monthly bill chart
Here is an great way to manage your finances by creating a monthly bill chart that is user friendly and printable.
Budget Tools:
* Computer or PC
* Money management or spreadsheet software
* Monthly bill information
* printer
* paper
Instructions:
Understand your Bills. The first step a person must take in managing money is to understand what they are spending and at what time intervals. Always set up your bill chart to reflect your monthly income and payment schedules.
Start with Income. Make a category at the top left column of your bill chart called Net Monthly Income to reflect money earned. Chart both income amounts separately for a 2 income family. Leave a space for miscellaneous for other income earned.
Categorize your Bills. Next break your chart into categories reflecting different types of monthly expenses starting with bills you have to pay on schedule. Examples of these bill categories include family, auto, insurance, personal investments, utility bills, etc.
Get down your must pay bills first. Toward the bottom of the bill chart make categories that reflect expenses that a person must pay but can manage in various amounts. Examples of these monthly expenses include: Food, entertainment, clothes, supplies, allowances, etc.
Have an Emergency fund. Include a category at the bottom of your bill chart called Miscellaneous Monthly Expenses. This category is for emergencies not in your family budget and will provide a cushion for additional savings.
Set Goals for comparison. Put two columns side by side at the top left of your bill chart labeled “Monthly Goal” and “Monthly Actual”. Goals are guidelines of what amount of money a person needs to spend in that category depending on your bill schedule. Actual reflect the true amount of money you spent.
Total it up. Lastly, make a category at the bottom left of your bill chart called Monthly Gross Income or Income Available. This category reflects the amount of money you have left after subtracting all bills in your Monthly Actual column from the amount you started with in your Net Monthly Income Category at the top.
Extra Points:
- Round your monthly income totals down and your bill amounts up.
- Chart your budget guidelines a little higher than you initially estimate.
- Fill in your monthly necessities first, then chart down to amounts for extra activities and emergencies at the bottom.
Resources:
Printable budget Resources
Monthly Bill Software
Excel Budget Sheets
