As I mention in my blog about how to create a budget, here's a suggested template you can use as a budget worksheet.
I happen to like this one because it lays out what's a necessity, and what's not, and emphasizes savings as a necessary "expense".
It also breaks down budget categories into specifics so that you can see much more clearly what your expenses are and where you might be able to cut back.
I happen to like this one because it lays out what's a necessity, and what's not, and emphasizes savings as a necessary "expense".
It also breaks down budget categories into specifics so that you can see much more clearly what your expenses are and where you might be able to cut back.
I recommend doing this, or any budget, in an Excel or Google Spreadsheets format, and setting up the software's formulas to do the calculations for you as you enter them. Or you can use software for households, such as Quicken.
This is the type of budget worksheet I have always worked with, and you'll find that it's easy to use once you have the initial template set up.
Now I'm aware that this is a more stringent approach to budgeting than most people apply.
This is the type of budget worksheet I have always worked with, and you'll find that it's easy to use once you have the initial template set up.
Now I'm aware that this is a more stringent approach to budgeting than most people apply.
But it is very similar to the one we were forced to start out with as a young married couple, due to our circumstances, and I have to say that I am actually grateful for that experience and the habits it established.
We started early on a path to savings, even at a very low income level, because there were things we wanted to be able to do, such as travel to my husband's homeland annually to visit family, and buy a house.
In those days, the ONLY discretionary expenses we allowed ourselves were the occasional cup of coffee at work, once-a-week video rentals, and the Sunday New York Times.
Beyond the purchase of a 12-inch black and white TV (For real! Hard as it is to believe, we were fine with it), we spent almost no money on entertainment, and relied instead almost entirely on free opportunities for our amusement and recreation.
It can be done.
In fact, even today, where we have far more discretionary income, we simply have no appetite for spending money on many of the daily and weekly habits that most people consider an essential to their happiness.
And the thing is, we don't feel deprived at all. You could say we're stuck in our ways now, but I'd say that in money matters, that's served us very well.
I hope you find this helpful.
We started early on a path to savings, even at a very low income level, because there were things we wanted to be able to do, such as travel to my husband's homeland annually to visit family, and buy a house.
In those days, the ONLY discretionary expenses we allowed ourselves were the occasional cup of coffee at work, once-a-week video rentals, and the Sunday New York Times.
Beyond the purchase of a 12-inch black and white TV (For real! Hard as it is to believe, we were fine with it), we spent almost no money on entertainment, and relied instead almost entirely on free opportunities for our amusement and recreation.
It can be done.
In fact, even today, where we have far more discretionary income, we simply have no appetite for spending money on many of the daily and weekly habits that most people consider an essential to their happiness.
And the thing is, we don't feel deprived at all. You could say we're stuck in our ways now, but I'd say that in money matters, that's served us very well.
I hope you find this helpful.
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