budgeting without jarring stress or boredom – even if you’re not a huge fan of math. A simple (yet effective!) idea is to begin using budgeting templates. Here’s the good news: to start, you don’t necessarily need any fancy equipment or sophisticated advice from financial consultants. ![]() Maybe you constantly worry about your debt and find yourself wondering, “When will I be able to enjoy the finer things in life?” It’s been your favorite New Year’s resolution for years – and also impossible to keep, because you’re never sure where to begin. Ever since you can remember, you wanted to get your financial situation under control. Perhaps you can recognize yourself in this not-so-thrilling picture. Money Dials could include things like fitness, convenience, luxury items, travel, self-improvement , and social status.Create a budget spreadsheet without MS Excel and turn it into a PDF By honing in on your Money Dials-the things you really love to spend on-you can prioritize your spending in a way that makes sense for you. Following this logic, you categorize your expenses into essential fixed costs, important investments, savings goals, and-last but not least-guilt-free spending.īy allocating space in your budget for the fun stuff (minus the guilt), you’re more likely to stick to that budget in the first place. Instead, consider trying a conscious spending plan. The truth is that living a life of constantly telling yourself “no” isn’t sustainable (or enjoyable). Many people assume that effective money management means scrounging, saving, and never enjoying life. ![]() You might also have smaller, more short-term goals, like saving for your dream wedding or buying a luxury car. Smart money management can help you achieve those objectives. You likely have some financial goals in your life, whether it’s improving your net worth, paying off your college student loans, or achieving FIRE (financial independence, retire early). But without planning for expenses, a big income can lead to big debt. But it doesn’t have to be! I spoke with a couple in episode 114 of my podcast who overspent on holidays because their earnings combined were a lot. The entire point of these tools is to simplify money management so you can think about your money less, not more.įor many people, budgeting and planning for big expenses like vacations are a struggle. Simplified spreadsheets help develop your plan, and budgeting apps, like those that automate expense tracking, help you stick to it. ![]() Finally, you need to stick to your plan.īudgeting spreadsheets and tools are great resources for creating a conscious spending plan. You then need to decide how much money to allocate to each bucket. You need to start with a bullet-proof budget, categorizing all of your expenses into one of these four buckets: fixed costs, investments, savings, and guilt-free spending. Conscious spending is a great way to enjoy life while still building a financially secure future.
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