According to Forbes 78 Percent of U.S. employees live paycheck to paycheck, 28% of employees making $50,000 to 99,999 live paycheck to paycheck and there is even an estimate of 1 out of 10 employees who live paycheck to paycheck making 6 figures.
Therefore, regardless of your income your finances can still be in shambles if you don’t have a personal budget to control your spending habits.
Granted there are other factors that may influence your financial situation including debt, pay cuts, unemployment, etc.
However, creating a personal budget allows you to better manage your money. In fact, creating a personal budget can help you get rid of bad spending habits.
Now creating a personal budget may be intimidating at first, but once you start the process, you will quickly realize how easy it is to create one.
Here’s What You Can Use To Start Creating An Easy Personal Budget
- Monthly bills
- Bank transactions
Use Your Bank Transactions As A Monthly Bills Spreadsheet
It is not easy to remember every transaction you made in a month. It’s not even easy to manually track all those transactions.
Luckily we live in an era where most payments are made electronically and keeping up with those transactions is as easy as looking at your bank statement.
You can use your bank statement for the month to create your monthly bills spreadsheet. This way you can see how much money goes toward bills per month.
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Use Your Bank Transactions As A Home Finance Spreadsheet
Like the monthly bills spreadsheet, you can make a home finance spreadsheet by using your bank transactions.
The home finance spreadsheet will be based on everything you purchase for your home.
Use the home finance spreadsheet to get rid of unnecessary household spending.
Creating a Personal Budget Using Excel
Not everybody uses their debit or credit cards to make purchases. Some people like to go a more traditional route and pay for things using cash.
If you are one of these people remember to keep the receipt to record the expense later on in your excel personal budget spreadsheet.
Creating The Ultimate Easy Personal Budget
Creating an easy personal budget is fairly easy. Just remember, to start your personal budget by keeping it simple, and stay on budget by staying organized, staying consistent, and staying disciplined to achieve all your financial goals.