LIFE | My Monthly Budget
The night I was writing this post, I stayed up late creating new spreadsheets for 2016 for my budget and ledgers. Today, I wanted to share what my January template looks like. This would pretty much stay the same. Of course, some costs are variable such as Beauty and Health so I would adjust each accordingly every month.
Ledger - this is a collection of spreadsheets in which I balance my bank and loan accounts bi-monthly or as often as I have time for it. I won't be showing this as this is personal and varies from each person.
Budget - I just started using a budget such as above in the last quarter of 2015. For 2016, I decided to create my own, down to the way it looks (colors, lines, etc.). I've created the budget above to fit my current lifestyle.
Variable costs - these are costs that changes like Beauty. For example, if one month, I realize that I'm running out of foundation, then I would increase the projected cost for the next month to budget for a new foundation.
Fixed costs - these are costs that are the same for each month such as rent and cell phone bills.
Why do I use spreadsheets and budgets? Well, I've always used a spreadsheet ever since I worked for an accounting firm when I was in university, but I only started using a proper budget in the past few months. I have a simple reason for this: I want to save money. To help me with my new year's resolution of saving $5K, I thought a budget would help me see where my money is going, and I would be better able to control my spending (hopefully). This way, I would be less inclined to make impulse purchases.
Anyway, if you'd like to download this template, feel free to send me an email or leave a comment below with your email address. Unfortunately, however, I do not have the time to explain how to use it.
Tell me in the comments how you manage your finances and if you have any tips for improving mine.