{"id":33657,"date":"2018-06-14T07:34:47","date_gmt":"2018-06-14T11:34:47","guid":{"rendered":"https:\/\/canadianbudgetbinder.com\/?p=33657"},"modified":"2025-01-13T06:39:17","modified_gmt":"2025-01-13T06:39:17","slug":"basic-budget-worksheet","status":"publish","type":"post","link":"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/2018\/06\/14\/basic-budget-worksheet\/","title":{"rendered":"How To Use A Bare Bones Basic Budget (Free Printable)"},"content":{"rendered":"\n

<\/span>Estimated reading time: <\/span>11<\/span> minutes<\/span><\/p>\n\n\n\n

Let me show you how to find the numbers to start saving and paying down your debt using a bare bones basic budget.<\/strong><\/p>\n\n\n\n

A Simple Budget For Beginners <\/span>Without Stress<\/h2>\n\n\n\n

Yes, yes, yes, a budget is essential, and I will say it until I’m blue in the face.<\/p>\n\n\n\n

Don’t believe me?<\/p>\n\n\n\n

What you do with your money is your business, and I can assure you that this blog is for the people who want money control and the weight of debt lifted.<\/p>\n\n\n\n

Living with financial burdens that don’t have an end in sight can cause tremendous health problems, including stress and anxiety.<\/p>\n\n\n\n

It may sound unrealistic, but if we don’t have anything to believe in, then there’s no point in budgeting in the first place or setting goals, for that matter.\\<\/p>\n\n\n\n

If you already plan to fail, then you’ve failed.<\/p>\n\n\n\n

If I  could go back ten years and tell myself that budgeting would allow us to live debt-free in our 40s, I might have laughed but certainly listened to the advice.<\/p>\n\n\n\n

My money mindset has changed today compared to then, and it’s because I have experienced the ups and downs of life in Canada. <\/p>\n\n\n\n

From new jobs, increased income, decreased income, job loss, disability, and everything in between, I’ve been immersed in this new culture.<\/p>\n\n\n\n

Our life has been nothing short of waves, and like others, we have had our share of problems that have impacted our financial status, but we made it. <\/p>\n\n\n\n

Confronting your financial situation is challenging, but the first step that everyone needs to take is jumping through the hoops of overspending.<\/p>\n\n\n\n

You may believe there is no way you are spending more than you earn, but if you’re not getting ahead, there must be a problem.<\/p>\n\n\n\n

That was the way we thought about money when we first started budgeting.<\/p>\n\n\n\n

We discovered that we could have saved even more money had we targeted our budget numbers from a fundamental standpoint.<\/p>\n\n\n\n

Taking the route of calculating figures in our heads and scribblings on paper just didn’t cut it.<\/p>\n\n\n\n

Starting With A Budget<\/span><\/h2>\n\n\n
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\"canadian<\/figure>\n<\/div>\n\n\n

A basic budget is all you need when you start your journey, especially when learning how a budget works.<\/p>\n\n\n\n

When we began budgeting, I was the first to say it was intimidating and frustrating.<\/p>\n\n\n\n

A recent fan email about budgeting reminded me that I have not explained how we designed our basic budget. <\/p>\n\n\n\n

Also, I want to stress why using this form of budgeting is great for getting your feet wet in the finance world.<\/p>\n\n\n\n

First, some spreadsheets, such as our detailed free budget download Excel spreadsheet, can be second-level for budget users.<\/p>\n\n\n\n

This budget design targeted all the little things that matter in budgeting that we tend to miss out on.<\/p>\n\n\n\n

Over time, you will want more from your budget as you get better at budgeting.<\/p>\n\n\n\n

People inevitably enjoy learning about where their money is going and want to see more of their future in a photo.<\/p>\n\n\n\n

I call this the snapshot budget, which may entail a bank app, detailed budget spreadsheets, or something you create.<\/p>\n\n\n\n

Until then, newbies might fare better starting with a printable budget that offers them stability over their money and an understanding of what is coming in and going out.<\/p>\n\n\n\n

Using A Budget For The First Time<\/h2>\n\n\n
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\"WHY
Using a budget for the first time<\/figcaption><\/figure>\n<\/div>\n\n\n
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Dear Mr.CBB<\/p>\n\n\n\n

My husband and I desperately need to get our finances including our massive debt from school under control and we are finally turning to budgeting. <\/p>\n\n\n\n

I found your page on Facebook and have since become a regular reader of the blog and have a couple of questions I hope you could help me with. \u00a0<\/p>\n<\/blockquote>\n\n\n\n

    \n
  1. I’m not a fan of using phone apps or spreadsheets (not confident) so what are my other options?<\/li>\n\n\n\n
  2. Do we need to account for every dollar we spend and if yes what is the best route?<\/li>\n<\/ol>\n\n\n\n

    Thanks,<\/p>\n\n\n\n

    Colleen<\/p>\n\n\n\n

    Get Organized<\/h2>\n\n\n\n

    Hi Colleen,<\/strong><\/p>\n\n\n\n

    Thanks for your questions.<\/p>\n\n\n\n

    Please don’t be afraid of spreadsheets; they aren’t as scary as you think.<\/p>\n\n\n\n

    We’ve been programmed to believe that we must have top-notch computer skills to use Excel, word, and essential online tools that companies use today.<\/p>\n\n\n\n

    The budget is super easy to use, and you can customize it by adding columns and other information as you see fit.<\/p>\n\n\n\n

    If all you want to know is how much money you are earning and where that money is going, the budget printable is the best starting point.<\/p>\n\n\n\n

    If you still aren’t convinced about using the Excel spreadsheet, you can print copies of the budget and use the pen-and-paper method of tracking your expenses.<\/p>\n\n\n\n

    Collect all your receipts, and use bills and banking information to fill in all the blanks.<\/p>\n\n\n\n

    As mentioned, tracking money in our heads and believing we were under budget, and our savings power was fierce was the wrong way to go about our finances.<\/p>\n\n\n\n

    The best thing we did for our budget, apart from setting goals, creating a budget, and following through, was asking for our receipts<\/strong><\/a>.<\/p>\n\n\n\n

    Without receipts, you risk losing track of where your money is going, especially if you use cash.<\/p>\n\n\n\n

    Do you need to track every dollar? <\/h3>\n\n\n\n

    The choice is yours, depending on how thorough of a financial picture you want to see.<\/p>\n\n\n\n

    I would suggest yes because it gets you used to asking for receipts and keeping organized.<\/p>\n\n\n\n

    You will also find those receipts will come in handy one day when you want to make a return<\/a><\/strong> or challenge a price adjustment<\/strong><\/a> or the scanning code of practice. <\/strong><\/a><\/p>\n\n\n\n

    What Our Basic Budget Spreadsheet Is, And Isn’t<\/span><\/h2>\n\n\n\n

    A budget tracks your income vs. expenses,<\/strong> precisely what you will get.<\/p>\n\n\n\n

    Allocating your expenses to different categories becomes easier once you know budget basics and how to apply them.<\/p>\n\n\n\n

    The CBB basic budget is not detailed because I kept it simple for those of you (including ourselves at the time) who are newbies.<\/p>\n\n\n\n

    Once you get the budgeting itch, you might find that you want to progress to something a bit more advanced.<\/p>\n\n\n\n

    A budget is also a way to track your net income<\/strong><\/a>, which many printable budgets don’t offer.<\/p>\n\n\n\n

    If I asked you what your spouse net every month from working, you should be able to answer that question.<\/p>\n\n\n\n

    Perhaps your spouse gets paid differently, then try to estimate based on the past three to six months of net income. <\/p>\n\n\n\n

    However, if you can’t answer what you net monthly, taking baby steps into the finance world is essential.<\/p>\n\n\n\n

    Always Review <\/h2>\n\n\n\n

    Most importantly, always check back and review as often as possible.<\/p>\n\n\n\n

    Don’t be someone who becomes a success story and loses everything because of too much confidence in handling money.<\/p>\n\n\n\n

    Lastly, read my Mini 10-Step Budgeting Basics Course<\/a><\/strong> for all the tips we used to create our budget. It’s a free, valuable tool for all of my blog subscribers. <\/p>\n\n\n\n

    Discussion:<\/strong> Did you start with a basic budget or jump into something more advanced?<\/p>\n\n\n\n

    Where Our Money Went In May<\/span><\/h2>\n\n\n
    \n
    \"May<\/figure>\n<\/div>\n\n\n

    Hey everyone!<\/p>\n\n\n\n

    Another decent month was had at the CBB household, with extra income from selling unused items around the house.<\/p>\n\n\n\n

    Sounds exciting, but we have expenses that will increase in the next few months, including a new fence which we’re looking at around $7k, a deck, and other landscaping in the backyard.<\/p>\n\n\n\n

    As far as spending in May, there was not much out of the ordinary; however, more trips back to my mother-in-law’s house saw us spend more on eating out.<\/p>\n\n\n\n

    Since she no longer cooks with her disease, we are left with eating out, although we pack a cooler with snacks for the ride down.<\/p>\n\n\n\n

    Home Maintenance went up as I started to buy items for jobs around the house, plus we purchased plants to decorate the outside for the summer.<\/p>\n\n\n\n

    Our daycare expenses also increased a bit since we had to add extra days in May for Mrs. CBB to help her mother with doctor appointments.<\/p>\n\n\n\n

    Have a great month, everyone!!<\/strong><\/p>\n\n\n\n

    Mr.CBB<\/p>\n\n\n\n

    Simple Budgeting Series<\/span><\/h2>\n\n\n\n

    Please take the time to read through our series and<\/strong> Budgeting in the New Year.<\/a> <\/p>\n\n\n\n

    I hope the information will help stop you from making common budgeting mistakes<\/a>.<\/p>\n\n\n\n

      \n
    1. How We Designed Our Budget Step 1<\/a>\u2013 Gathering All the information<\/strong><\/li>\n\n\n\n
    2. How We Designed Our Budget Step 2<\/a>\u2013 Categories<\/strong><\/li>\n\n\n\n
    3. How We Designed Our Budget Step 3<\/a>\u2013 Tracking <\/strong>Receipts<\/b><\/li>\n\n\n\n
    4. How We Designed Our Budget Step 4-<\/a>  Note-taking<\/strong><\/li>\n\n\n\n
    5. How We Designed Our Budget Step 5<\/a>\u2013 5S Organization<\/strong><\/li>\n\n\n\n
    6. How We Designed Our Budget Step 6<\/a>\u2013 Who Does What and When?<\/strong><\/li>\n\n\n\n
    7. How We Designed Our Budget Step 7<\/a>\u2013 Balancing <\/strong><\/li>\n\n\n\n
    8. How We Designed Our Budget Step 8<\/a>\u2013 Knowing Coupon Savings<\/strong><\/li>\n\n\n\n
    9. How We Designed Our Budget Step 9<\/a>\u2013 Reading Bills<\/strong><\/li>\n\n\n\n
    10. How We Designed Our Budget Step 10<\/a>\u2013 Projected Expenses<\/strong><\/li>\n<\/ol>\n\n\n\n

      Percentages May 2018<\/span><\/h2>\n\n\n
      \n
      \"May<\/figure>\n<\/div>\n\n\n

      Our savings of 31.79%<\/strong> include investments as well as any protection for this month based on the income of $8,788.66.<\/strong><\/p>\n\n\n\n

      We put money away for the projected expenses that must be paid in the coming months.<\/p>\n\n\n\n

      The other categories were reasonably standard this month, even if the Life Ratio is a little high and close to the maximum.<\/p>\n\n\n\n

      All categories took 100%<\/strong> of our income, showing that all the money we earned for the month was accounted for.<\/p>\n\n\n\n

      Percentages Month By Month<\/span><\/h2>\n\n\n
      \n
      \"May<\/figure>\n<\/div>\n\n\n

      Breaking Down Expenses<\/span><\/h2>\n\n\n\n

      Below is a breakdown of our expenses, which helps us understand where all our money goes.<\/p>\n\n\n\n

      Since May 2014, we’ve been mortgage-free, so much of our money will be directed at savings, investments, and renovations.<\/p>\n\n\n\n

      I hope you view this as an educational tool rather than comparing your financial numbers,<\/strong><\/a> as our situations are unique.<\/p>\n\n\n\n

      Spending less than we earn and budgeting our money has been the easiest way for us to pay down debt and save money.<\/p>\n\n\n\n

      It may be different for you.<\/p>\n\n\n\n

        \n
      1. Chequing<\/strong>\u2013 This is the bank account from which all our debt gets paid.<\/li>\n\n\n\n
      2. Emergency<\/strong> Savings Account<\/a>\u2013 This is a high-interest savings account.<\/li>\n\n\n\n
      3. Regular Savings Account<\/strong>\u2013 This savings account holds our projected expenses.<\/li>\n\n\n\n
      4. Monthly Budgeted Total<\/strong>: $5,376.40<\/strong><\/li>\n\n\n\n
      5. Monthly<\/strong> Net Income Total<\/strong>: $8,788.66<\/strong><\/li>\n\n\n\n
      6. (Check out our <\/strong>Ultimate Grocery Guide<\/a> to see where our grocery money goes) <\/strong><\/li>\n\n\n\n
      7. Projected Expenses:<\/strong> These are expenses we know we will pay for throughout the year = $1,967.68<\/strong><\/li>\n\n\n\n
      8. Total Expenses Paid Out: $5,627.10<\/strong><\/li>\n\n\n\n
      9. Total Expenses Actually Paid Out:<\/strong> Calculated is $8,788.66 <\/strong>(total net monthly income) \u2013 $1,967.68 <\/strong>(projected expenses) \u2013 $1,193.88 <\/strong>(savings in to emergency fund) = $5,627.10<\/strong><\/li>\n\n\n\n
      10. Actual Cash Savings going into Emergency Savings<\/strong>: Calculated is $8,788.66 <\/strong>(total monthly net income) \u2013 $5,627.10 <\/strong>(actual expenses paid out for the month) \u2013 $1967.68 <\/strong>(projected expenses) = $1,193.88<\/strong><\/li>\n<\/ol>\n\n\n\n

        Results<\/strong><\/p>\n\n\n\n

        Time for the juicy category numbers and to see how we made out with our monthly budget. <\/p>\n\n\n\n

        Below you will see two tables, one is our monthly budget, and the other is our actual budget for May 2018. <\/strong><\/p>\n\n\n\n

        The following financial numbers represent two adults and a toddler<\/strong> plus retirement investments.<\/p>\n\n\n\n

        Colour Codes<\/strong><\/p>\n\n\n\n

        If highlighted in blue, that means it is a projected expense. <\/p>\n\n\n\n

        Budgeted Amounts for May 2018<\/span><\/h2>\n\n\n
        \n
        \"May
        Budgeted <\/figcaption><\/figure>\n<\/div>\n\n\n

        Actual Expenses For May 2018<\/h2>\n\n\n
        \n
        \"May
        Actual Expenses<\/figcaption><\/figure>\n<\/div>\n\n\n

        Updates Month By Month<\/span><\/h2>\n\n\n\n

        In case you missed our updates and want to do a quick search, I’ve compiled them on one handy page: monthly budgets<\/a><\/strong>.<\/p>\n\n\n\n