A monthly budget planner worksheet is so important. You may be surprised at the latest results from a survey conducted by The Penny Hoarder.
The website discovered that 55% of people don’t budget at all. They also don’t have any idea how to manage their income.
I think one of the biggest reasons individuals put off budgeting is because they view the process as hard and complicated.
Fortunately, when you use a monthly budget planner worksheet, you’ll find that the task isn’t that hard afterall.
Benefits of Using a Monthly Budget Planner Worksheet
When you take the time to budget your hard earned money, you’ll enjoy the following benefits:
- You become more aware of your spending habits
- Money is set aside for bills, so you can pay them when they come due
- Paying yourself becomes a priority
- Provides a framework for tackling debt
- Creates a savings plan
- Allows for investing and growing your money
- Gives you a clear picture of your financial health, so you can make any necessary changes
Keep in mind that budgets aren’t static. They are always evolving based on your income, family size, and future goals.
The important thing is that you take the time to create your first budget and get in the habit of sticking to it.
Once you are in the habit of budgeting, you can revisit the budget every few months and make adjustments as needed.
For example, let’s say you were spending $25 a week ($100 a month) on Starbucks, but you now pack your daily coffee from home. You can move that $100 toward a debt, vacation goal, or clothing budget.
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Choosing the Right Budget Planner
Here at Five Bags of Gold, we have several budget planners for sale on Amazon. They all contain the same worksheets inside, as we worked hard to create a thorough planner that will work for everyone.
You’ll find worksheets that allow you to compare budgeted and actual expenses, debt trackers, daily income trackers, daily expense trackers, and more.
Basically, everything you need to succeed with money!
Handling Budget Challenges
If you’re a first-time budgeter, your new budget may alert you to some issues.
For example, your income may be less than your expenses. It may also be just enough, not allowing you to save or plan for the future.
In this case, you’ll need to look for another part-time job or side hustle.
Check out our YouTube video for a few ideas to get you started!
You may also have income that varies from month-to-month. In that case, it’s best to budget using the lowest payment you expect to receive.
Afterward, create a contingency plan to allocate the extra money on the months when you’re income is higher.
Check to See if You Can Lower Your Expenses
No matter how much money you make, it’s always a good idea to review your budget and see where you can cut back.
You may be able to call your cable company and request a better deal, or shop around for a lower car insurance policy.
Consider watching our YouTube video to learn how to lower your weekly grocery bill: “10 Ways to Save Big on Your Next Grocery Haul”
Once you’ve trimmed the budget, determine where those savings would best benefit you. This may be an emergency savings fund or a retirement account.
The point of budgeting is to always have a plan for every dollar!
Monthly Budget Planner Worksheet: Conclusion
If you want to win with money, you need a budget! Beginning with a monthly budget planner worksheet is the best way to get started.
Our above-mentioned planners have plenty of pages, so you can rework your budget as needed.
Once you have a solid budget, you’ll be able to pay off your debts and begin working toward savings and investing goals.