The detailed budget file is a great overall planning tool. This workbook assists in gathering the information needed to establish a formal budget. Some of this information may not pertain to your situation but the details listed may assist in ensuring you gather all expenses into your budget. For instance, this workbook allows you to see outstanding debt in one place so that you can develop a debt reduction plan if needed. It also allows you to see on paper your monthly spending habits so you can develop a plan to build a solid emergency fund. Upon opening the file you will notice 6 tabs along the bottom of the worksheet. Please take a moment and click on each tab to familiarize yourself with the information on each tab. It may not be necessary to complete the information areas of all the tabs but you may find the detail provided in the monthly and periodic expenses tabs helpful in setting up your formal budget.
The monthly budget/spending workbook (budget template) is provided as a tool to use after a detailed accounting of your monthly and periodic expenses has been determined using the detailed budget workbook. Upon opening this file you will notice 3 tabs along the bottom of the worksheet. Again, please take a moment and click on each tab to familiarize yourself with the information on each tab. You will notice there are comments contained with the cells of the item listed in the "description" column of the Budget tab. We have found that it is helpful to use the comments to keep track of items that are consolidated or added together in a cell (i.e. nails, hair, cosmetics, etc.). Please adjust the worksheet so it makes sense to you or even update your budget to reflect any items you might have overlooked. The second tab is a spending worksheet. Typically we suggest that you log daily spending habits for a 2-4 week period. You can do this manually or by collecting receipts and logging spending in the spending worksheet. This allows you to better evaluate where your monthly residual income is being spent. The last tab is a notes tab that allows you to make notes to yourself or list questions you have if you are coming in to meet with one of our financial management professionals.
If you would like to review your budget with a budgeting professional, please contact Cedar Point Financial Services, Inc. to make an appointment.
301-863-7071 ● 800-201-1647
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APR = Annual Percentage Rate
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