Here at Mr Lender, we care about your personal finance.
As part of a new series of blog posts, we’re offering our own impartial advice, helping you with budgeting and ensuring that you live within your means.
Remember, you, and you alone are in control of your own finances, and we believe, that one of the best places to start is by using a budget planner. We have created our own for you to download below.
How to get started on your budget planner!
1. You will need to ensure that your computer/tablet/smartphone, has access to a spreadsheet programme like Microsoft Excel.
2. Think about what you spend and write a list of all of your outgoings. To help you get started, we have put our planner into categories – but you can change/edit these as you see fit.
Our categories are quite simple in our planner, however, you can add extra detail to keep it personalised if you wish – that is all down to you.
3. We also created two finance columns:
- Expected Amount – This is for the money that you think you spend. While your rent and bills may be a fixed price, other areas might be more difficult to estimate (Try and fill this in as soon as you can).
- Actual Amount – From the day you get paid, input all the amounts into this column as they appear in your bank statement. Continue this throughout the month as your direct debits and outgoings occur.
Calculating your actual spend vs what you think you spend is crucial for future budgeting.
4. Use the right calculations. Remember to deduct your monthly outgoings from your monthly income. We have done the formula for you in our version (downloadable at the end of this blog).
5. Be honest. You’re only cheating yourself if your results are not as accurate as you would like them to be. Calculate every last transaction, down to the penny.
6. Either click here or on the image below to download our excel file to get started.
Click on the image to download our own monthly budget planner.
7. Reality Check.
At the end of the month you will have a clearer and more realistic indication of what your average monthly spend looks like.
Are there any areas you think you overspend on? Can you make easy cutbacks without having to sacrifice too much?
Where do we go from here? Our next blog post in the series is coming soon.