Finding a budgeting system that fits your needs is a must for effective financial management.
In this post, I’ll show you some simple personal budget templates/spreadsheets that you can use to manage your finances today!
Conscious spending is a great way to enjoy life while still building a financially secure future. However, it requires organization. You need to start with a bullet-proof budget, categorizing all of your expenses into one of these four buckets:
- Fixed costs
- Investments
- Savings
- Guilt-free spending
From there, you’ll need to decide how much money to allocate to each bucket. The hardest part, is sticking to your plan.
Budgeting spreadsheets and tools are great resources that will increase your chances of success. Simple spreadsheets help map out your plan, and budgeting apps help you stick to it.
The entire point of these tools is to simplify money management so you can think about your money less, not more.
For many people, budgeting and planning for big expenses like vacations are a struggle. 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. But without planning for expenses, a big income can lead to big debt.
3 Budget Spreadsheet Templates to Get You Started
The thought of creating a budget spreadsheet can be intimidating. Does this mean you need to master complex financial formulas? Not at all. With a variety of monthly budget templates available, you can find pre-made options for different needs, from personal family budgets to vacation planning.
When it comes to budget templates, it’s best to keep them simple, and there are many user-friendly tools available to save you time and stress. A personal budget template in Microsoft Excel can be particularly helpful for tracking monthly income and expenses, enabling better financial management and planning. Here are some of the easiest:
Microsoft Excel budget templates
Microsoft Excel isn’t all about complex formulas. These free budget templates are an easy way to get an overview of your cash flow (monthly expenses versus monthly income). There are even specialty templates, such as a personal monthly budget, a college budget, a home construction budget, and an event planning budget.
Additionally, Excel offers ‘family budget planner’ templates, ideal for managing household expenses, including children’s education, extracurricular activities, savings, and vacations.
Google Sheets budget templates
If you have a Google account, you can access free templates covering weekly, monthly, and annual budgets. There are also budget calculators to help you stick to your selected budgeting rule, like the 50/20/30 rule (which dictates that 50% of your budget goes to essential fixed and variable expenses, 20% goes to savings and debts, and 30% goes to the rest).
The Federal Trade Commission’s budget worksheet
The Federal Trade Commission (FTC) offers another handy budgeting tool. The free budget spreadsheet is available to download as a PDF and provides a list of proposed income and expense budget categories; you just have to fill in the dollar amounts. The formula at the end (subtracting expenses from income) provides a picture of your financial health and can help you figure out how to better manage your money.
One of my Favorite Apps for Money Management
Firstly, before downloading another app, consider taking advantage of your bank’s features, including apps that connect to your checking account and credit card to effortlessly monitor expenses. Most bank apps have automation features which you can set up to automate your transactions.
You Need a Budget (YNAB)
YNAB is ideal for people who have debts to pay off or savings goals they want to reach. It helps you spend smarter with tools like budget creation, goal tracking, and reports (including visual graphs and charts). The app also provides personal support, including free live Q&A sessions offered weekly.
How Money Management (and Budgeting Tools) Help You Meet Your Financial Goals
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). 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.
Many people assume that effective money management means scrounging, saving, and never enjoying life. The truth is that living a life of constantly telling yourself “no” isn’t sustainable (or enjoyable). Instead, consider trying a conscious spending plan. Following this logic, you categorize your expenses into essential fixed costs, important investments, savings goals, and—last but not least—guilt-free spending.
By 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. 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. Money Dials could include things like fitness, convenience, luxury items, travel, self-improvement, and social status.
Watch this video where I guide you through my 10 Money Rules, a set of simple principles that have helped me build wealth and can do the same for you:
Financial Freedom is Found Beyond Tools & Spreadsheets
You don’t have to be a personal finance guru or a professional budget planner to create a workable household budget. The above spreadsheets and tools make it easier to take control of your finances and implement conscious spending habits that work for you.
They doesn’t have to be perfect. Remember, the aim of money management is to create a simple budget that works for you and then automate as much as you can of your money management, from auto-paying bills to setting up automatic deposits for investments and savings, to those tools.
This will ultimately help you think less (and stress less) about money, so you can live the “I Will Teach You to Be Rich” philosophy: “A rich life is lived outside the spreadsheet.”
FAQs
How can I stay motivated to stick to my budget using a spreadsheet?
Staying motivated to stick to a budget using a spreadsheet can be challenging, but several strategies can help. Setting realistic goals, celebrating small wins, and tracking spending regularly can help keep you on track. Using visual aids, getting an accountability partner, reviewing your budget regularly, and rewarding yourself for sticking to your budget are additional strategies that can help you stay motivated and achieve your financial goals.
How can I customize my budgeting spreadsheet to fit my specific needs?
Customizing your budgeting spreadsheet can be done in several ways. First, you can add or remove categories based on your unique income and expenses. You can also adjust the formatting to make the spreadsheet easier to read and use. Additionally, you can add conditional formatting, such as color-coding, to help you quickly identify areas where you may need to adjust your spending.
What are the benefits of using a budgeting spreadsheet?
Using a budgeting spreadsheet can help you better organize your finances, increase your awareness of spending habits, and customize the spreadsheet to fit your specific needs. It can also help you set financial goals, make more informed decisions about spending and savings, and facilitate communication with a partner or spouse about shared finances. Overall, a budgeting spreadsheet can provide numerous benefits for managing your money and achieving financial stability.
What does a budgeting tool do?
A budgeting tool assists in tracking income and expenditures, helping users plan their finances by allocating funds to various categories, monitoring spending habits, and setting financial goals.
Should I pay for budgeting tools?
Whether you should pay for budgeting tools depends on your specific needs, financial goals, and the complexity of your financial situation. Free tools may suffice for basic budgeting, while paid options offer more features like advanced analytics, personalized financial advice, and integration with financial accounts. Consider the value you’ll receive from the tool compared to its cost.
It’s one of the best things I’ve published (and 100% free), just tell me where to send it:
