Now a budget template is something that everyone needs in their life to manage their finances. But as important as it is, a budget template is not the most fun thing in the world to curate. Honestly after a few times, one is going to hate doing that. So what is the solution? You cannot skip it; neither can you bring yourself to do it. The simple solution here is opting for free templates.
Why is a budget template important?
As mentioned earlier a budget template is really important but why is that? It is because a budget template keeps a tab on all your finances and makes it more manageable. If one is doing their taxes a budget template will make the work much easier as it will have all the financial information neatly categorized.
Easy to use tool
If someone is just starting off with this template scenario, it can be pretty intimidating and confusing at first. But those feelings will go away as soon as one gets accustomed to the sophisticated features that Excel offers. When you are starting out, it is always recommended that you start with the simplest one with easy instructions. There are a variety of free budget templates for one to try. If a student wants to use a budget tool there is a template just for their needs. Likewise, if you are a parent or a single-income household, you will find a template that exactly suits your purpose.
How much do you bring in?
Apart from your social situation and needs, salary is something that affects the choice of template. It is definitely not about your annual salary. You cannot put your annual salary divided by 12 into the template. Actually one needs to access the amount of money that they bring home. For example, if you are making $40,000 a month and $3,300 a month, you will need to pay your income taxes along with some other benefits and plans. For example a pension plan, a loan etc are some of the things that need to be subtracted from the monthly salary check.
Microsoft Excel is an excellent tool that will help you to track your budget and create financial statements. Thus keeping close tabs on all your finances. Excel offers more than 20 different templates to suit all their customers’ situation and needs. And what is even better is that they are absolutely free of cost. Here are a few simple ones
- Business expense report
- Project budget
- Profit and loss statement
- Balance sheets
- Activity-based cost tracker.
- Small business cash flow projection.
- Simple invoice.
- Year-round IT budget template
- Systems downtime expense calculator
- Computer hardware depreciation calculator.
Keeping close tabs on all your finances is very important and thanks to the internet it can all be done online with sophisticated tools and efficient programmes. It is high time to keep the finances in check as the tax season is just around the corner.