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I have been building financial plans for wealthy individuals for several years now. No matter your level of wealth (or lack thereof, in my case), the cornerstone of a solid financial plan is building a solid budget.
(Update: Creating a budget was the first step I took to pay off over $18,000 in debt in just a few months!)
Every single budget looks about the same. Sure, the figures are different for each of us, but a budget includes two primary things; 1) Income, and 2) Expenses. It’s that simple. The difficult part is sticking to it. The difference between wealthy folks and the rest of us usually boils down to discipline. I’m not always disciplined either.
Keeping your budget on paper (or electronically) helps to visualize your cash-flow. A budget is not temporary. It is also not static, but very fluid. Your budget should change as your life changes.
One of the reasons I started this blog was to take better control of my own finances. I have been managing finances for other people for a long time (which has caused me to sort of lose track of my own). I know my income and I know my expenses, and I have a basic idea of my overall financial picture. But I always feel broke! And I spend frivolously. If my husband only knew that I haven’t really “had those shoes for years”…Yikes! Am I right, ladies?! It’s time to pull myself together. I’m ready to Budget Like a Millionaire! Are You?!!
FREE printable Budget Worksheet
Let’s do this together. I created a simple worksheet (download your FREE printable Budget Worksheet here). I’m definitely not a graphic designer, so it may not be pretty–but I can make a mean spreadsheet, so at least it gets the job done!
Completing Your Worksheet
I list each of our income sources separately. Right now, that consists of my employment income, and my husbands. Hopefully one day I can add a category for income earned from this blog. No shame in my game! Blogging is fun and can also be financially rewarding!
Again, list each expense separately. List everything that you spend money on in the month. If you have quarterly or annual items (like pest control, auto insurance, HOA dues, etc.) break down the expense into a monthly amount.
Lawd have mercy, my list of expenses is long! I think I just discovered my next blog topic. I need to pay down some debt. Okay, a lot of debt.
(Update: So far, I’m staying on track with my budget, I also implemented some of these money saving hacks which gave us a HUGE boost!)
If you’re in the same boat, don’t be discouraged by the results. Let it be a reality check and motivation to get on the right track, so you can not only budget like a Millionaire, but also someday live the life of a Millionaire! I promise it can be easier than you think!
If you find the free Budget Worksheet helpful, please Pin it for others and let me know in the comments! Don’t forget to Subscribe to the blog and create your own personal financial plan along with me! I’m glad you’re here!