To prepare to start paying off your debt, first list the type of debt, the balance, and the interest rate for each of your loans. Every day, you’re faced with the looming payments, the high-interest rates, and the seemingly never-ending debt cycle. Debt Payoff TrackingĪnyone who has dealt with debt knows it can be a real burden, keeping you from reaching your financial goals. Then you need to follow the monthly calendar in your budget binder to check that your automatic payments went through. Automatic bill payments are convenient and can help you avoid costly late fees that may throw off your budget. If you prefer to use your binder along with technology, sign up for automatic bill payments. A budget binder is perfect for keeping your bill payment calendar, storing your paper bills, and documenting your payments. Who doesn’t hate late fees? Getting your bills paid on time is crucial to keeping your finances in good shape. Then, track your variable costs, such as groceries, gas, and entertainment. Make a list of your fixed expenses, such as your rent or mortgage, car payment, insurance, and subscriptions. Be sure to include all sources of income, such as your paychecks, side hustle earnings, and investments. Once you set goals, you can track your earnings using the budget binder. Breaking goals down into smaller, more manageable steps and tracking your progress in your budget binder is a great way to make your financial dreams come true. You want your goals to be obtainable and always front and center, so you don’t forget about them. If you’re feeling overwhelmed and unsure where to begin, consider asking a financial advisor for help setting goals using your budget binder as a resource to reference. For example, if your goal is to pay off $10,000 in debt, you can have it paid off in 2 years by paying $417 towards your debt each month. The best way to tackle goal management is to break up your long-term goals into short-term goals. Whether your goal is to save for a down payment on a house or get out of debt, setting specific goals will help you stay on track. Setting goals is the first and most significant step in creating a budget binder. Here are some tips to help you get started using your budget binder: Set Goals How To Use a Budget Binderīy organizing your financial life in your budget binder, you can decide how to use your resources best and ensure that you live below your means. The best part about a budget binder is that you can customize it depending on your financial goals. If you do a lot on Paypal or Venmo, you’ll want to grab that info too.If you have a family, a budget binder can help you track your family’s spending and income to ensure everyone’s needs are being met and increase your family’s financial stability. To help you figure out all your expenses grab the past three months of your banking and credit card statements. It’s helpful to group your expenses into categories, so I’ve included a few sheets to help you organize your expenses into groups. This page is where you’ll lay out your monthly income and your expenses. If you’re curious about what those look like, you can check out my list for the best printable budget planners. In the beginning, a free one is just fine but as you go on, you may want to upgrade to a specific budgeting method planner. The paid ones are specific to a method and guide you accordingly. This sheet (and the method you choose) is usually the distinction between a free printable and a paid-for budgeting template. There are many different budgeting methods, but I’ve included a very basic form so you can use any of the methods. This is how you set your budget, how much you plan to spend your money each month. Your monthly budget worksheet is the second most important page in your budget planner. So have one of each of these pages for every month. We’ll dig into each of these templates pages below.įrom here on down, these printables are for your monthly breakout section. In fact, I have free budgeting printables just for you! Click here, and put in your email, and I’ll send them to you right now. Many people have free budgeting printables that you can download to make your own budget planner. Now you can certainly pay for these printables ( I even sell them in my shop), but if you’re trying to save every penny and don’t have time to search for them, you can get them for free. Cash envelopes (for saving money in sinking funds).An overview of your financial situation (net worth statement).It can be as simple or complex as you want it to be. A budget binder is a binder or notebook that you use to track your income, expenses, and budget goals.
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