Personal Budgeting with a Worksheet for free

Click here for Free Budgeting Worksheet

There are many great budgeting and financial planning tools available today, like Mvelopes, Quicken or MS Money. Of these we have personally reviewed and do highly recommend Mvelopes Personal. This budgeting software can be extremely useful and will help you stay on track year after year, but the most important thing is that you find something that works well for you and your family.

Figuring Your Income If you're paid

Weekly:
Figure 4 paychecks per month. (Use the extra 4 paychecks each year for savings, taxes, Christmas gifts, etc.)

Bi-weekly:
Figure 2 paychecks per month. (Same as above, only you'll have 2 larger extra paychecks each year instead of 4 smaller ones.)

Monthly:
Figure the entire monthly amount. (You'll have to be more diligent to set aside a portion of your income for annual expenses and savings each month - because there will be no extra paychecks throughout the year.)

Fluctuating Income/Commission:
To estimate your monthly income, total your income for the last 12 months and divide that figure by 12. (You will also need to be more diligent in saving whenever you have a surplus, for the leaner months.)

TOTAL = SURPLUS
After filling out the Basic Budgeting Worksheet with your monthly income and expenses, you will either have a surplus (money leftover) or a shortage. A portion of your surplus should be budgeted for savings and yearly expenditures (use our Annual Budget Worksheet for assistance).

TOTAL = SHORTAGE
If your budget reveals a shortage then you need to either lower your expenses or increase your income, or maybe even both. If that is not possible at this time, work towards the goal of having at least a small monthly surplus as soon as possible, even if it's just $10. Then, continue to work diligently on your household budget throughout the coming months to increase that amount... I know you can do it!

Copyright © by Michelle Jones. All rights reserved.
Michelle Jones, money-saving expert and frugal mom of 4, is the Founder and Publishing Editor of Living a Better Life: The Free Money Saving Tips Ezine and author of Dealing with Debt and Frugal Family Recipes: From Our Home to Yours.