We created a template for a year’s worth of income and spending!
Posted by John | Filed under Uncategorized
My wife and I recently decided to try to take more control of our finances (no debt, aside from an imminent mortgage) as in the past we’ve just built vague budgets to keep us from spending more than we make. We’ve never really had a plan for where we want to go. So, I grabbed your Excel budget sheet, but decided to add categories for planned spending (pre-payment fund, saving for replacing a car, etc.). Then, I decided to add a money tracker so we could input our spending from month-to-month and have it compare it to our budget, like a soft-copy of your budget binder. I also made it able to keep track of accumulating money, such as money for home maintenance which isn’t meant to be spent in full every month, but grow. What we now have is a template for a year’s worth of income and spending with opening balances for individual expenses, tracking for the year, then a closing balance for all of those expenses so you can feed them back into the opening balance at the start of the next year. We feel much better knowing exactly where we are going, and how much of a safety net we have.