List the goal, the due date and implement a plan to start reaching your goal – step by step. Whatever the reason, be clear when writing your budget goals. What are your long-term financial goals?.Are you saving for your children’s education?.Are you starting a budget to pay off your debts faster?.Questions to ask yourself when writing goals: Looking to deposit some money into a high interest savings account or term deposit to earn compound interest and grow your savings? Our free Compound Interest Calculator can be used to help you plan your long-term financial goals. If your budget spreadsheet tracks your goals clearly, you are constantly reminded of why you are budgeting in the first place.Įven if your goal is just to get better control of your finances and save a little extra each week or month, any sort of budgeting goal will keep you on track. Financial goals may not seem like a vital part of the budgeting process, but listing your budgeting goals will keep you motivated. This is what you want to achieve and when. You should now have a complete list of your income and expenses, which we’ll use to fill in the spreadsheet in the creating your budget section. These spending patterns and behaviours can be called ‘spending leaks’ - we’re going to change your mindset to look at these instead as ‘opportunities to save’. It will also help you identify spending patterns and behaviours that could be better managed to save money. Look to have all fixed expenses debited out of a single account for better tracking.įollowing these tips will help you document all of your expenses for your budget spreadsheet.Analyse how much physical cash you withdraw and spend – try to not use cash ongoing.Analyse your credit card statement for spending patterns by categories.Here are some tips to accurately gather your existing expenses to document in your budget: Instead of trying to track these mini variable expenses, you might be better off stating ‘I have $50 per week for variable expenses’ and work towards sticking to this number. For instance, some days you may buy a coffee – other days you may not. Variable expenses are slightly harder to track and may require you to set yourself a daily or weekly budget limit to help cover these.Fixed (or recurring) expenses are easily tracked, as they are often a set amount on a regular date.There are also two types of expenses: Fixed and Variable. Listing your expenses quickly helps you establish whether you have enough money coming in to cover these.
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