How to Budget Your Life in Under an Hour

Learning how to budget can take a while. But it doesn’t have to! Learn how to budget your life in under an hour with this nifty printable budgeting worksheet.

This guide makes tracking your monthly expenses seem like a walk in the park. It’s so simple, you’ll be done in a flash!

Before you get started, here’s a little hint: Not every category will apply to you, so don’t be shy about writing in zeroes where appropriate. The more the merrier!

 

 

Step 1: Calculate Your Monthly Income

After taxes, how much money do you have coming in each month?

Tip: Include income from pension, savings and investments.

 

£ ___________

 

 

Step 2: Housing Costs

There are several factors that go into housing, not just rent. Make sure to include all of the following:

  • Rent/mortgage
  • Electric
  • Gas/oil
  • Water/sewer
  • Phone (landline/mobile)
  • TV (cable/satellite)
  • Internet
  • Council Tax
  • Other (second mortgage, home repairs, etc.)

 

£ ___________

  

 

Step 3: Transport Costs

Make sure you take your normal commute into account, plus an estimate for transit done to and from social events.

  • Petrol
  • Car payments/maintenance
  • Public transit
  • Other (bike maintenance, etc.)

 

£ ___________

 

 

 

Step 4: Insurance Costs

Insurance is a great way to ensure your budget doesn’t get thrown off by high emergency expenses.

  • Home
  • Car
  • Other (disability, life, etc.)

 

£ ___________

 

 

 

Step 5: Personal and Household Costs

This inventory should include things you need on a monthly basis.

  • Groceries
  • Clothes
  • Toiletries
  • Cleaning supplies
  • Other (haircuts, dry cleaning, etc.)

 

£ ___________

 

 

Step 6: Family Costs

Include items that are required to run your household or provide for your children’s needs.

  • School tuition/fees
  • Day care/nanny
  • Pet supplies/vet Bills
  • Other (child support, children’s extracurricular activities, etc.)

 

£ ___________

 

 

Step 7: Leisure Costs

Everyone needs a little fun once in a while — make sure you account for it in your budget!

  • Dining out
  • Shows (cinema, sports, concerts, theatre, etc.)
  • Other (music, books, holidays, etc.)

 

£ ___________

 

 

 

Step 8: Debt Payments

Take an inventory of all debts and any outstanding balances you have that aren’t included in the above categories.

  • Credit card 1
  • Credit card 2
  • Other loans

 

£ ___________

 

 

Step 9: Calculate the Totals

Add up all of your expenses from step two through eight. Take that total and subtract it from your monthly income (calculated in the first step). The formula will look like this:

Monthly income (step one) — Total Expenses (total from step two through eight) = Discretionary Income.

 

 

If You’re in the Black…

Brilliant! You manage your money responsibly and even have a few extra pounds left over for savings. Keep up the good work. If you need help developing your savings plan, check out this infographic to guide you.

If You’re in the Red…

You took the first important step toward recognising the overall deficit in your budget. The next step is to adjust accordingly and start making your way into the black (or positive) zone. Take a moment to reflect and examine the budget you just outlined — are there things on your list that you want but don’t need? Eliminate those and see where you’re at. If you need additional budgeting tips, try integrating these good financial habits into your routine and start taking the next steps toward a positive budget!

About 

Babs is a content writer at Enova International, Inc. with a Bachelors in Cinema Studies and English from the University of Illinois (ILL-INI!). She loves binge watching musicals, reading in the (sporadic) Chicago sunshine and discovering great new places to eat. Accio, tacos! Find out more about her on Google+.

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