Not just BUDGETING but TRACKING Expenses

I haven't posted in quite some time.  Sometimes, life takes over.  However, I was surprised and please to find a request for a working template of my Rolling Total Budget. This is the first request I have received via my blog but I have had many requests from friends and family members for my budget.  Again, this does take a working knowledge of Excel but it is extremely effective.

The request reminded me that tax season is upon us with a looming deadline that is just a few weeks from now.  I have designed a Business Tax Template for a few of my friends that are independent contractors and sole-proprietors.  It is similar to very expensive software used for larger companies but is handy and easy to use when working with a smaller company.  The purpose of the template is to have a single place to view your expenses so that you know where you are spending your money as well as having your numbers in one place when you sit down to do your taxes and calculate your deductions. 

In order to use this template effectively you need to make sure you enter your totals at least once a week.  This template will help you in a very small way if you are ever audited so you still need to keep track of your receipts whether that is stuffing them in a manila envelope, a shoe box or keeping them neatly organized (unlike me) in file folders. 

This template provides you with an easy overview that can help you establish or adjust your coming year budgets appropriately. The template gives you a history of your actual spending so that you can budget responsibly for things that are harder to assign amounts to such as business lunches, clothing, office supplies, date nights, etc.  It can also be used for individuals wanting to track personal expenses but would need a little tweaking in order to make it more functional.

Below is a picture of the overview/summary page which auto-populates when you enter your information in the individual sheets and a picture of one of the individual sheets.  If you need help setting this up or tweaking it in any way, feel free to contact me via email.  Happy budgeting!

Itemization Summary Page

Individual Entries for Business Entertainment

Now is the time

If you want to get your budget started, why now start now?  Its the perfect time.  The year is winding down.  You might want to get things in order to take care of those credit cards you used for Christmas or to start planning ahead for next Christmas.  Most people make New Year's resolutions...this could be yours.  Start 2012 with a head start on your finances and fill your loafers with confidence in your abilities to manage your money better.  Be proud of yourself for finally starting that savings account or getting a new car by planning your budget well. 

There are a million reasons (okay, maybe not a million) why you would want to start a budget.  If there is something holding you back, figure it out and dig your heels in to set a pace for a new way of planning your life...start your budget now! :D

Budgeting your way

Paper budgets used to be the way to go.  Hanging out in an office or on your desk at home plugging numbers into the old ledger an using your calculator or 10-key to bring the numbers home.  I used to do my budgets this way back before I had a computer.

Budget fail

I have become increasingly aware of how difficult it is for most people to budget their money.  After having listened to many different people and reading a lot of blogs/Facebook posts, it is clear that there are a few reasons why people fail at budgeting.

Why Budget?

I am not a professional accountant nor am I a financial adviser.  The information that you see on my blog is strictly gained by years of working in corporate finance, experience with friends and family as well as my own personal experiences being a single mother.

There are many reasons why someone would want to make a budget:  saving for a trip/car/college, saving for retirement, getting a better handle on your finances, and the basic need to have all bills paid on time.  When making a budget, it is important to know why you want to have one.