Budgeting Calculator Template

Take better control of your budgeting with this helpful free template!

The Importance of Budgeting

• A good budget prevents you from overspending each month and protects you from spiralling into debt. It should also help identify what you can afford each month, helping you stay within your means while helping you save for your future. 
  
• When it comes to budgeting, discretionary items are usually optional. It’s easier to cut back on discretionary spending compared to trying to save on essential costs like food and rent. 
  
• But the most essential thing you can budget for is to pay yourself first. By saving first and spending later, you'll have fewer funds available for the remaining period before you get paid again — meaning you're more likely to spend sensibly. With that said, it's important to note that what you are saving for should be of high importance - do not ‘pay yourself first’ if it is for a holiday, especially when you have high levels of outstanding high-interest debt.
• Try to set aside 20%, or more, of your take-home pay (after-tax) to reduce any high-interest debt, bolster your emergency fund, invest for medium and long-term goals, and achieve a happy long-term future!
  
• Putting 20% away into your savings and investments first is the target. You may not be able to hit 20% straight away, so try to make a start with whatever you can. Over time, adjust your lifestyle to get there (and beyond)!
• If you're able to comfortably put away 20% towards savings, investments and topping up your emergency fund, add to it by taking at least half of any raise you get whenever you get one and add it to the original 20% that you started with. Trick your brain by seeing ‘saving more’ as something more positive, like "spending half your raise" instead! You’ll find that the benefits are substantial.

How to Use This Template

1. Click the link to the read-only document!

https://docs.google.com/spreadsheets/d/1jrCExHS7iya8PsXIxP2d6y5HBgXAv8824pxrc3zXAXE/edit?usp=sharing

2. Make a copy of this template for your own use

[Open document > File > Make a copy]

3. Use this template for your own personal use!