![]() ![]() The next thing I wanted to have in our Budget Binder was a list of recurring expenses. Paying off those student loans will feel better than an extra meal out ever could! Tracking Recurring Expenses Then, for example, if we’re really tempted to go out to eat instead of just grabbing something from home, we think of our goal. ![]() ![]() If we’re looking at them each day or week when we’re tracking expenses in the binder, we renew our commitment and drive to reach them. These goals and action steps are in the front of the binder for a reason– they’re there as a constant reminder of what we’re working toward. However we decide to do it, it’s not enough to just set the goal. Or maybe we can cut down on our budget in other areas like clothing or eating out to come up with the extra cash. Maybe we can get an extra little side job to make some additional money to put toward the debt. Maybe we’ll plan to make a double payment each month. We’ll write it down on this page, give ourselves a timeframe in which to complete it (by the end of December 2023), and then we’ll list the action steps that we are going to take in order to reach that goal. Let’s say we’ve set a goal to pay off our student loans in the next year. When Donnie and I take the time to sit down together and write out our financial goals, it puts us on the same page, and we are much more likely to achieve what we set out to do! Goal setting is oh-so-important to me, especially when it comes to finances. Monthly Check-in Page– This page helps you take a look over the previous month’s finances and gauge what you did well and what you would like to improve for the upcoming month.Pages to Track Variable Monthly Expenses– These sheets track expenses that vary some from month to month like grocery shopping, eating out, gas, clothing, etc.Pages to Track Recurring Expenses– These sheets track bills that stay pretty much the same each month like mortgage/rent, car payments, student loan payments, utility bills, etc.Goal Setting Sheet– Set financial goals for the year so you know exactly what you’re working toward.Cover Page– Keep track of your binder (and make it pretty so you want to use it often)!.(If you click on each of the links below, you can jump right to the explanation for that particular page.) Here’s what to include in a budget binder: There are several key pages that I include in my budget binder each year. A traditional recommendation for an emergency fund is enough money to cover 3-6 months worth of living expenses.What should be included in a budget binder? Losing your job, a trip to the emergency room, etc. Emergency Fund: Life happens, better start preparing now.Back to school expenses, car repairs, insurance premiums, home repairs, property taxes, etc. Sinking Funds: Sinking funds can help you stay on budget by allowing you to plan for irregular expenses.Financial Goals you want to meet in 5+ years. Long Term Goals: These goals would be for things like buying a house, sending your children to college, etc.Financial goals you want to meet in the next 5 years. Short Term Goals: These goals would be for things like buying a car, going on vacation, etc.Retirement: Unless you are banking the entirety of your retirement years on social security you need to have a plan to save for your future so you won’t be forced into working in your senior years.Some areas you should consider saving for: Planning ahead for your money is an important part of securing your financial future and getting ahead of potential financial disaster. ![]()
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