{"id":361,"date":"2022-03-23T10:17:49","date_gmt":"2022-03-23T10:17:49","guid":{"rendered":"https:\/\/compoundingstacks.com\/?p=361"},"modified":"2022-04-04T15:06:19","modified_gmt":"2022-04-04T15:06:19","slug":"how-do-you-do-a-monthly-budget-planner","status":"publish","type":"post","link":"https:\/\/compoundingstacks.com\/how-do-you-do-a-monthly-budget-planner\/","title":{"rendered":"How Do You Do A Monthly Budget Planner?"},"content":{"rendered":"\n

To quote the iconic Swedish pop supergroup ABBA, “Money, money, money, must be funny, in a rich man’s world.” Whilst this may be the case, for most of us, money is no laughing matter. <\/p>\n\n\n\n

\"How<\/figure><\/div>\n\n\n\n

As the cost of living continues to rise exponentially, many people are being caught out and are unable to continue living the lifestyles they have become accustomed to. <\/p>\n\n\n\n

As the world becomes a more narcissistic place, people become more obsessed with being a ‘success’ through accruing material wealth.<\/p>\n\n\n\n

For many, they are simply trying to survive in an ever-changing world that continues to face new challenges and adversity. <\/p>\n\n\n\n

Many live month to month, or paycheck to paycheck, and this can cause all manner of stress, anxiety, worry, and fear in our minds.<\/p>\n\n\n\n

So, how can we be better organized with our money?<\/p>\n\n\n\n

How can we ensure we are not pushing ourselves further and further into the black hole of debt?<\/p>\n\n\n\n

The key, like most aspects of our lives, is organization and planning. The more organized we are with our finances, the better we can budget, save, and feel confident that our future is bright. <\/p>\n\n\n\n

This article will look at how to organize a monthly budget<\/a> planner. Taking into account all aspects of one’s financial circumstances means considering a great deal of information, a lot of data. <\/p>\n\n\n\n

Breaking this daunting data down into more manageable sections can help you see with clarity and ensure that your finances are managed practically and efficiently.  <\/p>\n\n\n\n

Why Make A Monthly Budget Planner?<\/strong><\/h2>\n\n\n\n

Balance is key in all aspects of life, from your work-life balance to how much time you spend on your phone. <\/p>\n\n\n\n

The time and energy you give to certain things in your life can have a profound impact on your overall well-being, as well as your emotional state and financial security. <\/p>\n\n\n\n

Being as organized and detailed as possible with your financial planning is a skill everyone should develop for themselves. <\/p>\n\n\n\n

A budget planner will allow you to work on your financial goals,  calculating exactly how much you need to spend each month, and in turn, how much you can save. <\/p>\n\n\n\n

Over time, you will also be able to see trends in your monthly spending habits, painting a clearer picture of exactly how your money is being spent. <\/p>\n\n\n\n

Step-By-Step Guide To Making A Monthly Budget Planner<\/strong><\/h2>\n\n\n\n
\"How<\/figure><\/div>\n\n\n\n

Step 1 – Digital Or Physical?<\/strong><\/h3>\n\n\n\n

Making a budget planner requires the consideration of a lot of information, as you will be looking at your monthly income and monthly expenses as you seek to become the master of your personal finances. <\/p>\n\n\n\n

Are you a computer whiz or a technophobe?<\/p>\n\n\n\n

For those technophobes, there is nothing wrong with going old school and writing this plan out on paper, using lists and tables to systematically organize the data that you need to process. <\/p>\n\n\n\n

For those that are confident in using modern technology, there are a variety of software and applications available that can be used to help create your budget. <\/p>\n\n\n\n

Simply type up the information in a word processing app or make a budgeting spreadsheet in Microsoft Excel or Apple Numbers.<\/p>\n\n\n\n

Alternatively, and personally, my favored approach, is to use one of the specifically designed budget applications to build your plan. <\/p>\n\n\n\n

These apps provide a budget template, a clear structure, and categorization for all the information that you will need to include, which can be a great help and a time saver. <\/p>\n\n\n\n

Step 2 – Data Collection <\/strong><\/h3>\n\n\n\n

The next step is to ensure that you have everything you need to make the plan.  This means all of your financial documents are related to both sources of income and your monthly expenses. <\/p>\n\n\n\n

Let us consider what this list includes;<\/p>\n\n\n\n