Let's talk about our Budget Binder printables and how they are not only saving helping us save money but many others as well.
Our 2019 budget binder is a digital product we created as a tool to help you with our finances.
Budgeting is important and everyone, no matter the income, should be know everything about their finances.
Tracking your spending and income is crucial and you need to make sure that you are using the right tool to help you tackle your finances.
What is a budget binder?
A resource for tracking your spending as well as managing and planning your financial goals
Why do you need a budget binder?
It is always recommended to use a budget binder to help you track your income, expenses. It helps you manage your finances and pay off any debt.
A budget binder helps you keep track of every penny earned and every penny spent.
Who needs a budget binder?
Anyone that earns and spend money. Again, a budget binder is a resource to help keep track of your finances.
I’m on a set income do I need a budget binder?
Yes, you need a budget binder. No matter your income, if you are earning and spending, keeping track of your finances is important
I am living paycheck to paycheck and have no clue how to use a budget binder?
Good news! You will! And I will show you how to use my budget binder and if you continue to follow and use this binder you will no longer live paycheck to paycheck.
What do I need to create a budget binder?
Good question! This budget binder is a digital product, and this means that you download it and print the pages you need and want to use.
To make a budget binder, you are going to need:
- 3 Ring Binder – We use a 2” binder.
- 3 hole puncher
- Copy paper – We use this paper from Walmart paper, and you can order it when you order your Walmart Groceries.
How to organize a budget binder?
Below you are going to learn how to use our budget binder printables.
Once you have your supplies gathered it is time to make sure you take the time and gather all your expenses and income from the last three months and be ready to work on this budget.
Please make sure that you have your schedule clear and ready to tackle your budget because this is not a 30-minute job.
You are going to make sure that you are going to pay all of your attention to your budget planning and if this is your first time doing this, it is crucial that you allow time for this.
What you are going to do is print the year goals sheets, and this these are:
- Yearly Financial Plan Sheet
- Yearly Financial Goal Sheet
- Paycheck Calendar Sheet
- Full Debt Overview Sheet
- Debt Paydown Sheet
- Debt Priority Sheet
Know that you can print as many as you need, and I will recommend having additional blank paper too. There are more sheets of papers to print but if you have not used this binder before and need some help getting started then print the sheets listed above first.
Now it is time to enjoy a money date and get started with your new adventure, your money adventure.
You are going to look at your finances. You are going to write down all your income, expenses, and debt.
Let me prepare you and say that this is going to be a hard part for many people because of the reality of how your finances are going to be there on your face.
This is going to be hard to take for many of you!
BUT that’s OK! We had those brutal honest moments too.
The truth was that we avoided doing this because we were afraid to see our financial reality face to face.
On this part, you are going to have to be honest with yourself and accept it.
You are going to write down ALL of your income, all of your expenses and your debt.
Log into your bank accounts, credit card accounts and start tracking.
Once you are done writing everything down it is time to come up with a financial plan.
What do you want to accomplish with your money? What are your financial goals for the future? Write it down in a blank piece of paper. Dare to dream big!
Once you have your goals written down it is time to break them down and start planning. How are you going to make this happen? Break it down and write those plans down.
In 2019 I want to pay one credit card off.
I would love to increase my emergency fund to $2000.
These are just samples.
So why we recommend writing your goals and plans down?
By writing your goals and plans down, it makes it real! When feeling down and need motivation it is such a great way to open your budget binder and look at your goals and plans.
How to use the Yearly Financial Plan Sheet
The yearly financial plan sheet has three sections:
- Long-term goals
- Short-term goals
- Action Plan
Planning is key to your success, and it is important to write your yearly plans so you can stay motivated and keep track of your goals.
Now, as the months pass by and you are working on your finances, you might change your plans for the year, and that is OK!
Nothing is set in stone, and as you find a rhythm that works for you and your family, it will change.
If your yearly long-term plan is to save $400 each month on your grocery category for a total of $4800 by using coupons and three months in you realized that this is not working because:
A – Cutting couponing takes way too much time
B – You do not see results
C – You found that meal planning and using a shopping list works for you
Then it's OK to change your yearly plan. If you plan to eliminate debt, then write it down and write down how you are planning on getting this done.
You don’t need to have more than one plan, if you want to focus on just eliminating debt, then do that. Your finances are your own and no one else!
How to use the yearly financial goals sheet
The yearly financial goal sheet is set up the same way as the yearly financial goals.
- Long-term goals
- Short-term goals
- Action Plan
It’s such a great way to break down your goals and your plans and keep them realistic. Here’s a realistic goal sample for you.
If you are in credit card debt of $15,000 and you want to pay your debt and save money, then you keep your debt goals and saving goals realistic.
Meaning you are going to write, kill $15000 in credit card debt and save $20,000 when you have never worked on your finances before or your income doesn’t allow it at this time.
Your long-term goals are to kill $15,000 in credit card debt and save $20,000.
Your short-term will be:
Pay down one credit card down to $0 and save $5000 in 2 years.
Your action plan will be something like research on how to reduce my credit card payments. Stop using credit cards and pay $100 extra on this particular credit card.
For the saving goal, my action plan is to analyze my spending, see what categories I can cut down and write an action plan on how to get there.
How to use the Paycheck Calendar sheet
Planning is key and when you are about to start budgeting it is best to know when you are going to get paid.
Using the paycheck calendar sheet, circle the dates you are going to receive a paycheck or income.
Once you are done, look at the sheet and see what months you are going to get an extra paycheck.
- 6 Things You Are Not Doing That Are Costing You Money
- 8 Tips for Saving Money Each Month
- Money Goals (Top 6 Goals For 2019)
Use this sheet each month to create your monthly budget to see when you will be getting paid. It makes it easier to have it all in one binder.
How to use the Full Debt Overview Sheet
Use the Full Debt Overview sheet to write down ALL of your debt and if you need to print more than one sheet, go ahead!
In case you need some clarification on what debt is, debt is money owed to a party, lender, or collector.
On this sheet you are going to write down:
Debt – The name of the credit card or loan. Amazon credit card, Visa card #1, a name that you will recognize.
Balance – You are going to write down the balance you owe. If you are starting the binder right now and you are creating a financial plan or goal for this write the balance as of today.
Monthly Payment – The minimum amount that is due on this debt each month.
Interest Rate – Write down the interest in this account.
Payoff Date – The date you are planning on paying this debt off.
Notes – Any note you need to write down.
The Full Debt Overview Sheet helps you see all your debt in one sheet which might hurt a bit but is a reality check we need.
This sheet will help you plan your debt pay off method. Do you want to start with the lowest balanced account, or do you want to start with the highest interest rate account?
This is a personal choice, and whatever way you decide to pay your debt is the right one for you! Remember it’s called personal finances for a reason, it’s personal! You don’t need to do it one way because someone else told you to do it that way.
Eliminate your debt on your terms as long as you are doing it!
How to use the Debt Paydown Sheet
Once you have written down all of your debt it and have come up with a debt pay off plan the Debt Paydown Sheet is the next step.
To keep your finances organized and in the same binder, you are going to write down what your goal payments for these accounts.
Again, the goal payment might change as the month's pass, and you pay off accounts, but it is a great idea to start with a plan.
Debt/Creditor – Write down the name of your debt or creditor.
Balance – Write down the total balance owed on the account.
Minimal Payment – Write down the minimum payment required for this account.
Goal Payment – Write down the goal payment you set for this account.
Paid Off – Check or mark once it is paid off.
How to use the Debt Priority Sheet
If you like to be organized and have your debt prioritize then this is the sheet for you. Once you have decided on how you want to pay your debt, write down by level of priority.
#1 being the highest level, the priority debt you want to pay off debt. This sheet is really good if you are doing the debt snowball method.
The sheets called Snowball Calculator and Debt Calculator are details sheets to write down every information regarding each account.
Why have two sheets and which one should you use?
Many people will follow the snowball way of eliminating debt, others will tackle their debt based on the highest interest, and others will do it their own ways.
Both sheets are the same thing just named differently depending on what your preference is.
What to do next after you have written down your goals, plans, and prioritized your debt.
These sheets are important because once you fill it out, you will have a clear view on how much interest you are paying on this debt, the balance, credit limit and all.
If you have multiple credit cards, we recommend using these sheets to give you a clear view of each credit card debt.
Snowball Tracker Sheet
I believe that visuals are a great way to keep you motivated and focus when it comes to eliminating debt.
Using the Snowball Tracker Sheet is a great way to track your debt on each one of your debt accounts.
How to use the Snowball Tracker Sheet
Year – Write down the current year.
Name of Debt – Identify the debt by giving it a name. If this is an Amazon credit card, write down Amazon. If it’s a Citi Bank, then write down the name. A name that you can associate the account with instead of Visa or Master Card. Doing this will be confusing if you more than one Visa card.
Starting Balance – When you decide to start tackling your finances and create a budget binder, use the current starting balance down.
Debt Priority – Remember the Debt Priority Sheet we mentioned earlier? Debt was written down by priority and on the left side of the page you saw numbers. This is where the priority number is going to go.
Goal Payoff Date – When you created your plan to attack your debt, if you decided on a payoff date write it down.
How to use the Saving Log printable
The Saving Log printable is used to store all your savings accounts. Write down your saving accounts, money earning app account, any account that you use to save money.
Use this sheet to keep track of all your saving accounts.
Our budget binder is a great tool to help you keep stay on task when it comes to your finances.
Because this information given above is long. We wanted to cover the yearly budget binder printables first before discussing the monthly sheets which will be on a different post.