Find Your Financial Confidence by Learning About Budgets

Get a Handle on Your Finances.

Shop Our Tools

Find Your Financial Confidence by Learning About Budgets

Get a Handle on Your Finances.

Shop Our Tools

Our Key Features

Custom Budgets

Build Confidence

Custom Budgets

Tailored to your financial goals.

Easy Tools

Build Confidence

Custom Budgets

Practical for saving and tracking.

Build Confidence

Gain control of your finances.

About Budgets

Learning Something New

Learning Budgets is very eye-opening to see where your money goes and how to save and spend wisely.

Learning Which Budget is Right for You

Learning Budgets will show you how to save and spend money responsibly.

Category Labels for Budgets

Category labels can be as detailed or broad as you need them to be. The usual category labels are rent or mortgage, utilities (phone, electricity, gas, etc.), insurance, car payments, loans, etc.

Understanding Budgets

Almost everyone needs a budget. You cannot spend responsibly without knowing what your income is (money coming in {deposits}) or what your expenses are (money you buy things with or pay bills with). There are several types of budgets. A single budget might work for one person but will not work for another. You can have a few category labels or as many as needed.

This will give you an accurate picture of what money is going out versus what money is coming in. When you make your budget category labels, this will help you see what money is being spent and on what. It will also help you to see what is being spent on items that can be saved up for purchase at a later time. You might even find things you save up for to be on sale at a later date, or you might find you don't want or need them.

Understanding Budgets

Category Labels—Necessities

To understand where you are financially, it is advisable to start writing down each item you are currently spending money on. This would include your necessities (utilities, insurance, clothes, food, etc.). This will give you an accurate picture of what money is going out versus what money is coming in for your necessities. When you make your budget categories or labels, this will help you see what label categories you would need to include. It will help you to see what is spent on necessary items vs. items bought on the spur of the moment—things that can possibly be saved for.

To help you understand where your money is being spent, download the form in the next section to keep a record to allow you to see where your money is being spent.

Category Labels—Wants

These category labels are for your wants—savings account or savings for items you don't have money for yet. This would also include savings for 401(k) or an IRA.

Category Labels—Debts

Debts include credit cards, car loans, mortgages, etc.

Spending Form

Form to Use for Understanding Your Spending

Download PDF

Budget Allocation Plans

Budgets

50 / 30 / 20 Budget

A couple of budget allocations are the 50/30/20 allocation plan and the 50/40/10 allocation plan.

50 / 30 / 20 Budget

This means that 50% of your after-tax income is used to pay for necessities, 30% on your wants – which can include savings, and 20% on paying off debts.

50 / 40 / 10 Budget

50 / 30 / 20 Budget

50 / 40 / 10 Budget

The 50/40/10 plan is that 50% of your after-tax income is used to pay for necessities, 40% on your wants – which would include savings and 10% on paying off debts.

Budgeting Materials

Budget Materials

The best budget materials that I like are on Amazon. You can certainly look around and see if you like something else. I have used #10 (commercial) envelopes stapled together at the bottom of the envelopes. Next, I put a category label on the outside of each envelope and the amount of each category next to the category label.

Budget Materials (contd)

Search 'Budgeting Planner' on Amazon or another site you wish to check. I like the ones with labels and pockets along with ruled pages to mark your bills, expenses, etc. The pockets are for bills or cash you have allocated for this specific bill category label or expense.

If you are paid every week with a paycheck and cash it, then you have the paper cash to divide up between your category labels. If you have a direct deposit, like I have, I pay pretty much all things by debit card online. You can use play money as long as you keep good records and know what is going out (paying bills or savings). Use the play money to represent the cash in the bank to put in your label category envelopes for the bills/invoices.

If a bill is $$$.51 to $$$.99, round up to the next dollar. For example: $16.50 to $16.99, put back $17.00.for this bill.

On monthly billings, divide the total amount by 4 and find out how much money needs to be put back to pay for this billing for each payday. This will usually include rent/mortgage, utility bills, car and insurance payments, etc.

Weekly bills/invoices will usually be fuel for your car or groceries. They could be whatever weekly bills you have. Whatever is left after each bill is paid can be left in that specific envelope for the next bill. If there is any more cash left in an envelope after a certain period of time, this can be put in savings either in your envelopes or deposited in a savings account.

Price for Paper Money to Be Used With Direct Deposits

$10.00

Please pay for this paper money for your direct deposits automatically deposited in a bank account or on a pay card. These will represent the money deposited for your use in the budget planner books or envelopes.

Paper Money to Be Used in Connection With Direct Deposits

Learning Budgets

Open 24/7

(940) 242-1871 | learningbudgets@gmail.com

Find Your Financial Confidence by Learning About Budgets

Find Your Financial Confidence by Learning About Budgets

Our Key Features

Custom Budgets

Build Confidence

Custom Budgets

Easy Tools

Build Confidence

Custom Budgets

Build Confidence

Build Confidence

Build Confidence

About Budgets

Learning Something New

Learning Which Budget is Right for You

Category Labels for Budgets

Understanding Budgets

Understanding Budgets

Category Labels—Necessities

Category Labels—Wants

Category Labels—Debts

Spending Form

Budget Allocation Plans

Budgets

50 / 30 / 20 Budget

50 / 30 / 20 Budget

50 / 30 / 20 Budget

50 / 30 / 20 Budget

50 / 30 / 20 Budget

50 / 40 / 10 Budget

50 / 30 / 20 Budget

50 / 40 / 10 Budget

Budgeting Materials

Budget Materials

Budget Materials (contd)

Price for Paper Money to Be Used With Direct Deposits

Paper Money to Be Used in Connection With Direct Deposits

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