Creating a Simple Budget Worksheet: Identifying Fixed and Variable Expenses

When it comes to creating a budget, it's essential to understand the difference between fixed and variable expenses. In this article, we'll explore how to identify these types of expenses and create a simple budget worksheet that works for you.

'Simple Budget Worksheet Printable'

Fixed Expenses - These Types of Expenses Usually Stay the Same from Month to Month

When creating your budget, it's crucial to distinguish between fixed and variable expenses. Fixed expenses are those that usually stay the same from month to month, such as mortgage or rent payments, car payments, cable bills, and phone bills.

Identifying Your Expensive Habits: Variable Expenses

On the other hand, variable expenses can vary greatly from month to month. These may include things like groceries, entertainment expenses, and travel costs. To get a clear picture of your spending habits, it's essential to track all of these expenses and identify which ones are fixed and which ones are variable.

Download Your Simple Budget Worksheet

To help you create your simple budget worksheet, I've created a downloadable template just for this series. Grab your bills, bank statements, calculator, and pencil, and let's get started!

Getting Started with Your Budget Worksheet

Before you begin, grab some wine or tea (you may need it!), your income, your most recent expense worksheet, and savings tracker. If not, the last thing you want is to forgo savings just so you can live above your means! What you really want to do is cut your expenses.

Fitting Your Numbers into a Budget

Now that you know your income, expenses, and savings, it's time to fit these numbers into a budget. Simply put, if your wants and needs don't balance out to zero, you may find yourself saying, 'I don't have enough money leftover.' But this shouldn't be the case.

Why You Should Identify Your Savings Goals First

When people budget before saving, they often create excuses for why they're not saving. To avoid this common pitfall, it's essential to identify your savings goals first. By doing so, you'll be more likely to prioritize your savings and make conscious financial decisions.

Putting It All Together: Simple Budget Worksheet

Now that you've identified your fixed and variable expenses, income, and savings goals, it's time to put it all together using a simple budget worksheet. This is the final step in creating a comprehensive budget plan.

By following these steps and using the simple budget worksheet printable provided, you'll be well on your way to achieving financial stability and peace of mind. To read the entire series from the beginning, start here.

Simple budget worksheet printable