![]() Remember that a budget spreadsheet is there to help you achieve your end goals, so be sure to list them.Īt, our goal in offering a free budget planner spreadsheet is to give everyone in Australia the opportunity to find ways to save money, set realistic goals, and then build them into a budget to show how they can be achieved.Ĭongratulations! The hardest part of the setup process is over, so give yourself a pat on the back. List the goal, the due date and implement a plan to start reaching your goal – step by step. Whatever the reason, be clear when writing your budget goals. What are your long-term financial goals?.Are you saving for your children’s education?.Are you starting a budget to pay off your debts faster?.Questions to ask yourself when writing goals: Looking to deposit some money into a savings account to earn compound interest and grow your savings? Our free Compound Interest Calculator can be used to help you plan your long-term financial goals. If your budget spreadsheet tracks your goals clearly, you are constantly reminded of why you are budgeting in the first place.Įven if your goal is just to get better control of your finances and save a little extra each week or month, any sort of budgeting goal will keep you on track. Financial goals may not seem like a vital part of the budgeting process, but listing your budgeting goals will keep you motivated. This is what you want to achieve and when. You should now have a complete list of your income and expenses, which we’ll use to fill in the spreadsheet in the creating your budget section. These spending patterns and behaviours can be called ‘spending leaks’ - we’re going to change your mindset to look at these instead as ‘opportunities to save’. It will also help you identify spending patterns and behaviours that could be better managed to save money. Look to have all fixed expenses debited out of a single account for better tracking.įollowing these tips will help you document all of your expenses for your budget spreadsheet.Analyse how much physical cash you withdraw and spend – try to not use cash ongoing.Analyse your credit card statement for spending patterns by categories.Here are some tips to accurately gather your existing expenses to document in your budget: Instead of trying to track these mini variable expenses, you might be better off stating ‘I have $50 per week for variable expenses’ and work towards sticking to this number. For instance, some days you may buy a coffee – other days you may not. Variable expenses are slightly harder to track and may require you to set yourself a daily or weekly budget limit to help cover these. ![]() Fixed (or recurring) expenses are easily tracked, as they are often a set amount on a regular date.There are also two types of expenses: Fixed and Variable. Listing your expenses quickly helps you establish whether you have enough money coming in to cover these. Your new expenses total $1,725 per month.You add a buffer of 15% which is calculated at $225.You estimate you spend $1,500 per month.When calculating your expenses, also factor in unexpected bills, such as unplanned car repairs.Ī good rule of thumb is to add an extra 10 per cent to 15 per cent. A forgotten bill really throws a wrench into your savings plan. Remember that being thorough when you add up expenses is important in creating a realistic budget. Some expenses are intermittent, such as insurance payments, so to get the most accurate financial picture you can calculate an average for six months to a year. Assess your expenses by consulting your bank statements, receipts, and financial files. To set you up for success, here are some of the best free debt snowball spreadsheets our team of spreadsheet experts has found for 2023.This is how much money you spend. Simply put, if you have high levels of debt (especially credit card debt), now is the time to make a plan to pay it off. Managing debt is a normal (if stressful) part of most people’s financial journey.īut debt payoff is critical in 2023, as many of us are dealing with higher levels of credit card debt even as interest rates surge to historic highs. More people have success with the snowball approach. While the avalanche debt payoff method is the best option mathematically, most people find it harder to follow compared to the debt snowball method. When the first debt is gone, increase the monthly payment on your next smallest debt until it too is paid off.Aim to pay off the smallest debt first.List all your debts by how much you owe.It’s based on the popular debt snowball payoff method, with three simple principles: A debt snowball spreadsheet is one of the most effective tools for tackling your debt payoff goals in 2023.
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