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Creating a Budget is Damn Easy! Author: Fintuned | Date: March 4, 2014

Hoping that you are convinced with the significance of a budget as the first and foremost tip for pursuing a healthy financial lifestyle, this piece will guide you in creating your first budget! It is no use if we just read the articles/tips and erase it from out brains once the day is over.

The only solution to implementing a change for the better is to start doing the activities/tasks required to effect that change. Thus, let us help you out in creating a personal budget for yourself so that it becomes a habit.

Before jumping into the exercise of creating a budget, you can decide on a few things:

1. The time duration of the budget i.e weekly, monthly or yearly.
2. The purpose of the budget i.e to control expenses, to plan investments, or something else entirely.
3. The third is not a decision but a promise that you will be obedient to your budget (Pinkie swear promise!)

One of the most traditional ways to create a budget is using a notepad and a pen (though you can also used different colored pens to make it look fancy) on the last day of the previous month.

Thus, if Sheldon is making a budget for March, he should ideally do it on the 28th of February but if you are not as punctual as Sheldon, you can still create your budget a bit late!

A simplest budget should compulsorlily cover the following areas:

  • Estimated expenses for the upcoming month/week.
  • Estimated income
The expenses can again be broken down into recurring (those that occur every cycle) and one-time (for nce only)
And you are done with you first budget!! Congratulations.

Now, if you are feeling particularly adventurous and also feel that the paper and pen is an old timers thing, then we would suggest this:

The Google docs gallery has certain pre-loaded templates for your budgeting needs and while they are more comprehensive, it is also easy to store them. The following two are our recommendations and you can search them on the gallery.

Best-Personal-Budget-Planner A well done and comprehensive budget spreadsheet that includes frequency of expenditure, charts and many more things, by Lars Shirey.

Simple Budget Planner A compact budgeting spreadsheet that lets you budget expenses by percentage of annual and monthly income, by Google.

That is it. So march now to your desk or your laptop and make sure to create your first budget!

If you have any doubts/questions, the comments section is hungry 😉

Cheers!

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy of any agency, organization, employer, or any company. Fintuned Co. LLP shall not be held responsible in any manner whatsover, for any decision/action taken by readers on the basis of the content mentioned in the article. Readers are requested to exercise their best judgement before taking any decision/action. Fintuned Co. LLP shall also not be held responsible for any copyright infringement committed by the author in the process of writing and/or publishing this article and in the event any such offence is found, cooperate with necessary authorities to take remedial action

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