Money is divine energy .The trick is to attract its blessings, but not be a slave to it.
Since my childhood my mother has been a big influence in my budget habits.My father unfortunately, had terrible money habits .This caused humongous credit card debts.
No wonder, I am not a fan of those little plastic cards.I however love netbanking and the good twin ,the debit card.
Now just like health goals ,we need well-defined financial goals.
Making money ,saving it and growing it is something no one is taught.
In fact if I had my way, I would make all school have a compulsory money management course. If children learnt good money habits from a young age, they are less likely to be foolish about it. Sure, we might need less jobs from companies like North Shore Advisory Inc., but I think it’s worth it for a more responsible population.
The worst thing our children can grow up with ,is taking money for granted and not knowing how to manage it.
Some people say money is not important. If that’s the entire truth ,then none of us would need it .Then no one would be bothered to earn it.
Ask any poor person whether money is important, then you will get the answer.
If I didn’t earn enough I wouldn’t be having my blog .That does take some surplus amount .Plus internet is not really free .
So what did I learn from my mom which helps me budget ?
This is top-secret.
I only tell people, who really want to be financially healthier.
The secret is .Pretend you actually have 10 to 20% of your combined salary as spending budget.
The rest you have to divide
- Money kept for protection
- Money kept for savings
- Money kept for growth
- Fun Money
So how to use the budget planner?
It’s a pdf planner .
You print it out and use it.
You will need to make 12 copies of the monthly expense sheet.
Now the cover page has the space for your name and favourite money quote “for motivation “.
The second page has a checklist of financial goals which you should be knowing .
Page three has the table for your
- Life insurance
- Health insurance
- One Sure Car insurance
- Home insurance
- Any other
It has the column for due date amount and any note.
Page four is for your savings
- Public provident fund
- Fixed deposits
- Recurrent deposit
- Mutual fund
- Any other
For each member if your family you can put in the account no., amount and due date
Page 5 is for your recurring expenses which maybe monthly ,quarterly or yearly
- House EMI
- Car loan
- Credit card debt
- Any other debts
- Electricity bills
- Phone bills
- tuition fees
- Internet charges
- Car servicing
- Household appliances servicing.
- Membership or subscription fees.
While page 3 and 4 helps you keep track of money pit away for protection and savings.
Page 5 is all about the money you need to give to other people .
Page 6 is going down to the nitty-gritty.
It’s the monthly money spent tracker.The place where you might cringe and smile at the same time.This sheet you need to one every month so 12 you need to print out.
It gives you a column for your budget and the various daily expenses.
Keeping a close look on this sheet you will be able to plug those money leaks.
Page 7 and 8 are for your monthly and yearly accountability pages where you can put in your total expenses.
Money in savings protection and growth.
Page 9 and 10 helps you keep all your financial data in one place .
This planner is made exclusively for my subscribers.
If you want it just enter your details in the subscription form below and you will get the password to my VIP Library
How do you plan your budget ?
Comment below to let me know.
Writing this for #MondayMommyMoments
This is Day 2 UBC
Thanks for this wonderful blog, i got some additional thing for writing a blog from this blog.
Thanks for the useful blog. We have learned useful financial budget planning. You are a very good writer.
This is something everyone should read. I liked your idea of having financial classes for students. Why don’t you take them Doc. It would be great.Seriously, I wish my Kiddo to understand the value of money and be a mindful spender. Its a much needed education for children. Mismanagement of funds can create havoc. I have experienced this and therefore I love planning my every penny.
Thanks for bringing out such a important topic.
Thanks Upasana. Yes we need to teach kids about money.
Yes, budgeting is very important and this budget planner sounds so great! Thanks for this post!
Thanks Jasmine????
I love your Mom’s tip ; The secret is .Pretend you actually have 10 to 20% of your combined salary as spending budget.
Thanks for sharing it.
Also , the detailed and easy to follow post is awesome!
Apart from being a Doctor, you are a super financial planner as well. Kudos to that!:)
Thanks Mayuri.Glad you liked it.
I hate credit cards too. Never used it before and I don’t think I will ever use it too. I’m pretty happy with Net Banking and Debit Cards. A budget planner sounds great. I usually note the expenses in a little diary and calculate at the end of the month 🙂
Great Shalini.You are doing a lot more that 80% of people.So that’s great
Wow!! your mom seemsed to be a planner pro!! Budget planning is such an important thing after five years of marriage also i am really bad at it.
Thanks Richa.O am sure you have a system.Ypu just need to write it down.
Thanks Richa.O am sure you have a system.You just need to write it down.
Seems like a wonderful planner Amrita. I have one in place which I have directly automated with my bank account. That way I keep all the bills paid on time and without any interest to be paid if late. Having a printable planner handy helps in many ways.
Great Menaka.That’s a great way to automate
I really need to do this! Budgeting is so hard, but completely necessary.
Very true
What a great post. It’s not so hard to do (financial planning/budgeting) when you have it laid out in front of you. This is really helpful! Thanks!
This budget planner sounds pretty neat, and it’ll definitely be helpful in this new year as I plan to do a lot of saving in it 🙂
Thanks for sharing your awesome budget planner. I think we all need to be money savvy, and need to plan the financials ahead of time.
yes budgeting is very important. i use a computer program to do ours.
Great idea to use software. ????
Wow! This is really detailed. I use a simple excel sheet to track my expenses. I works wonderfully.
Yes that’s pretty good too