budgeting spreadsheet

Career In Action: What to do if you are struggling to evaluate your expenses

If finances dictate you search for a career with a minimum salary, evaluating your financial commitments and expenditure can be daunting. Fear not! All you need do is read last Novembers hot topic titled ‘Why spending could be damaging your dreams; how to create a budget that supports your life goals’. Please do read all of the ‘Budgeting In Action’ posts relating to the expenses tab which will walk you through how to fill it all in (complete with formulas already entered) and free for you to download below:

 

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After you complete filling in the spreadsheet expenses tab you are all set – remember you need a salary that will cover all of your expenses and ideally allow you to save 100-300 a month.

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Why spending could be damaging your dreams; How to create a budget that supports your life goals Part Four

Photo courtesy of Shutterstock

Photo courtesy of Shutterstock

 

Last week we examined how to cut back on spending and create a life goals budget, this week we look at how to create a monthly savings budget, how to budget with cash envelopes and explore how to evaluate your earnings strategically.

 

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Monthly savings budget – five year plan

 

Now plan how you are going to allocate your savings to your goals each month, using the life goals budget as guidance to when you will start saving and for how long. Also bare in mind when the goal is due to be completed and take into account the more minor things you will need to save for like birthdays, anniversaries or Christmas. This is the stage where you will clearly see how you are able to realize your goals financially and it is an incredibly powerful exercise, one which will empower you to create the life you long for!

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Budgeting in action: Finish your life goals budget

Please download Accessible Psychology’s ‘Financial Budgeting Spreadsheet’ below, to take part in today’s exercise:

 

Download “Finance-Budgeting-Spreadsheet.xlsb” Finance-Budgeting-Spreadsheet.xlsb – Downloaded 139 times – 17 KB

 

Life Goals Budget, Part Two
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Budgeting in action: do the ‘Monthly Savings Budget – Five Year Plan’

Please download Accessible Psychology’s ‘Financial Budgeting Spreadsheet’ below, to take part in today’s exercise:

 

Download “Finance-Budgeting-Spreadsheet.xlsb” Finance-Budgeting-Spreadsheet.xlsb – Downloaded 139 times – 17 KB

 

Monthly Savings Budget – Five Year Plan

 

Now you have how much each of your three goals will cost in terms of money you can incorporate this information into your ‘Monthly Savings Budget – Five Year Plan’.

 

First of all, check that the amount you find in the ‘Total Monthly Savings’ column matches the amount in the Monthly Expenses and Savings Sheet – specifically the ‘Budgeted’ ‘Total Monthly Savings’ cell. If it does you can skip the technical bit!

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Why spending could be damaging your dreams; How to create a budget that supports your life goals Part Three

Photo courtesy of Shutterstock

Photo courtesy of Shutterstock

 

Last week we explored what to consider when creating a budget and assessing your current spending. This week we examine how to cut back on spending and how to create a life goals budget.

 

Cutting back on spending

 

Once I honestly assessed my current spending I evaluated what I could cut back on and drew up a revised monthly expenditure sheet. Although I felt a strong inclination to make major, often unrealistic, cut backs, I knew I had to be practical in terms of what I needed to live on whilst also being thriftier with my monthly spending. I also made a plan to pay off all debt, a non negotiable element of any budget.

 

To do this yourself, simply use the second column on the first sheet of my downloadable spreadsheet.

 

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Budgeting in action: create a revised and realistic monthly budget

Please download Accessible Psychology’s ‘Financial Budgeting Spreadsheet’ below, to take part in today’s exercise:

 

Download “Finance-Budgeting-Spreadsheet.xlsb” Finance-Budgeting-Spreadsheet.xlsb – Downloaded 139 times – 17 KB

 

Monthly Expenses and Savings Sheet (Budgeted Column)

 

Last week we entered in our current expenses in the ‘Actual’ column, this week we’ll fill out the ‘Budgeted’ column.

 

When creating a budget it is vital to do your research into how much things realistically cost but also honestly assess what you can cut back on. Do you need to buy lunch? Could you make a sandwich and take that to work instead? Do you need to spend as much on entertainment? Could you perhaps drink before going out and then just top up when on nights out in bars? Would buying a monthly pass for travel be less expensive than paying daily travel costs?

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Budgeting in action: List your current spending on the ‘Monthly Expenses and Savings’ sheet

Over the coming weeks I will talk you through how to fill out the spreadsheet so that you have a detailed and all-inclusive budget which will enable you to achieve all of your life goals and obtain a greater level of financial security than ever before. If your budget changes in any way the formulas have been designed to account for this and do all the working out for you.

 

Firstly you will need to download the spreadsheet by clicking on the button below…

 

Download “Finance-Budgeting-Spreadsheet.xlsb” Finance-Budgeting-Spreadsheet.xlsb – Downloaded 139 times – 17 KB

 

Remember, the aim of this series is not merely to budget, but to budget in such a way that it allows us to achieve our life goals, so, even though you might dread listing your current expenses – it will be worth it, I promise.

 

Monthly Expenses and Savings Sheet

 

As you can see the first tab relates to monthly expenses and savings and is designed so that all potential expenses are accounted for. First of all enter in your monthly salary after tax in cell 3C.

 

Feel free to add or change expense categories to tailor this sheet to your unique expenditure.

 

However if you do add rows for more expense categories remember to enter in the following formula as listed in ‘The Technical Bit’ so that it adds things up correctly:

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Why spending could be damaging your dreams; How to create a budget that supports your life goals Part One

Photo courtesy of Shutterstock

Photo courtesy of Shutterstock

 

When I was younger my dreams seemed so far away. I realize now that it was just that I didn’t fully understand how to make SMART goals, goals which were broken down into manageable and realistic steps. One of the things that always used to stop me achieving my goals back then was the money it invariably took to achieve my ambitious plans.

 

Today I ensure I account for the money each goal requires in my budget, having done research into how much it would cost and working out how long it would take me to save for it in turn. I then incorporate how long it takes me to save for each goal into the deadline for the goal itself. This holistic approach to goal setting has served me well.

 

In this series I’ll walk you through how to prevent spending damaging your dreams by helping you to create a budget which supports your life goals. Let’s get started!

 

How spending could be damaging your dreams

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Accessible Psychology’s Budgeting Spreadsheet; Budgeting Made Simple!

I know how daunting and scary it can be to create a budget. To make things as simple as possible I have made a spreadsheet – complete with everything you need to record and all the formulas pre-entered – so that all you need to do is enter in the amounts that apply to you.

 

Before I introduce you to its features over the coming weeks you can download it below to see first hand what I am referring to…

 

Download “Finance-Budgeting-Spreadsheet.xlsb” Finance-Budgeting-Spreadsheet.xlsb – Downloaded 139 times – 17 KB

 

Over the coming weeks I will talk you through how to fill out the spreadsheet so that you have a detailed and all-inclusive budget which will enable you to achieve all of your life goals and obtain a greater level of financial security than ever before. If your budget changes in any way the formulas have been designed to account for this and do all the working out for you.

 

By the end of this series you will be able to take back control of your finances and make achieving your goals financially viable, welcome to one of the most important (and surprisingly fun) elements of achieving your dreams!

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