BUDGET TEMPLATE
As a single parent, budgeting is extremely important for me. My income is the only one so knowing where I am spending helps me to see how much I can save for my retirement, children, and other goals. I created this super simple budget which makes it easy to enter in my information, and makes it easy to update it each month.
The Net Worth tab gives you your financial picture of where you are at right now. If you are in the red (more liabilities than assets), don’t despair. You now have a clear picture of where you are, and you can set goals to get in the black.
The Monthly Budget tab has a budget to actual under each month where you can do the budget ahead of time, and then record what you actually spend. This will allow you to see where you may be overspending. If you don’t know, you might want to start tracking your spending for a couple of months, and then create a budget based on that. Your budget should always net zero, with some funds going to savings. If you are in the red (overspending), make some decisions on where to cut.
Budgeting is not always fun, but it’s always worth.
Let me know what you questions you have as you work on your budget!
