Your rent alone might claim half your salary even before you start paying for utilities, food, etc. If you live in a major city then this might sound unrealistic.
The 50 30 20 rule divides your take-home income into three categories: needs (50%), wants (30%), and savings and debt repayment (20%). You can, of course, change the categories according to your needs.Īnother way to divide your expenses is to distinguish between necessities and things you want. People generally categorize expenses into the following categories: housing (mortgage or rent), food (groceries and eating out), utilities, auto and transportation, travel, health, school or education, children, clothing, pets, entertainment, savings, gifts, and giving, miscellaneous, etc. Since the template is editable, feel free to change the categories if your needs are different. Some of the printable trackers divide expenses into categories. This enables you to get a better picture of how much you spend in each category. You might want to set daily reminders to record your expenses. If you have more than one spender in your household then make sure that everyone is in the picture and tracking expenses.Īdd monthly bills that repeat themselves each month in advance and update if necessary. If you save the receipts, it will increase your chances of remembering each expense. If you don’t have time to track your expenses as they incur then save the receipts or invoices and add them to your expense chart when you have the time. However, you might find that you forget to add expenses if you don’t write them as they occur. Alternatively, you can also schedule a few minutes each day to record your spending. This will prevent you from forgetting to add small items that add up. The best way to keep track of your expenses is to record each item in real-time (i.e. Once you have printed an expense log template what do you do with it? Record each item It is difficult to find these patterns when you don’t track each expense. For example, when you see how much you spent on coffee at Starbucks every month, you might decide to make coffee at home and take it with you in a reusable thermal coffee cup. When you record every dollar spent, you will be able to find previously hidden patterns. We offer many budget templates that will help you track your expenses. The idea here is to record every single transaction in a budget sheet with columns for the date, the item purchased, and the total cost.
Try tracking your expenses for a month or two, then use the totals to help you understand how much you need to budget for each category. You can print them and use them to understand your spending habits. We’ve created 20 free printable expense trackers. That’s where these expense trackers come in. Along with establishing a good budget, you need to track expenses that may vary from month to month, such as grocery trips, eating at restaurants, and unexpected home or car repairs. Allocate money for bills, rent or mortgage, savings and debt repayment. Check out these free printable monthly budget planners to get started on that. If you’re trying to get ahead financially, you need a good budget.