Isn’t it surprising how fast your money went down the drain? Now you are blaming the bad economy. Maybe it’s time to think about what you have done to lower the value of your money. Maybe you don’t have a good budgeting scheme. Good thing, there are free budget worksheets to help you get out of this financial trouble. Most of the work will come from you, though. And your first job is to fill a free budget worksheet out.
Filling Out a Free Budget Worksheet
Filling out will vary from worksheet to worksheet. But all budget worksheets are common in terms of their two major parts—the income and expenses.
Below are the usual steps when filling out a free budget worksheet based on these two common parts:
- Fill out your sources of income. It can be from your salary, from a part-time job, a business, or an investment. The salary gives you a regular monthly income but other sources are not like this. A business or a part-time job gives a varying monthly income. In that case, get the total of your last year’s income from that source and then divide it by 12. Consider that as your monthly earning. Another way to do this is to input your last month’s income. But it will be better if you will assess based on the last three months’ income.
- Fill out your monthly expenses. Most of the free budget worksheets have categories of the expenses like the rent, loan, mortgage, groceries, and entertainment. You can add more categories or delete some categories. The point is, every category should be useful for organizing your expenses. You may use as reference your expenses last month. That should give you a rough estimate of how much budget you should set for every month. Reviewing your credit card bill will also help you figure out your regular expenses.
After filling out the free budget worksheet, you can now assess whether you are overspending or not. Overspending will be obvious if your total expenses are more than your total income. If you are not drowning in debts now, soon, you might. Why wait until that happens? Act now. Besides, saving money wisely and getting you out of debt are among the reasons why there are budget worksheets for free.
Using the Free Budget Worksheet to Save Money
Based on your assessment, how much budget will be enough to cover everything that you need? It’s okay to add some for your simple entertainment if your budget permits that. You may start setting the right budget by removing some expenses that you don’t really need and don’t enjoy that much like a cable connection or a telephone. If you have Internet, you can still watch TV, so why spend for a cable connection? If you have a mobile phone, why spend extra for a telephone?
Review your other expenses like how many times you eat out or what constitutes most of your grocery bill? Maybe it’s time to lessen the frequency of your eating out. Instead of doing it every week, better do it once a month. Also, consider buying lesser foods or fewer canned goods every week. Cut on your junk foods, sweets, and alcohol. Besides being unhealthy, these are expensive, too.
Filling out a free budget worksheet can reveal more to you. At least, this is the start of a wiser way of spending money and more meaningful living. After all, the best things in life are free. And happiness cannot be achieved by spending more. Spending less leads to simpler living. And this leads to a less-stressful, happier life. The big change might not happen overnight. But with little steps like filling out the budget worksheet, you are getting closer and closer to your dream life.