Most people care about money, but are intimidated by it, so they don’t spend any time thinking about how to make it. This lack of awareness about finances can lead to financial stress, which can lead to even more problems. To avoid these pitfalls, you’d do well to learn about personal finance, and how to create a budget.

Creating a personal budget can be a daunting task that requires a lot of thought. While it is relatively simple to calculate what your monthly expenses are, it can be a challenge to figure out how much money you have leftover each month, and what you can do with it. This is why Love Money Magic has created a free budget template specifically for you, so you can start out with a budget that is simple to manage and make adjustments as you go along.

There is a saying in the world of finance: “There is no downside to spending.” And, while that may sound true at first, when you look at the statistics, it’s simply not true. Even if you don’t have any money, it doesn’t mean you can’t take advantage of the benefits a personal budget brings.

We’ve created a simple personal budget printout for you that gives you a plan for all your money for the month. This way, you can quickly and easily create your first personal budget. Below is an overview and some simple steps to complete it.

3 steps to create your first personal budget

1. Start with receipts and accounts

First fill in your income details on the printable budget form (see image below). We will then register all your recurring invoices and their amounts. Specify each account under Accounts and the amount you want to budget for each account under Budgeted. Record your income and bills in your first personal budget word-image-16290 word-image-16291 Most of your bills are probably the same each month, but you may need to budget for utilities or cell phone bills if they vary slightly. Also consider the minimum debt repayments. We’ll get into additional repayments on your debt in another section, but for now we just need the minimum necessary bills. Once you’ve written down all the bills, take the total income and subtract all the bills to determine how much money you have left for everything else. Let’s call this new result (A).

2. Please fill in your usual monthly expenses

It’s time to budget for all the regular monthly expenses. Things like: ● Food ● Household items ● Gas ● Groceries. These are variable expenditure categories that occur every month. If you don’t know how much to budget for each of these categories, you can look at your credit card or bank statements from the past month to get an idea. Enter your usual expenditure categories in your initial budget. word-image-16292 word-image-16293 Remember: It won’t be perfect. Especially not the first time. You will likely need to make adjustments during the month, and you will learn to budget more accurately for the next month. It’s a process, so work your way through the plan.

3. Savings fund and extra expenses this month

There are many expenses that are not emergencies at all. They can be programmed and recorded in advance. We use savings funds to gradually set aside money for big expenses that we know are coming. See our What is a sinking fund page for more information. You can save for Christmas, a new car, car repairs, birthdays, new clothes, annual bills, etc. Savings funds are very useful if you want to ensure that your expenses remain essentially the same from month to month. Our budget doesn’t seem as strong in April as it was in December, because we’ve been saving for Christmas all year. Enter your resources for contingencies and extras in the budget template. word-image-16294 word-image-16295 That’s all… You’ve created your first budget template and are well on your way to getting your spending under control. You can download the template below.

Download this personal budget template to create YOUR firstbudget

Are you ready for more budgeting? Discovering the value of your money

We have specially designed simple printables that you can use to create a budget, analyze your spending, save money, and even track how fast you are paying off debt! Read more.   word-image-16296 word-image-16297


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You want to be able to stick to a budget, but you’re afraid you might be tempted to spend a little more than you planned. The key to a successful budget is to stay away from the temptation and know how to budget. Here’s a simple and easy method to create a personal budget that you can stick to.. Read more about clever girl finance free budget template and let us know what you think.

Frequently Asked Questions

What is the best free budget template?

Budgeting is a habit that should be learned at a young age, and it can be the difference between success and failure. A good budget template can help you plan for the future, while a bad one can put you in a hole you can’t climb out of. Best of all, there are no limits to the budget template you can create! In fact, our budget template is free for anyone to use, and we offer a range of different templates from free to premium depending on your needs. If you want to start budgeting but don’t know where to begin,  finally there is a free and easy way to create a budget.  Whether you are a college student or just starting out in your career,  the best budget template for you probably depends on your financial goals, lifestyle, and career stage. (And of course, the budget template you choose will depend on what you want to accomplish with your budget.)

How do you create a budget for a beginner?

One of the most difficult things to learn about personal finance is how to create a budget. After all, laying down cash in advance for things like groceries, utilities, and other expenses can be helpful in making sure that you don’t go into debt, but it is not always fun to look at the numbers to see what you are spending. If you’re a beginner at making a budget, that’s okay. Not making one is a bigger deal. You wouldn’t try to drive your first car without a manual. You wouldn’t eat a steak while on a diet. You’d spend more time learning about what your money can and cannot buy, what you can afford, and what you can’t.

How do I create a personal budget spreadsheet?

Never memorize a number. When you need to make a budget, create a spreadsheet and then work within the numbers. Whenever you get a new job, you’ll be thankful you had the foresight to put some money aside. The term personal finance has a bad reputation—which is ironic because the idea of being responsible for your own financial future has value. In the past, getting a grasp on your finances was difficult—but not anymore. With the help of a personal finance spreadsheet, you can track your income and expenses and make sure that your money is being spent in the most efficient way possible.

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