Personal Budget Template

So your ready to set up your budget, here’s a few points to get you started.

  1. Only place in the income section amounts that are constant and you can rely on. E.G. If you are entitled to bonuses but don’t get them consistently or perhaps you work overtime some weeks and not others then leave these out initially.
  2. When entering in amounts think as you function. The calculator will work it out for you so choose the frequency for each entry based on  how they happen currently.
  3. Be comprehensive, don’t group expenses. E.G. Instead of one amount to cover all your hobbies/interests list each one, tennis, gym, swimming etc. Grouping them often miscalculates the real cost therefore you could be over/under calculating.
  4. Our calculator has grouped the key categories to make it easier for you, simply add more lines if you need to in the necessary category.
    Income: All constant and stable income sources
    Debts: All contractual obligations – mortgage/rent payments, personal loans/hire purchases, credit card payments (unless you pay this in full each month) etc.
    Living Costs: Functional/necessary expenses – power, food, petrol, clothing, education, vehicle costs etc.
    Savings/Insurance: Insurance premiums (excluding house insurance if you own your own home, this goes in Living Costs section) and payments going into a separate account for savings.
    Lifestyle: The nice to have but if I had to leave it out for a period of time I could – birthdays, gym, takeaways, sports/hobbies, pocket money, entertainment etc
  5. Finally, think annually not just whats in front of you. Take time to consider all the expenses you have through the year, commonly missed things like Christmas and by annual payments such as wheelie bin or car servicing.

Once completed click calculate to summarize your budget and see whether your budget is balanced.

There’s also an option once completed to find out what you should focus on next.

Income


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Debts


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Living Costs


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Savings / Insurance


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Lifestyle


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10 key points to becoming better with your money including how to adopt a “Money Purpose Mentality” and “Eliminate Bad Habits”

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