3 Simple Steps to Prepare a Monthly Budget

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Having a monthly budget is essential to keep track of monthly expenses. A budget doesn’t mean you are incapable of handling money. A budget is a tool keeping us in check of what we are spending and how much money we actually have.

Keeping a budget doesn’t have to be difficult.  Prepare a monthly budget by calculating your income and deduct expenses.  Some individuals know exactly what they earn and deduct their expenses from their income like clockwork.  Other individuals need a little more help. 

Those of you keeping a budget, I applaud you for staying on track and I encourage you to keep up the good work!  If you need help and struggle with a budget, then I’m here for you.  It only takes 3 Simple Steps to Prepare a Monthly Budget.  

3 Simple Steps to Prepare a Monthly Budget by using my free monthly household budget spreadsheet. Figure out what your budget is every month!

First, use my free personal monthly budget spreadsheet. 

My free monthly household budget spreadsheet is easy to fill out.  The spreadsheet gives you an area to total your income.  I provide a section with a list of expenses paid out every month.  The last portion of the spreadsheet either shows excess income or a loss after expenses.

Second, decide what to do with the additional income or loss. 

If you end up with an additional income at the end of the month, it means you can pay off debt sooner, put more money in retirement, place money in an emergency savings account, and much more. 

Now, if you prepare a monthly budget and realize that you have a loss at the end of the month you need to choose how you will supplement your income. 

Some ways to increase your revenue are working a part-time job on your days off, Start a WordPress Blog Using SiteGround for as little as $3.95 a month, sell items you make on Etsy, or ask your employer for additional work. 

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Third, reevaluate your monthly budget spreadsheet. 

It is imperative you check your monthly budget regularly because income and expenses change.  For instance, if you pay off a credit card, student loan, or vehicle you will have added income for the month. 

However, if you lose a job or increase insurance payments, you will see a loss in income.  So, stick to your budget and review as needed. 

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Don’t forget to give yourself a reasonable goal.  I suggest adding an emergency savings to your budget for those unexpected expenses.  Budgets are important to financial health, but they don’t have to be complex.  Use my free worksheet to get you started. 

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