Article

D-I-Y Budgeting

Glory The Maestro

Most financially savvy people construct their own budgeting templates. If you’d like to construct yours, but have no clue as to where to start, fear not, this post is for you. This is what you have to do:

  • Open an empty Excel sheet.
  • Title it Personal Monthly Budget Planner.
  • Create a cell that shows the particular month e.g. Month of September
  • At the beginning of the month, fill in your budgeted income and expenditure.
  • At the end of each week, use your financial diary to fill in your actual expenses
  • At the end of the month, compare both to get your monthly variance
  • Over the year, this careful budgeting will help you keep an eagle eye on how much you spend on several key items

Basically, your budgeting templates should look like the below:

INCOME:

IncomeBudgetedActual
Wages
Interest received
Dividend
Miscellaneous
Income totals

EXPENDITURE:

ExpenseItemsBudgetedActual
Home ExpensesMortgage/ Rent
Utilities
Home telephone
Mobile telephone
Home repairs
Home improvement
Home security
Garden supplies
ExpenseItemsBudgetedActual
Daily LivingGroceries
Child care
Dry cleaning
Dining out
Housecleaning service
Dog walker
ExpenseItemsBudgetedActual
TransportationGas/ fuel
Insurance
Repairs
Car wash/ detailing services
Parking
Public transportation
ExpenseItemsBudgetedActual
HealthHealth club dues
Insurance
Prescriptions
Over-the-counter drugs
Co-payments/ out-of-pocket
Veterinarians/ pet medicines
Life insurance
ExpenseItemsBudgetedActual
HolidaysAirfare
Accommodations
Food
Souvenirs
Pet boarding
Rental car
ExpenseItemsBudgetedActual
Dues/ subscriptionMagazines
Newspapers
Internet connection
Public radio
Public television
Religious organizations
Charity
ExpenseItemsBudgetedActual
Financial obligationsLong-term savings
Retirement
Credit card payments
Income tax (additional)
Car Loan
ExpenseItemsBudgetedActual
PersonalClothing
Gifts
Salon/ barber
Books
Music (CDs, etc.)
ExpenseItemsBudgetedActual
EntertainmentCable TV
Video/ DVD rentals
Movies/ plays
Concerts/ clubs
ExpenseItemsBudgetedActual
Misc. paymentsOther
Other
Other
Other

A D-I-Y budget allows you to literally see your spending patterns, and helps you to track your income and expenditures; so have fun doing your own budgeting and knowing you’re on your way to becoming financially savvy.

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