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A Budget Template is Key!

Whether you make $35K or $200K a year, could you honestly say you know where all your money is going? My educated guess is that the answer is no—which is pretty wild if you think about it.

You’ve probably heard of the Starbucks rule of savings: make your coffee at home and save $5 a day, which adds up to $9K over five years. I’m sure you're sick of hearing it. But can you deny its truth? Would you really pass up the chance to hit a financial goal by not making a simple, attainable change? After some thought and number crunching, I bet you wouldn’t.

Budgeting is largely a mental game. Setting restrictions on purchases you habitually make can feel as challenging as quitting smoking. It’s ingrained—a fixation, a habit—and habits are hard to break. This is where instant versus deferred gratification comes into play. It’s easy to enjoy the benefit of getting coffee exactly when and how you want it. It’s much harder to wait and appreciate the gratification of saving $9K. A budget serves as a guideline—one that, when followed with focus and consistency, helps curb spending habits. And hopefully, the result is achieving a financial goal. Be proud of yourself for making the effort.

One easy way to start structuring this in your mind is by using a budgeting template. Whether you’re paying off debt, saving for a house, or funding your child’s college education, a budgeting template can make a big difference in achieving your goals. If you have a high salary and already own a home with a healthy 401(k), you might think this isn’t for you. But give it a try—you might surprise yourself.

Where to Start?

There are several free resources that are, simply put, low-hanging fruit:

  • This platform offers a straightforward monthly budget template. What’s great about it is that you can compare your budgeted amount to actual spending, encouraging you to review your finances monthly—a great habit!

Microsoft Excel - Microsoft Budget Templates

  • Most professionals use Excel in some form. It offers dozens of budget templates, covering everything from an overall personal budget to specialized ones for college, events, holiday shopping, and more.

  • Canva is a fantastic tool for designing documents, graphics, and other media. But it also offers budgeting templates with a more visually appealing layout than Excel or Google Sheets.

Budgeting Apps

Budgeting apps are another great tool for monitoring your finances with the goal of saving or paying off debt. About 20 years ago, when I had a TON of credit card debt, I found Mint (now Monarch Money). It allowed me to link all my accounts in one place, set financial goals, spending limits, categorize transactions, and get a complete view of my finances. There are many budgeting apps out there, but here are a few:

Monarch Money - Monarch Money

  • I found this platform amazing—low cost and very user-friendly. The only reason I stopped using it was that I mix personal and business expenses on my credit card, which made tracking tricky. However, I loved its goal-setting feature and the ability to categorize an expense once without needing to do it again.

My next budgeting app experiments will be with the following:

  • YNAB (You Need a Budget) - YNAB

  • Rocket Money - Rocket Money

  • Honeydue - Honeydue – This app is designed for couples. While I don’t personally need it, I’m intrigued by how it helps partners stick to a budget together—something that can be much harder than budgeting solo.

Make Budgeting Enjoyable

Set some time aside and treat budgeting as a leisure activity. The goal is financial success and peace of mind—so why not make the process enjoyable? Put on your favorite playlist, grab your favorite beverage, and start taking control of your finances. Best of luck!



 
 
 

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