You don’t need to live a restricted life when you create a budget. You can make your money work for yourself by improving money management. This means you can spend more on the things that you love while also ensuring you have control to reach your long-term financial goals.
The right spreadsheets and budgeting software can help you track and create your financial budget. You don’t need to spend a lot of money on complicated or confusing financial technology. Continue reading to find out about simple tools for managing your budget.
Money management tips to help you reach your financial goals
You likely have financial goals in your life. These could be increasing your net worth, paying down student loans, or retiring early. Other goals might be smaller and more immediate, such as buying a luxury vehicle or saving for your dream wedding. These goals can be achieved with smart money management.
Many people believe that money management is about scrounging, saving, and not enjoying life. Living a life where you constantly tell yourself “no” is not sustainable or enjoyable. Consider a conscious budget. This logic allows you to categorize your expenses as essential fixed costs, important investments, and savings goals. Last but not least, guilt-free spending.
You’ll be more likely to stick with your budget if you allocate space in your budget to the fun stuff, without guilt. You can make the best decisions about your spending by focusing on your MoneyDials — what you enjoy spending on — and prioritizing it in a way that works for you. Money Dials can include fitness, convenience, luxury, travel, self-improvement, and social status.
It’s a great way for you to have fun and build a financial future. It does require organization. Start with a bulletproof budget. You will need to categorize all your expenses into one or more of the four categories: fixed costs (investments), savings, savings, and guilt-free. Next, you will need to determine how much money each bucket should receive. You must stick to your plan.
Excel spreadsheets and other tools for budgeting can be helpful at every stage. Simple spreadsheets will help you make a conscious spending plan. A budgeting app can help you keep it in line, such as automating expense tracking. These tools are designed to make money management easier so that you can focus on your money less.
3 Budget Spreadsheet Templates to Get You Started
It can seem daunting to create a budget spreadsheet. Do you think this means that you will have to learn complex financial formulas to create a budget spreadsheet? Not at all. It’s important to be simple when it comes to budget templates. Many user-friendly tools can help you save time and stress. It is important to find tools that make it easier to manage your money. These are just a few highlights.
Microsoft Excel budget templates
Microsoft Excel doesn’t just have complex formulas. These no-cost budget templates can be used to quickly and easily show you your cash flow (monthly expenditures versus monthly income). You can even find specialty templates like a personal budget, college budget, or event planning budget. These Excel templates are available for free if you have the Microsoft Office Suite.
Google Sheets budget templates
Google Sheets provides another way to budget. You can get free templates for weekly, monthly, or annual budgets if you have a Google Account. You can also use budget calculators to ensure you adhere to your chosen budgeting rule (e.g. 50/20/30 rule which dictates that 50% goes to essential fixed expenses and 20% to savings and debts and 30% to the rest).
Budget worksheet Federal Trade Commission
Another useful budgeting tool is offered by the Federal Trade Commission (FTC). You can download the budget spreadsheet as a PDF. It contains a list of proposed income and expenses. All you have to do is fill in the dollar amounts. The formula at the bottom (subtracting income from expenses) gives you a snapshot of your financial health. It can help you to manage your money better.
3 Budgeting Apps and Tools to Help With Money Management
You can create a budget plan by using the tools provided. You can then put your plan into practice with budgeting apps and tools. You can save time and money by using simple technology.
These are the top budgeting apps that will automate your money management. They will give you more control over your cash, so you can reach your financial goals without worrying as much.
Automate payments using your banking apps
Make the most of any technology features offered by your bank. Many banks offer apps that can link to your checking and credit cards, which allows you to track your expenses automatically. Automating payments can be done by setting aside a fixed amount each month to save money. Automation is an excellent psychological trick that can help you take control of your finances.
Mint is worth looking at if you want all your financial information in one place. Mint allows you to track spending, manage subscriptions, and create custom budgets. To quickly see your financial picture, you can connect all of the bank accounts and investments. Mint is an excellent choice if you want all your financial planning tools in one location. This article gives more information.
Do You Need a Budget? (YNAB).
YNAB is a great tool for those who have debts they need to pay down or who have savings goals. You can spend smarter by using tools such as budget creation, goal tracking, and reports (including visual graphs or charts). You can also get personal support through the app, such as weekly live Q&A sessions.
Financial freedom can be found beyond spreadsheets
To create a household budget that works, you don’t need to be a financial expert or professional planner. These spreadsheets and tools will make it easier for you to manage your finances and create spending habits that work. It doesn’t need to be perfect. It is a tool that will help you get to where you want to go financially while also ensuring you don’t go without.
It is important to make a budget that you like and automate your money management. This includes auto-playing bills and setting up automatic deposits to invest and save. You will be able to think less about money and feel less stressed.