Monthly Budgeting

Google Sheets Budget Template


Taking time to make a budget can help you make smart financial decisions today and reach your goals in the future. It’s not complicated, but it does take time. Follow the steps below to get started.

Step one: List all your income.  (More on income)

Step two: List all your fixed monthly expenses like rent, car payments, and cell phone bill.  (More on fixed expenses)

Step three: List all of your flexible monthly expenses like food, entertainment, and household items.  (More on flexible expenses) Use our expense tracker to track your spending for one week to get an accurate picture of where your money goes.

Step four: List all your periodic expenses like tuition payments, holiday spending, and car registration fees and break them down into monthly amounts.  (More on periodic expenses)

Step five: Choose a budget format that works for you, and record all your income and expenses. There are hundreds of formats to choose from – or you can just grab a pen and paper and start creating your own. What’s important is that you get it out of your head and documented somewhere, somehow!  (Monthly budget template)

Step six: Balance your budget. Do you have money left over? Or do you have more going out than coming in? (How to handle a shortage) Adjust your budget so that money coming in matches money going out.

Step seven: Continue to track spending, review your budget monthly, and make adjustments. A budget is a living document that’s never final.

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