Complete your own Monthly Budget by completing the GRAY column in the Table with the Budgeting heading.
- Income: This is all the money you make or are given to use this month. It includes Salary, Salary Grants and any other ways you receive money eg. Gifts. Once listed, add up your TOTAL.
- Fixed Expenses: These are monthly expenses which are generally the same from month to month. They are things you have to pay for. Once you have calculated these, add up your total.
- Variable Expense: There are monthly expenses that you choose to pay for. They may vary from month to month, so you will probably need to estimate these amounts. Add up your Total when you have calculated your Variable Expenses.
- Future Planning: How much do you spend on Debt, Savings, Investments, Insurance and Life Cover/Funeral Policies every month? This should be a set monthly expense. Add up your total when complete. If you haven’t started any Future Planning but would like to, then include the amount in your Budget before you add up your Total.
- To calculate your Tool, use the Formula: Income – Expenses (Fixed + Variable + Future planning) = Balance at Month end.
Well done – you now have a complete Budget…Time to Track your Expenses, Analyse your spending monthly, Adjust your Budget if necessary and ensure you have a positive balance every month.
Budgeting requires Discipline, but is a valuable tool in helping you achieve the future you want.
You can do it!