Wednesday, 20 January 2016

How to budget

Image: Google

If you have read my blogpost about New Year's Resolutions , you know that one of them is to budget my finances and try to save more in 2016.

There are many different ways on how to do this, special app’s on your phone, agenda inserts,… I created an excel file, myself, where I can fill in all my expenses.  Budgeting isn’t that easy, it takes commitment and time, but you learn so much when you do it
 
I need to fill in my income and also ALL my expenses in this excel file each day. That’s right ALL your expenses, even if it is only € 1 that you spend on a candy bar.

 
I have 9 different departements in my excel file:

 
  • Income(s)
  • Living expenses(rent, mortgage, electricity, gas,…)
  • Daily expenses (food, hygiene, clothes,…)
  • Health expenses (dentist, doctor,…)
  • Communication expenses (mobile phone, internet,…)
  • Leisure expenses (hobby, sports, going out,…)
  • Debt installments (visa,…)
  • Non specific expenses (bank costs,…)
  • Savings
 
 
In total I have 13 different worksheets in the excel file. My first worksheet is called: TOTAL BUDGET 2016. In this I have all 12 months lined up and the total of each seperate month of each department will be filled in automatically. Then I created 12 different worksheets, 1 per month, where I fill in each and every penny I earn and spend. The total of each line, in each monthly worksheet, will automatically be inserted in the first worksheet total budget 2016. That’s how I can keep an eye on my income and expenses each month and have a total overview of 2016 at the end of the year.
 
As I already said, this will be an eye opener and very confronting. In my opinion this is the way to work if you want to budget your money.

Do you already keep a budget? Do you use an app, an excel file,…? All tips are welcome!

XO S.

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