how to budget your money - the budget planner

 

This budget planner was developed for two reasons, 1) effectiveness and 2) to make you want to use it!

While my former Worksheet Method is useful in teaching you the principles behind budgeting variables, it does leave some room for shortcomings. Often, the devil is in the details and this stands when trying to identify and list common expenses. The result of this is an understated expenses total and an instant setup for budget blowouts when the actual figures start to tally.

Solution. I have prefilled all the expense categories with the most common and widely accepted variables and I have compiled them in an interactive, colour-coded and expandable menu. It doesn’t get much easier than this!

the budget planner heading

How this planner works

By completing 5 sections that cover your income, savings, household expenses, borrowing expenses and insurance expenses this planner will provide a summary of your budget position.

budget summary chart

Instructions.

Walk-through:

1. Complete the Income Section

There are 10 fields to enter data in starting with your personal take-home pay.

Enter an amount and then select the frequency. For example, $2,500 a fortnight or $5,000 a month.

2. Complete the Savings Section

There is 1 field to enter data in. This is an important section and it is placed secondary to the income section and before any expenses for the reason if you were to place this after the expenses you may not meet the targeted savings you would like. Placing this here will in a way force you to budget your expenses from less and it is possible. You’ll be surprised how you can learn to manage on less.

Enter a deposit amount and then select the frequency. For example, $100 a fortnight or $400 a month

3. Complete the Household Expenses Section

There are 15 sub-sections starting with your Personal Home Utilities and ending with Investment Property. Each sub-section has between 3 and 14 fields, totaling 80 fields, and covers anything from Council Rates to Pet Medication.

Enter an amount and then select the frequency.

4. Complete the Borrowing Expenses Section

There are 11 fields to enter data in starting with your Mortgage on Personal Home.

Enter an amount and then select the frequency. For example, $800 a week or $3,200 a month

5. Complete the Insurance Expenses Section

There are 10 fields to enter data in starting with your Home and Contents Insurance – Personal Home.

Enter an amount and then select the frequency. For example, $125 a month or $1,500 annually

Special Features

1. Budget view – See how the figures look by selecting a view from Annually to Daily. As most of us work off weekly and fortnightly budgets with function is useful to toggle between different time periods.

budget planner view pop

 

2. Expandable and collapsible sections – There are 112 possible lines of entry, a lot of scrolling if all are opened at the same time. You can close a section or reopen it just by clicking on it.

budget planner section pop

 

3. Print or email for later reference – As the saying goes, “out of sight – out of mind”. By printing the completed budget planner you can stick it on your fridge for easy and frequent reference. Alternatively, email it to a friend or family member so they too can create their own personalised budget.

budget planner email or print pop

4. Toggle the sections of the chart on or off – You have the ability to include or exclude certain sections. The chart automatically calculates the section percentages based on the inclusions. This is really useful if you want to get a visual aid for the expenditure composition. For example, you may wish to know what percentage of the chart (your expenses) are comprised from Borrowing and how much from Household. Simply toggle off the non-expenses like Income and Savings and you can then see this with accuracy.

budget planner include or exclude pop

Budget Planner

How would you like to view the budget?
  • Income$0
    Id Income Source Amount Received Frequency Annual Total
    1 Your take-home pay
    2 Your partners take-home pay
    3 Bonus and commissions
    4 Income from rent
    5 Income from savings
    6 Income from investments
    7 Centrelink benefits
    8 Family benefit payments
    9 Child support received
    10 Other
  • Savings$0
    Id Savings Deposit Frequency Annual Total
    1 Your commitment
  • Household Expenses$0
    • Personal Home Utilities$0
      Id Description Amount Paid Frequency Annual Total
      1 Council rates
      2 Electricity
      3 Water rates
      4 Water use
      5 Gas
      6 Other
    • Food, Beverage and Other$0
      Id Description Amount Paid Frequency Annual Total
      1 Normal groceries
      2 Take-away
      3 Restaurants and cafes
      4 Clubs and Pubs
      5 Cigarettes
      6 Alcohol
      7 Other
    • Personal Care and Cosmetic$0
      Id Description Amount Paid Frequency Annual Total
      1 Cosmetics
      2 Hair and beauty treatments
      3 Nappies and wet wipes
      4 Dental
      5 Optical
      6 Clothing and accessories
      7 Other
    • Education$0
      Id Description Amount Paid Frequency Annual Total
      1 School fees
      2 Books and uniforms
      3 FEE-HELP or TSL debts
      4 Other
    • Technology and communication$0
      Id Description Amount Paid Frequency Annual Total
      1 Internet
      2 Mobile phone
      3 Home phone
      4 Pay TV
      5 Other
    • Medical$0
      Id Description Amount Paid Frequency Annual Total
      1 Doctor appointments
      2 Medications
      3 Other
    • Pet Care$0
      Id Description Amount Paid Frequency Annual Total
      1 Medical appointments
      2 Medications
      3 Maintenance and grooming
      4 Other
    • Professional fees$0
      Id Description Amount Paid Frequency Annual Total
      1 Accountant
      2 Garden maintenance
      3 Plumber
      4 Electrician
      5 Other
    • Leisure and recreation$0
      Id Description Amount Paid Frequency Annual Total
      1 Holidays
      2 Events
      3 Cinemas
      4 Theme parks
      5 Sports activities
      6 Gym membership
      7 Hobbies
      8 Memberships
      9 Other
    • Travel$0
      Id Description Amount Paid Frequency Annual Total
      1 Motor vehicle fuel
      2 Motor vehicle servicing
      3 Motor vehicle roadside assistance
      4 Motor vehicle cleaning and maintenance
      5 Motor vehicle accessories
      6 Drivers license
      7 Motor vehicle registration
      8 Fines
      9 Parking fees
      10 Bus, train and ferry fees
      11 Airfares
      12 Accommodation
      13 Motor vehicle hire
      14 Other
    • Subscriptions and charity$0
      Id Description Amount Paid Frequency Annual Total
      1 Magazine and newspaper subscriptions
      2 Charity donations
      3 Other
    • Gifts$0
      Id Description Amount Paid Frequency Annual Total
      1 Birthday presents
      2 Christmas presents
      3 Other
    • General$0
      Id Description Amount Paid Frequency Annual Total
      1 Rent
      2 Child support payments
      3 Other
    • Investment property$0
      Id Description Amount Paid Frequency Annual Total
      1 Property maintenance
      2 Council rates
      3 Body corporate fees
      4 Water rates
      5 Land tax
      6 Repairs and maintenance
      7 Other
  • Borrowing expenses$0
    Id Repayment Description Amount Paid Frequency Annual Total
    1 Mortgage on personal home
    2 Car loan # 1
    3 Car loan # 2
    4 Personal loan # 1
    5 Personal loan # 2
    6 Credit card # 1
    7 Credit card # 2
    8 Mortgage on investment property # 1
    9 Mortgage on investment property # 2
    10 Retail finance eg. TV, furniture
    11 Other
  • Insurance expenses$0
    Id Description Amount Paid Frequency Annual Total
    1 Home and contents insurance - personal home
    2 Personal car insurance # 1
    3 Personal car insurance # 2
    4 Private health insurance
    5 Income protection
    6 Life insurance
    7 Pet insurance
    8 Home and contents insurance - investment # 1
    9 Home and contents insurance - investment # 2
    10 Other
  • Summary$0
    Annual Total
    Income
    Savings
    Household expenses
    Borrowing expenses
    Insurance expenses
    Balance
    Congratulations! Your budget is in surplus.
    (i.e Income: $0.00 vs Expenses: $0.00)

Next

BUDGET WORKSHEETS

 

efinancial management ebook

Please signup to the eFM subscriber list if you would like to download the eFM ebook. Coming soon, this ebook will provide you with the step by step process to do-it-yourself financial planning.