Personal Budget Template – Personal budget is personal financial plan that will help you to manage your incomes in good proportion to cover all expenses. Personal budget is essential for anybody because it could help you to avoid running out of money in the end of the month, make sure you fulfill your obligatory expenses, and avoid financial troubles.

Personal Budget

Commonly, personal budget is made in one-month period and income being received becomes the limitation. Since people tend to have expenses to a greater extent, fixed expenses should be put in top priority so it could be fulfilled on time while flexible expenses should be come later in wise priority.

When you make your personal budget in the first time, you commonly become aware of how much your income worth and how wise you spend your money so far. Before you made personal budget, you may think your income is very small but after you make personal budget, you may realize that you had spent your money for something unnecessary. In different case, you may realize that your income is really small and your expenses have been growing much lately.

This template of personal budget is simple spreadsheet for common people. Unlike precise budget made by financial people, this personal budget template is easier to understand with two worksheets only. The first sheet is budget sheet to list the categories of income and expenses, and to fill the budget. The second sheet is balance sheet where you type real incomes and expenses.

In the first sheet, you need to type all possible incomes and expenses and categorize them. You can make the category based on your own thought in order to make it easier for you to understand it and create structural thought on managing the expenses. The category you made will become selection category to be used in second sheet.

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The second sheet is where you track your real incomes and expenses within one-month period. The sum of your real incomes and expenses will appear in the first worksheet and you can compare your budget plan with your real incomes and expenses. By comparing, you will know whether you are over budget or under budget. It would help you to make a better plan in the next month. In order to review your yearly personal financial, it would be best if you make monthly personal budget as well as income and expenses tracker.

When you make personal budget, you can use it to limit your expenses and it is possible for you to save more money. However, plan would come true if only you exercise it with discipline. If you only made it without exercise it, you likely experience the same over budget and suffer at the end of the month because you use your money too much right after you receive it. Therefore, make the personal budget wisely and follow it as strictly as possible. It might be hard at first but you will get used to it after several times. As you made personal budget month after month, you will have more skills, understanding, and wisdom to manage your personal finance.