Personal Budget Worksheet

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The use of a personal budget worksheet can help you set a realistic budget and stay on track to save money. Having a budget will help you stay on target when it comes to your monthly finances.

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Personal budget worksheets are easy to create. All you need is to have some paper and pen, an amount of money to set aside each month for expenses and savings. You can add extra amounts of money if you wish to.

Budget worksheets usually work with the following format: the current balance, current income, total spending, future savings, debt payments, and additional income. You can add extra information by just adding new lines or writing down more items that you wish to include.

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The current balance is, what you have as of this moment. It does not mean that you do not have money in savings. It simply means that there are no bills you have to pay and no outstanding debts. You also do not have any outstanding loans.

The current income is how much income you have. Usually, you will have this when you are taking out a loan, but it does not have to be that way.

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The total spending is the amount of money that you have put aside for your current income. It is important to have enough money in your budget to get by each month. Some people feel like they are always overdrawn so they have to cut down on what they spend.

The future savings refers to how much money you have saved for your future. It may seem like a long way to go, but it can be very helpful if you need some money to take care of an emergency.

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The extra income is where you take money out of your savings to pay for things such as college tuition or mortgage payments. If you are able to pay off the interest on your loan, then you have extra income that you can use for other expenses.

The debt payment is the amount of money that you are making each month to repay the debt that you have incurred over the years. You can use this amount to get rid of credit card debt and pay off your home.

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The extra income and the debt payment are what you can use to set aside for future goals that are important to you. If you need a vacation, you can write down those needs on the worksheet.

Another way to keep track of your finances is to do a financial statement. This worksheet will show you what your net worth is and how much you owe on your house and your car. The statements may also show you what your creditors and other lenders are asking you to pay back on your debt and other bills.

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Personal budget worksheets can also help you make a list of how much money you owe on all your bills and how much cash you have in the bank. Once you have the information on hand, you will be better prepared to negotiate with your lenders on a payment plan with lower monthly payments.

Debt can be scary and you want to stay ahead of it. One of the best ways to avoid the stress associated with debt is to have as much money set aside for paying bills each month as possible. The more money you have in the bank, the less stress you will feel.

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By using personal budget worksheets to track your finances, you will know where you are financially and where you are headed. You will know what to save and where you should not.