Every 3 months, take the numbers from your monthly budget and plug them into your annual budget. If you did not stay on budget look to see where you overspent and try to do better in next month’s budget. You can copy as many of the templates you like in order to create a budget for the succeeding months, or even years. Plug your spending into the Monthly Budget template at the end of the month. If you want to prepare a budget for the next month, just copy the template’s tab and rename it to the next month, and so forth. All you have to do is insert a new row to either income or expenses and type the item you want to add. This standard household template can be further modified to accommodate any other additional income or expenses not identified in the list. This feature lessens the possibilities of miscomputations, which often happen when you compute manually. This Excel template already auto-computes for the figures. Having this template also eases the task of having to compute for every item. This variance will let you know if your actual financial activities fit with your prepared budget. It also automatically computes for the variance. It shows your budget in one column and your actual income and expenses in another. Savings can be in the form of things such as cash, investing in shares, contributing to superannuation or, most commonly, paying down or retiring debts (including principal repayments on credit cards, personal debts and mortgages).The template allows you to create a budget for one month. Once you have a rough idea of your spending, you can simply deduct it from your income to figure out how much you can potentially save each budget period. If you don’t, one big bill is going to blow your monthly budget entirely. Because I budget monthly, I then divide those costs into 12 and include them as line items in my budget (“Household Fund” etc) to make sure I am provisioning for such future costs.
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