Since 2020 is rolling around I thought I would share some of the budgeting tips & templates that I use.
The key to saving is to pay yourself first! Knowing how much you can pay yourself can only be done if you have a budget.
A thread on budgeting .
#FinanceTwitterJa
The key to saving is to pay yourself first! Knowing how much you can pay yourself can only be done if you have a budget.
A thread on budgeting .
#FinanceTwitterJa
Perhaps you are saving towards a life goal like a wedding, a house purchase or school etc. or perhaps you just want to develop a habit of saving.
Start off 2020 with a savings plan!
Even if you only have a small amount left after you pay your expenses, start somewhere!
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Start off 2020 with a savings plan!
Even if you only have a small amount left after you pay your expenses, start somewhere!
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Put $500 or $1000 into a fixed deposit account if that’s all you can and then as you understand more about the stock market & investment accounts you can consider moving the funds there once you have amassed the minimum requirement (speak to a licenced financial advisor 1st!) 3/
Some budgeting templates can get extremely complicated so I use a lite version where you enter your net pay (after taxes & deductions) & any extra disposable income & then budget how you plan to apportion it.
Download it here: financialcentsibility.com/wp-content/upl…
for customisation.
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Download it here: financialcentsibility.com/wp-content/upl…
for customisation.
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It also has a simplified Savings Tracker that you can use to take stock of your savings across different institutions throughout the year.
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The secret to figuring out how to apportion it is to actually track the expenses. I use a daily expense tracker which you can download below.
financialcentsibility.com/wp-content/upl…
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financialcentsibility.com/wp-content/upl…
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Each Monday I enter info from the receipts that I've received over the week into this tracker.
There are also online apps that can do this but as an Excel nerd I like to have control over my data to slice & dice it. Popular apps include Mint, Money Manager & GoodBudget.
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There are also online apps that can do this but as an Excel nerd I like to have control over my data to slice & dice it. Popular apps include Mint, Money Manager & GoodBudget.
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In the daily tracker, a summary of the expenses by category is done to the right. I also include a summary by payment type so I can filter all the credit card payments & compare them to my credit card statement.
This info can then link directly to the budget template.
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This info can then link directly to the budget template.
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The front of the daily tracking template has a dashboard that automatically populates once you start entering the data on the monthly sheets as seen below.
You can easily track what percent of your income is going where and budget appropriately in the budget template.
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You can easily track what percent of your income is going where and budget appropriately in the budget template.
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You can use the information in the daily tracker to see where you can possibly cut down on expenses so that you can increase your savings.
Visit my article on this here financialcentsibility.com/how-to-budget-… and happy saving for 2020!
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Visit my article on this here financialcentsibility.com/how-to-budget-… and happy saving for 2020!
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