How to Make a Monthly Budget Like a Boss (with Printable)

The more you make, the less you seem to keep. Do you have this problem, too? Why is money so hard to hold onto? It certainly requires being organized, planning ahead, and having a good budget in place. But do you know how to make a monthly budget that works? Here are some tips for personal budget planning.

 

Learn to make a monthly budget that works!

Many of us make an attempt at a budget, but then unexpected things creep up or holidays and birthdays happen, and our good intentions go out the window. There’s always something that is getting our attention and wanting us to buy it, take it home, and live with us. We live in a world surrounded by commercials, and it is no surprise that we are also a world struggling with personal finances.

But baby steps. Yes, it takes willpower to be strict with a budget, but creating a budget in the first place is a vital step. When you create a budget for the first time (or even if it has been a while since you revisited your budget), it really opens your eyes to where your money has been going. It also motivates you to perhaps make a few changes or course corrections here and there.

So let’s dive in and take the first step on a journey to financial awareness with setting up a budget.

How to Make a Budget for One Month

I like to start on a scale that is easier to maintain, so I like to think of my budget as a monthly bucket. Think of it as you fill it up with income and pour out expenses. And see what you’re left with at the end of the month.

What is the first step in making a budget? Look at your Income Sources

The income section is a vital piece in the budgeting equation, as it is important to know the amount of money we are working with each month. Reviewing all our income streams is a happy step, too, since this is where we collect the rewards of our hard work.

As a full-time employee, I have a bi-weekly paycheck. This step is easy because I know exactly how much I bring home after all the tax deductions as well as health insurance deductions simply by looking at my paycheck stub.  

Note: just going by hourly wages is not going to give us the exact amount unless your work isn’t withholding anything for your taxes or insurance. If you have a regular paycheck that is the same each pay period, include one month’s worth of paychecks for yourself, your spouse, and anyone else contributing to the household.

This step gets a bit more complicated for those of us self-employed, freelancing, etc. I would consider my blogging income in this category, and this is why I track all blogging income and expenses so carefully.

Consider whether you have a steady income or if it varies – chances are it may vary quite a bit if you are not working regular hours or are working on a project basis for clients or brands.

In this case, it is a good idea to review income over at least 90 days or longer and calculate an average monthly self-employment salary for yourself. If you want to be extra conservative in your budget planning, you may wish to go with the lowest salary month as your estimated salary.

Consider any income sources:

• Paychecks from your salary or hourly job(s)
• Earnings from client work
• Blogging and Social Media income
• Freelance writing income
• Survey payouts
• Refund apps
• Babysitting cash
• Stocks sold

Those are some examples, did I miss anything? Consider those items that occur regularly and have a steady payout to calculate your baseline income.

The Next step for your budget is to chart your expenses

When trying to stick to a budget, one of the best ways to do so is by keeping track of your expenses. This can be done by creating categories for your monthly budget and tracking each expense as it occurs. It’s important to be specific when categorizing your expenses, as this will help you see where you are spending the most money.

Some common expense categories include housing, transportation, food, utilities, debt payments, medical expenses, and discretionary spending. 

Housing is one of the biggest expenses for most people, so tracking this category can be especially helpful. Transportation costs can also add up quickly, so tracking this category can help you find ways to save money on gas or public transportation fares.

Food is another common expense for most people, so tracking this category can help you see where you might be able to cut back on dining out or buying expensive groceries.

You may also want to subdivide some of these categories into more specific sub-categories. For example, you could break down food expenses into groceries and dining out. Or you could break down transportation expenses into car payments, gas, insurance, and repairs.

These expense categories are included in my budget printable:

• Rent or Mortgage
• Student Loan(s)
• Car loan(s)
• Child Care
• Heating/Electric
• Cable/internet/home phone
• Wireless/mobile phone
• Water
• Trash
• Vehicle fuel
• Tolls
• Lawn care
• Groceries
• Insurance (auto, home, flood)
• Auto maintenance
• Household maintenance
• Seasonal clothing purchases
• Gifts
• Medical expenses
• Entertainment/dining out
• Property taxes
• Credit card debt
• Other expenses

Once you have tracked your expenses for a few months, you can begin to look for ways to reduce them. 

Free printable personal budget template – get the budget workbook pdf free

To my wonderful subscribers, I’m offering a free printable personal budget template – just sign up below and you will get access to my PDF budget template and other printables. This printable monthly budget file is a printable monthly expense sheet and income and expense tracker printable. Enjoy this monthly budget printable.

How to make a monthly budget in Excel?

The budget worksheet I’m providing for you free is in PDF. Are you interested in an Excel version monthly budget calculator?

Here you go:

$2.00 – Purchase Checkout Added to cart

But wait! I expanded the Excel budget workbook to include an income and expenses tracker for the entire year.

I’m now offering a budget and expenses calculator workbook to help a fellow working mom out.

The Yearly Budget Workbook Planner contains the budget planner, monthly and annual tracker, as well as goodies like a savings tracker, a debt payment tracker, net worth calculator, and more!

$10.00 – Grab the Yearly Budget Workbook Planner Checkout Added to cart

Not sure yet? Start with the free printable monthly budget.

Over to you – how do you make your monthly budgets?

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This post is part of the 31 Tips for Working Moms series. See the rest of the posts here: