Budgeting Tools & Tracking Systems
Interactive Online Tools
There are a variety of online tools available to help create a working budget.
Related Resources:
A simple budget can be created and written on a piece of a paper and organized in a three-ring binders or file box. Hold on to your receipts and track spending by filling in the blanks on pre-formatted household budgeting worksheets or writing down what you spend in a notebook. Keep a running total of what you spend in each category. With this system, the amount of money left to spend in a given category can easily be checked against the running balance.
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This method involves creating envelopes for each category of spending such as groceries, clothing, etc. The money budgeted for that category is put into the envelope for a specific budget period e.g. weekly, monthly, etc. Write the beginning amount on the envelope. As money is spent, take cash out of envelope, writing down when and how much is taken. Once the money is gone, it's gone. If you want to make a purchase from that category, then you must wait until the next allocation is available. If you do not spend everything in the envelope during the budget period, then the next allocation is added to the remaining cash. With envelope budgeting, the amount of money left to spend in a given category can be calculated at any time by counting the money in the envelope. Note: If paying a bill, cash should never be mailed.
Check Register System
This method involves using your check register to track each category of spending. Create columns in the register and label them for each category of spending. Write the amount budgeted for each category under category name. Write the amount spent in each category as it is spent and subtract from the last amount written. When a category shows $0.00, the money is gone. With this system, the amount of money left to spend in a given category can easily be checked against the running balance.
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Calendar System
This method involves using a calendar to track bills. Purchase a calendar with pockets to hold bills. Place the calendar in a convenient location at home. Put bill stubs or pay envelopes in the calendar pockets until they need to be paid. Mark on calendar when a bill is due or needs to be mailed. With this system, the dates that upcoming bills are due can easily be identified.
Related Resources:
There are a variety of online tools available to help create a working budget.
Related Resources:
- Household Budget Calculator (Practical Money Skills for Life)
- Interactive Budget Calculator (Clearpoint Credit Counseling)
A simple budget can be created and written on a piece of a paper and organized in a three-ring binders or file box. Hold on to your receipts and track spending by filling in the blanks on pre-formatted household budgeting worksheets or writing down what you spend in a notebook. Keep a running total of what you spend in each category. With this system, the amount of money left to spend in a given category can easily be checked against the running balance.
Related Resources:
- Spending Plan Weekly Tracker & Categories (Four Cornerstones of Financial Literacy curriculum)
- Spending Plan worksheets (Community Action Partnership)
- Setting Up a Budget worksheet (Practical Money Skills for Life)
- Spending Plans booklet w/ worksheets, Money Mechanics - 10.8 MB, may download slowly (Iowa State University Extension)
- Creating a Spending Plan: Income and Expense Statement worksheet (Montana State University Extension)
- Emergency Fund worksheet (Community Action Partnership)
This method involves creating envelopes for each category of spending such as groceries, clothing, etc. The money budgeted for that category is put into the envelope for a specific budget period e.g. weekly, monthly, etc. Write the beginning amount on the envelope. As money is spent, take cash out of envelope, writing down when and how much is taken. Once the money is gone, it's gone. If you want to make a purchase from that category, then you must wait until the next allocation is available. If you do not spend everything in the envelope during the budget period, then the next allocation is added to the remaining cash. With envelope budgeting, the amount of money left to spend in a given category can be calculated at any time by counting the money in the envelope. Note: If paying a bill, cash should never be mailed.
Check Register System
This method involves using your check register to track each category of spending. Create columns in the register and label them for each category of spending. Write the amount budgeted for each category under category name. Write the amount spent in each category as it is spent and subtract from the last amount written. When a category shows $0.00, the money is gone. With this system, the amount of money left to spend in a given category can easily be checked against the running balance.
Related Resources:
- Using a Check Register To Track Your Expenses Powerpoint (Montana State University Extension)
Calendar System
This method involves using a calendar to track bills. Purchase a calendar with pockets to hold bills. Place the calendar in a convenient location at home. Put bill stubs or pay envelopes in the calendar pockets until they need to be paid. Mark on calendar when a bill is due or needs to be mailed. With this system, the dates that upcoming bills are due can easily be identified.
Related Resources:
- Sample Family Financial Calendar (Community Action Partnership)