Budget Printables: Why You Should Set a Budget and How to Start It
When it comes to budgeting, there is no such thing as being too late. If you haven’t managed your finance in order yet, today is the best day to do so. Now that we have the internet, budgeting can be done easily. This is especially true with so many budget printables available online.
Why You Should Set a Budget
There are many reasons why. First, it allows you to keep an eye on how you spend your money. This ensures that your money is well-spent. Second, it makes managing money less stressful. Since the budget is already set, be it monthly or annually, you just have to stick with it. Third, it gives you freedom. And so on.
How to Start Budgeting
1. Calculate Your Income
First, you need to calculate your monthly income. All budget printables have income in the list so all you have to do is to fill in the details.
2. Sum Up Fixed Monthly Expenses
Next is to list all your fixed monthly expenses and sum up to get the total. Notice that this is for the fixed expenses only. Non-fixed expenses should be listed separately.
3. Set Your Financial Goals
Now, set your financial goals. Setting financial goals should help you to manage your money as they give you a direction or purpose to pursue. They also help you to prioritize as well.
4. Set Discretionary Expenses
The next step is to add up the extras. These extras are non-essential items that you are currently paying for. For example, personal care, clothes, gifts, dining out, vacations, and so on.
5. Subtract the Income from Expenses
Now, subtract all the expenses from your income. If it has a positive number, then you are good. If it breaks even, then you have just enough money. If it has a negative number, then you should increase your income, decrease your spending, or both.
When you start a budget, you don’t have to make it from scratch. There are many budget printables available online. From simple budget consisting of income, expenses (planned and actual) to delicate and more complicated ones, all are available. Using printables will make it easier to create a budget as you just have to fill in the details.
There is no reason not to budget and there are many reasons to. With budget printables, you can just fill in the details and plan your money accordingly. Now that you know how to start budgeting, it will be much easier to do. So, don’t hesitate and start getting your finance in order. We hope this helps.