I was a complete financial mess until I understood the basics of budgeting. I had no clue how much  money was going into my bank account or how much I was spending. Most months, I was short on cash and scrambling to meet my basic needs. At least, that was  until I figured out some budgeting basics. Using simple excel spreadsheets, I calculated how much my monthly expenses were, including a portion for savings. Below I’ve included some excel spreadsheets that will help you focus on your income, expenses, debt repayment, and goals.

  • Create a basic budget for your monthly expenses. This was a part of my “Newlywed Financial Bliss Box” that every person  (single, engaged, or married) should complete. Make sure to have them listed down; for example, electricity bills, tuition fees, groceries, mortgages, health insurance, kid’s allowances, miscellaneous together with their corresponding amount. You’ll see that it helps you budgeting in the long run.
  • Figure out how much income you generate. This will help compare what you make versus what you spend.
  • If  you have debt you are paying off, calculate your total debt and decide how you are paying it off (lowest interest to highest, lowest balance to highest or vice versa).
  • Once you’ve figured out a monthly budget based on income, expenses, and possibly debt repayment, it’s time to work on your short and long term goals.

These are just helpful forms to get you started. If you need additional help, please make sure to visit the Yakezie Personal Finance Bloggers Group for educational articles.