Have you heard of the 50-30-20 rule? This rule states that 50% of your net income should be spent on necessities. This is crucial if you are looking to maximise the cash flow. The next step is to separate your needs from your wants. Related: 7 Ways To Stay Within Your Budget When Eating Out 3. For example, if you earned Rs 35,000 this month and spent Rs 15,000 on rent and Rs 10,000 on food, your savings would be Rs 10,000. All you have to do is subtract the expenses from the income to arrive at your monthly savings. Now that you have ascertained your monthly income and expenses, you can calculate the amount you can save. Along with this, keep track of the bank statements but refrain from considering investments. For instance, you need to include the EMIs paid on your home loan and also the cost of a packet of biscuits that you bought to have with your evening tea.ĭo not forget to calculate the monthly share of expenses that do not occur every month (such as some insurance premiums). To keep the calculation effective, make sure to write down even the smallest of payments. A dedicated expense tracker app will make things even simpler. So, how do you arrive at your monthly expenditure? Well, it’s easy to maintain an excel sheet for every month and record your daily expenses. You might find the calculation of income easier than keeping track of the expenses incurred. For example, if your salary is Rs 35,000 per month, make sure to deduct the 5% TDS from it while making your budget calculations. If you want to eliminate tax liability, assess the estimated tax amount and exclude it from the income. These sources should have a post-tax consideration. To determine and calculate this income, include salary, dividends, interest, rent, alimony, etc. The first thing to do when creating a healthy budget is to analyse the monthly income you have. Here’s how you can go about it: How to create a monthly budget As a young investor, you should harness your agile mind into creating a simple but effective monthly budget. It can also help you meet your debt payments on time. If you don’t know what to do with these worksheets, check out The Easiest Way to Make a Budget to follow the exact steps I use to create my monthly budget.Drawing up a household budget is an excellent way to compartmentalise your paycheck and spend your money intelligently. They come in a variety of formats, designs, and each has unique value. Related: Must Read Books For Your Debt Free JourneyĮach one of these budget worksheets and budget binder kits will give you the tools you need to create your budget, set financial goals, and manage your finances. I am so excited to share that there are tons of different FREE printable budget worksheets out there. So I decided to check out some other printable budget worksheets.Īnd friends, I was not disappointed. I have put together the Ultimate Free Printable Budget Worksheet list of all the best FREE budget worksheets on the web.Īs many of you know, I’ve made my own printable budget worksheet, but I realize that everyone and everyone’s budget is unique. Read the full disclosure hereĪre you looking for the tools to get your finances in order, save money and crush your financial goals? Well then you have come to the right place, friend!
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