What is a Personal Budget?
According to Wikipedia, a personal budget is a financial plan that allocates future personal income towards expenses, savings, and debt repayment. Past spending and personal debt are considered when creating a personal budget. There are several methods and tools available for creating, using, and adjusting a personal budget.
Some helpful tips are listed below.
Oftentimes, the best way to budget is to use a computer spreadsheet to help you chart out your income and expenses. Here we provide you with a spreadsheet in Microsoft Excel format. Just input your information as indicated on the spreadsheet, and your budget is automatically created for you.
- Budget Worksheet (Don’t have Microsoft Excel? Click here for another calculator.)
- Practical Money Skills For Life: Budgeting Tips