Broker Check

Budget Series - Post #2

April 09, 2020
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Sample Budget Worksheet – Word Doc

Budget post 2 of 6 – 🤩 Today we’re sharing a Budget Worksheet! Click the link above to access the worksheet!
Budgeting seems like a simple recommendation, but many people become overwhelmed by the idea of tracking every trace of money they earn and spend. 👛
Do not overthink it – start simple and build from there. A budget is a living, breathing document that changes very often – sometimes even hour by hour. It will never be perfected or finished.
The template we have chosen is a very comprehensive document. It outlines many areas people would often overlook, and then be surprised by when the bill comes – like pet care, pool maintenance, and even lessons/club fees for your kids. Again, this is just one resource you can use – there are thousands of templates and apps – find what works for you.
The MOST IMPORTANT thing to do immediately is to label essential versus nonessential expenditures. That is the core of your budget that will likely remain very steady. Essential could include expenses like your mortgage, groceries, transportation costs, etc. and nonessential could include things like entertainment (streaming services, subscription boxes, etc.), landscaping, cleaning services, etc. We cannot, and will not, tell you what you put in your essential category. That is for you and your household to decide together. You should ask serious questions like, “Can we live without this?” or “Is this bettering our life or cluttering it?” 🤔
Once you see your income and expenses on paper, it could be easier to see how small changes can make a big difference. It will also allow your advisor to ask probing questions and lead effective discussions around your habits and attitudes towards money. These discussions are just the tip of the iceberg in a client/advisor relationship.
Even some of our longtime clients struggle with knowing how much money they NEED versus how much they THINK they need. We hope this simple activity will bring enlightenment and clarity to you and your loved ones. 🙏