Monthly Budget Worksheet

[Hogginitall]

I'm just now starting to budget my money serioiusly.  I'd like to have a worksheet showing my inflows/outflows.  I can make one on my own in Excel, but I thought I'd ask here first to see if someone was using one that they really like.  So, does anyone have one that they are using and really like?  Interactive worksheets that utilize formulas would be best (i.e. Excel).  Thanks for your help.

p.s.  I'm about to get married.  Finances are about to get a little more hairy than they have been in the past.

[ConwayHog]

I just have my own in Excel.  I usually have a running projection of three to six months. 

Just classify all of your expenses.  Regarding income projection, if you are salary it's an easy thing to do.  If your income fluctuates, I'd look to see if there is any trending available.  With personal finance, I recommend being conservative with your estimates. 

[HogBaptist]

I'm just now starting to budget my money serioiusly.  I'd like to have a worksheet showing my inflows/outflows.  I can make one on my own in Excel, but I thought I'd ask here first to see if someone was using one that they really like.  So, does anyone have one that they are using and really like?  Interactive worksheets that utilize formulas would be best (i.e. Excel).  Thanks for your help.

p.s.  I'm about to get married.  Finances are about to get a little more hairy than they have been in the past.

http://www.crown.org/LIBRARY/ViewArticle.aspx?ArticleId=263


There is tons of info on budgets on there.

[SultanofSwine]

A good option would be to get a Dome notebook and start recording every penny coming in and every penny going out by month. Do that for 2-3 months and you will be able to better see your exact cash flow. Knowing your exact cash flow will enable you to build a more accurate and manageable budget. In order for that to work as well as it can you have to be disciplined about recording EVERY THING. That means if you put a quarter in a gumball machine it gets recorded.

This process will show you where discretionary money is spent and of the amount spent how much is wasted on crap. It will help you understand how and where spending habits can be improved and give you the confidence to stay with your budgeting goals.

Good luck

[Hogginitall]

A good option would be to get a Dome notebook and start recording every penny coming in and every penny going out by month. Do that for 2-3 months and you will be able to better see your exact cash flow. Knowing your exact cash flow will enable you to build a more accurate and manageable budget. In order for that to work as well as it can you have to be disciplined about recording EVERY THING. That means if you put a quarter in a gumball machine it gets recorded.

This process will show you where discretionary money is spent and of the amount spent how much is wasted on crap. It will help you understand how and where spending habits can be improved and give you the confidence to stay with your budgeting goals.

Good luck

That is a GREAT IDEA.  I've thought about doing something such as that, but I've never followed through.  I really need to do that to get my spending habits in check.  I'm not bad about spending money needlessly, but I could be better.  I could also be investing a lot more.  That is my ultimate goal with all this.  I want to invest more money than I currently am.

[SultanofSwine]

Biggest mistake I have seen with people building budgets is they never count every penny spent. They get all the main things like notes, utilities, insurance, etc but just plop a number down for food. What makes up that number? How much is drive through at Wendy's? How much could you save by doing more grocery shopping and taking luch meals to work and preparing more dinner meals at home rather eating out all the time. How many times do you grab a drink at the gas station? Things like that can be easily trimmed without making drastic changes in the household budget but can free up much more cash than most people really think.

For example a 28y/o putting back $300 per month invested with an 8% avg rate of return would have somewhere between 900,000 and 1 mill by age 67 or about when they might start social security. One may not can free up an additional $300 per month just from cokes and drive thru food but you get the idea. If one can only free up $100 and apply the same numbers they still making a pretty good dent in retirement goals by exercising a minimal amount of spending control.

[HogBaptist]

That is a GREAT IDEA.  I've thought about doing something such as that, but I've never followed through.  I really need to do that to get my spending habits in check.  I'm not bad about spending money needlessly, but I could be better.  I could also be investing a lot more.  That is my ultimate goal with all this.  I want to invest more money than I currently am.

Who do you bank through?  Do you bank through Arvest?  Do you have online banking?

They have an option on there where you can assign each transaction to a category.  You have to go through and make up the categories and subcategories.  I have been doing this now for a year and a half.  You can print off all kinds of reports including cash flow.  This allows me to know where my budget is and how we did on it for the month.

[Hogginitall]

Biggest mistake I have seen with people building budgets is they never count every penny spent. They get all the main things like notes, utilities, insurance, etc but just plop a number down for food. What makes up that number? How much is drive through at Wendy's? How much could you save by doing more grocery shopping and taking luch meals to work and preparing more dinner meals at home rather eating out all the time. How many times do you grab a drink at the gas station? Things like that can be easily trimmed without making drastic changes in the household budget but can free up much more cash than most people really think.

For example a 28y/o putting back $300 per month invested with an 8% avg rate of return would have somewhere between 900,000 and 1 mill by age 67 or about when they might start social security. One may not can free up an additional $300 per month just from cokes and drive thru food but you get the idea. If one can only free up $100 and apply the same numbers they still making a pretty good dent in retirement goals by exercising a minimal amount of spending control.

Yes, I understand all that.  That's why I want to start doing this.  I am fairly young and I think it's about time that I start investing more money (and putting some in an emergency fund, etc.) than just the max in my retirement account.  MOST IMPORTANTLY, I have to make my soon-to-be-wife agree to this and start practicing it.  I think I can handle it.  It's her that I'm going to have to convince.

[Hogginitall]

Who do you bank through?  Do you bank through Arvest?  Do you have online banking?

They have an option on there where you can assign each transaction to a category.  You have to go through and make up the categories and subcategories.  I have been doing this now for a year and a half.  You can print off all kinds of reports including cash flow.  This allows me to know where my budget is and how we did on it for the month.

I don't bank with Arvest.  My bank does have online banking, however.  I watch over my account, but never really do anything more.  There might be an option on their website to follow my inflows/outflows more closely.  I'll definitely look into that.

[Hogginitall]

I'm also thinking of switching banks.  I think I might be able to get a higher interest rate on my checking/savings accounts somewhere else.  Have any of you tried the Charles Schwab checking account?  I think it's them that I've seen commercials for advertising 5% interest on a checking account, and you can use any ATM in theh country, etc. 

[SultanofSwine]

Budgeting doesnt mean you have to "give up everything". It is to help identify true wasteful spending and get it under control. If you both like to go to the movies every friday night, then maybe consider going twice a month rather than four times a month. The other two nights can be replaced with movie night at home with a PPV movie. That alone would free up roughly 45-50 bucks if you normally get snacks at the movie too.

[Hogginitall]

Budgeting doesnt mean you have to "give up everything". It is to help identify true wasteful spending and get it under control. If you both like to go to the movies every friday night, then maybe consider going twice a month rather than four times a month. The other two nights can be replaced with movie night at home with a PPV movie. That alone would free up roughly 45-50 bucks if you normally get snacks at the movie too.

Like I said, I don't have a problem realizing that.  I like to do all the things she likes to do as well.  However, I'm willing to give up some things to get us out of HER school debt (i.e. start putting money towards that now, instead of waiting until she's done).  She doesn't want to do that right now because she would have to give up a lot of her discretionary income (she can't work very much right now because of school).

Once she gets out of school, I'm afraid that we're going to be having kids soon after and she'll be wanting to buy a bunch of things that we haven't been able to afford up until that point (i.e.  new car, new house, new clothes, etc.).  I don't want to be in debt the rest of my life, just to make sure she can drive a nice car and wear the newest dresses.

I also want to enjoy my life and be able to do quite a bit of traveling (I've done a lot of it growing up), etc.  Basically, I want to have a fairly decent lifestyle as well.  We should be able to do both.  But, I think it's going to be one heck of a challenge to get her to realize some of these things.

She's one that doesn't want to switch banks because they give our dog a treat everytime she brings her to the bank.

I tried to tell her we could be earning more money if we put our money in another bank, but she doesn't care.

[Eddie Piggard]

ok, I am gonna plug Dave Ramsey again here, so anybody that doesn't like him...click out now.


www.daveramsey.com and look up his quickie budget.  I stress the "quickie" part because it will change and is not set in stone.  He recommends the "Zero Balance Budget" and to put a name on every dollar you spend.  ie. food, clothing, gas, utilities etc. etc.

HTH

[Hogginitall]

Like I said, I don't have a problem realizing that.  I like to do all the things she likes to do as well.  However, I'm willing to give up some things to get us out of HER school debt (i.e. start putting money towards that now, instead of waiting until she's done).  She doesn't want to do that right now because she would have to give up a lot of her discretionary income (she can't work very much right now because of school).

Once she gets out of school, I'm afraid that we're going to be having kids soon after and she'll be wanting to buy a bunch of things that we haven't been able to afford up until that point (i.e.  new car, new house, new clothes, etc.).  I don't want to be in debt the rest of my life, just to make sure she can drive a nice car and wear the newest dresses.

I also want to enjoy my life and be able to do quite a bit of traveling (I've done a lot of it growing up), etc.  Basically, I want to have a fairly decent lifestyle as well.  We should be able to do both.  But, I think it's going to be one heck of a challenge to get her to realize some of these things.

She's one that doesn't want to switch banks because they give our dog a treat everytime she brings her to the bank.

I tried to tell her we could be earning more money if we put our money in another bank, but she doesn't care.

I forgot to mention that she'll be making quite a bit more than me, when she successfully completes her schooling that she's in right now.  So, that's going to make it even a little bit MORE complicated and tough.

[RazrRila99]

All you can do is sit down and figure out how much you have coming in and where it all goes.  I am the worst at that, I have set up a budget several times only to not follow it or confuse myself.  Dave Ramsey said something the other night while I was watching his show -- Set up the budget, get it to the "zero" balance, show it to her and let her have some input in it too.  If she wants to spend more on clothing that money has to come out of somewhere else.  I thought that was a great deal.  Finances are a deal breaker for a lot of people, esp those like me who like to spend. 

On the bank deal -- set up an account at another bank, tell her about it and just say hey this money we put here is earmarked.  I have a savings account with Emigrant Direct online bank, at the time they had the best interest paying savings account in the country, but now there are several who are better.  Use bankrate.com to compare banks.  Another idea I am a fan of is this -- open a checking account that you both put money into (household income is $1000/month you make $600 she makes $400, you put in 60% of your check, she puts in 40% of hers) then both have your own seperate accounts to spend on what you want; another way to look at that -- Household expenses are $2000 (same 60/40 split), build some pad in there (say $300/month), anything over that $2300 gets deposited how you see fit.  If you are a saver then put it in your savings account, etc.  Another point for that method is gifts, you dont have to use "her" money to buy her something and visa versa.  Ive tried that method in the past, worked pretty well. 

[Hogginitall]

Thanks for the insight everyone.  Does anyone know where I can get a high-yield MMA or checking account?  I saw one called Smart Checking at Bank of Fayetteville that is offering 4.51% interest.  It's mostly paperless, but I'd have to check into a few things before going that route (I live in LR).  That one sounds like a good deal for the "emergency fund", though.

http://www.bof.com/smart-checking-p-110.html

[The Marmot]

Thanks for the insight everyone.  Does anyone know where I can get a high-yield MMA or checking account?  I saw one called Smart Checking at Bank of Fayetteville that is offering 4.51% interest.  It's mostly paperless, but I'd have to check into a few things before going that route (I live in LR).  That one sounds like a good deal for the "emergency fund", though.

http://www.bof.com/smart-checking-p-110.html

Be sure and check into the minimum transactions required for these high yield checking accts. If its going to be your primary checking then its usually a good deal. However it would be a pain to have it as a savings/emergency acct and have to perform a minimum number of check card transactions every month.

An online bank might be your best bet for a higher yield emergency fund.

[Hogginitall]

Be sure and check into the minimum transactions required for these high yield checking accts. If its going to be your primary checking then its usually a good deal. However it would be a pain to have it as a savings/emergency acct and have to perform a minimum number of check card transactions every month.

An online bank might be your best bet for a higher yield emergency fund.

Yeah, this one requires 1 direct deposit and 10 CheckCard transactions per month.  That might be tough to keep up with, along with all my other accounts.  But, that's a pretty good APY.

[RazrRila99]

Check bankrate.com for the account rates!!  I use that quite a bit, I dont have much to save, but it does help.