Whether you’re trying to break the cycle of living paycheck to paycheck, get out of debt
or build savings, a well-laid-out budget can help you reach your goals faster.
“A budget helps you reach your financial goals because it gives you a full understanding of your spending and saving,” says Jim Wang, founder of the personal finance blog Best Wallet Hacks. “This helps you find areas where you can cut back on spending and increase your savings.”
But getting into budgeting can be challenging because you have to figure out the what, when and how of tracking. If you’re not sure how to best approach it, you may put it off for another time. Good budgeting templates, however, take care of that so you can just get started.
[Tips to Avoid Living Paycheck to Paycheck]
The Value of Budgeting Templates
Budgeting can often feel intimidating, so Bobbi Rebell, certified financial planner and founder and CEO of Financial Wellness Strategies, suggests starting simple.
“Look at your available income and write down your priorities, then work from there and see where you can make adjustments,” she says.
For those who are ready to take the leap, creating a spreadsheet from scratch isn’t necessary. You can save time and hassle by using a premade budget worksheet.
Some templates let you manually enter your information for free, or you can subscribe to a service that imports your financial data on a regular basis for effortless expense tracking.
Here’s a look at six of the best budgeting templates you can use to get started on the right foot:
1. The Federal Trade Commission’s Budget Worksheet
The Federal Trade Commission offers an editable monthly budgeting worksheet worth checking out. You can add your income and expenses across a variety of categories and it will do the math for you.
Once you’re finished, scroll to the bottom for a summary of your total income, total expenses and financial excess or deficit for the month.
2. The Budget Mom’s Budget Packet
Sometimes, putting pen to paper helps you feel more connected to the habits you’re tracking, which makes the Monthly Budget Packet from TheBudgetMom a great resource for budgeting newbies, Rebell says.
This free, printable template provides a detailed income and expense tracking chart where you can enter items such as fixed and variable expenses, debt and savings.
You even get a bill tracker and monthly spending chart, so you have plenty of options to test which works best for your money management needs and preferences.
[Read: How to Make a Budget — and Stick to It.]
3. Google Sheets
Google Sheets is another place you can turn to for plug-and-go budgeting templates, whether you’re looking to manage your budget on an ongoing basis or want a template for a specific event like a wedding or upcoming vacation.
You’ll find built-in categories along with formulas that make calculating expenses against income easy. Some even come with preformulated charts and graphs to help you visualize your overall financial picture.
Another benefit is that Google Sheets is easy to share with family members, and you can access it across multiple devices if you save it in Google Drive. You can also filter expenses by category and send queries about certain purchases directly to a partner’s email through the spreadsheet.
4. Microsoft Excel
If you have Microsoft Office, consider Microsoft Excel’s suite of budgeting templates designed to fit many different needs, from basic monthly budgeting to financial tracking for specific events. The Monthly Budget Tracker is a good place to start because it handles the basics of tracking your income and expenses.
5. Vertex42
Vertex42 is a leading provider of templates for both Microsoft Excel and Google Sheets. You’ll find a plethora of helpful financial tools on the company’s website, including a variety of free budgeting templates.
The Personal Monthly Budget Template is great for tracking your monthly income and expenses, featuring a variety of income and expense categories and an auto-calculated monthly summary.
Additionally, the Personal Budget Excel Spreadsheet can be a helpful supplement because it allows you to track your income and expenses over the course of a year. This can make it easy to spot trends month-to-month.
[How to Be Master of Your Cash Flow]
Before you download any template, you can click on the link of the budgeting worksheet for a full description and screenshot of the layout to see if it will work for you.
6. Tiller
If you’re not a big fan of manually entering data each month, you may find Tiller a good fit. The company streamlines your financial accounts and automatically updates a budget template in Google Sheets or Microsoft Excel with your daily spending, income and balances.
This helps take the work out of tracking your finances, which is a hurdle many people face in taking control of their money, Wang says.
You can create your own budget spreadsheet or use an existing template, which gives you more flexibility to meet your personal needs. After a free 30-day trial, Tiller is $79 a year. The company also offers a free, nonautomated budgeting template.
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originally appeared on usnews.com
Update 11/27/24: This story was published at an earlier date and has been updated with new information.
