How to Create a Budget in 10 Minutes or Less uses the Starter Budget form that can be found in the Forms section a
The Starter Budget is designed to make the budgeting process quick and easy.
Hi, this Deacon Hayes from WellKeptWallet.com and I’m here today to show you how to create a budget in 10 minutes or less using the “Starter Budget” form that I created. so you are looking at that now and I will tell you where you can get this form so you can follow along in the video. So, I basically created an Excel spreadsheet, so you have to have Microsoft Excel to use this form.
You can download it at WellKeptWallet.com/Resources, you can see the address is here, and on that page there is a forms section where you can download this for free and get started.
So let’s begin. So right now, I clicked on the Starter Budget tab of the Excel spreadsheet and we are going to start with the income section. The income section is going to be your monthly take home pay. So let’s say you make $1,000 every 2 weeks, we’re going to put $2,000 in the first field. And that’s your take home pay; that’s how much you get. So that’s what your paycheck says times two. So if you make $1,000 every two weeks that would be $2,000.
In the second “Salary” field, let’s say that you are married, and your spouse works part time and they bring in about $1,200 per month. So we will put that there. And then Misc. This will be any income outside of your salaries; so if you sell something on Ebay, if you get an inheritance, if you do get a second job delivering pizzas or serving or doing whatever to get your finances in order, your going to put that here. So were going to put $200 here for the time being.
Now we are going to move on to the “Expense” section. I have broke it down to two different areas: housing expenses and then the rest of your expenses. The reason I did that is because our housing expenses can be one of the biggest areas that we need to hone in on, to cut back on. And so, really figuring out how much we’re spending on housing is very important in the budgeting process. Let’s say that you spend about $1,000 per month on a mortgage or your rent. For your electric, we’ll say about $125. let’s say you live in a community, a Home Owner’s Association, you have a fee, we’ll say it’s about $150 per month. For internet, let’s say you have high-speed internet; we have high-speed internet and we pay $30 per month, so we’ll put that there. Insurance, so this would be home owners insurance or renters insurance, you put that here. We’ll say it’s about $40 per month. Then “home improvement”, you know, if you have to fix a toilet or little projects here and there you have to do, not big additions to the house or anything like that. We’ll just say $50. So these are, for home improvement, and these are the only one here that is really variable, most of these are all fixed expenses. Maybe your electric’s not, maybe that’s variable. We’re on a plan that’s a fixed plan, so it’s the same every month for electric but for home improvement, we’re guesstimating that it is going to be $50 bucks, it could be more or it could be less but that’s what we’re gonna do.
For groceries, let’s say if you are a family of four or if you have two to four people in your home, I know people personally that spend somewhere around the neighborhood of $200 to $300 per month for that category. So we’re going to put $300 just to be conservative. Giving, let’s say that you give 10%, so were going to put $340 per month. Vehicle and Gas, we’re going to say $300 per month for two people. Insurance, if you have a couple of older cars, your probably going to spend about $150 per month for insurance. We spend a little bit less than that for two cars.
For another video to help you with budgeting, check out the link below:
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How to Create a Budget in 10 Minutes or Less