A column for actual income and expenses.A column for your budgeted income and expenses.Regardless of the budget period, you’ll want to create three columns: They then extrapolate the budget out to a year. In fact, most budget apps and software track income and expenses by month. You can also use multiple budget periods simultaneously. How much time you want to spend updating your budget spreadsheet.How closely you want to monitor your finances.You may want to budget daily, weekly, bi-weekly, monthly, or yearly. This is especially helpful if you’re trying to reduce your expenses in a specific area of your finances. If you find that specificity helps you maintain better control of your finances, you may want to add subcategories to more closely track certain expenses.
However, you want enough categories to encompass all your income and expenses without creating unnecessary complexity.
There isn’t a “right” number of categories. Step 2: Create Income and Expense CategoriesĬategories are the backbone of a budget.
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