In today’s economy, many people are wondering how they can gain control of the finances. They need to reduce their spending and start living on a budget. Now more than ever, we need to start living within our means and not spend more than we make. Using budget worksheets is the first step to gain control of your spending and improve your finances. The top 10 worksheets you should be using are listed below:
Worksheet #1 – Income Tracking Worksheet – It is important to know where you are financially. So, filling out a income tracking worksheet will do just that. This is a worksheet where you place all of your income. If you are married or have a partner that contributes to your monthly finances be sure to include their income as well. Only put regularly occurring income on this worksheet such as regular paychecks, child support and alimony. Do not include bonuses or other irregular income.
Worksheet #2 – Expense Worksheet – This is another worksheet that you use to find out where you are today. This worksheet is an estimate of what your monthly expenses are. This worksheet should have household expenses, auto expenses, food expenses, medical expenses, and all other area where you spend money each month. This will give you a rough estimate of your expenses each month.
Worksheet #3 – List of Creditors Worksheets – On this worksheet you will want to list all the people you owe money. This includes credit card payments, pay day loans, and friends and family. You will want to list the name of the creditor, the amount due, and how many months (if any) you are in default.
Worksheet #4 – Weekly Expenses Report- The weekly expenses worksheet is where you will list all your spending for the week. This includes things you buy using cash, check, or credit card. At the end of the week you will transfer these transactions to your Monthly Expense Record.
Worksheet #5 – Monthly Expense Record- On this worksheet you will record all your spending for the month in the appropriate categories. At the end of the month, this will give you an exact amount of money that you spend in all categories.
Worksheet #6 – Repayment of Debt Worksheet – You will need one of these worksheets for each creditor you have. Each month when you make a payment, you will record it on this worksheet and bring down the balance after each payment has been made.
Worksheet #7 – Monthly Financial Report – On your monthly financial report is where you will enter your income and all your expenses for the month. By filling out this worksheet correctly you will find out if you are operating your household budget in the black or the red.
Worksheet #8 – Monthly Budget Worksheet – Now that you have filled out your monthly financial report you can work on your monthly budget. You can see where you can cut expenses in order to run your household with money left over at the end of the month.
Worksheet #9 – Needs and Wants Worksheet – This is an important worksheet to use to help keep your financial spending in check. When you or one of your children see something they need or want, you simply write it down on the needs and wants worksheet. Then when funds become available to purchase something you have a written record of what you really want to spend your money on instead of just making an impulse buy.
Worksheet #10 – 90-Day Financial Goals Worksheet – This goals worksheet will help keep your finances moving in the right direction. It is a worksheet where you write down you financial goals. Then it has an area where you write down weekly action items in order to achieve those goals.
In conclusion, by tracking your spending, creating a budget, learning to handle your needs and wants, and setting financial goals; you can gain control of your finances. Start using these top 10 worksheets today and watch your financial future grow.