Budgeting Tools
Budget Box System
What is this?
This is another type of budgeting tool that you can use at home. The budget box is a small box with dividers for each day of the month, like a filing system.
How do I use this?
When you receive a bill, check the due date and place it behind the card that represents the due date. As you receive income, pay all the bills that are due.
Computer System
How can this help me to budget?
The computer is another type of budgeting tool that you can use at home. If you have access to a personal computer, you can create your own spreadsheet. You may also want to purchase a personal finance program. They are available for less than $75.
What are some advantages of using a computer to manage my finances?
Using a computer to manage your finances is relatively easy. Once you set up the system, updating the information is quick and easy. It is important to enter transactions frequently to truly understand your financial position.
Daily Spending Diary Worksheet
Use this budgeting tool to track where your money is going. You are far more likely to save your money when you see how much small, miscellaneous purchases, such as coffee and soda, can add up.
| Day | What did I spend my money on today? |
| Sunday |
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| Monday |
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| Tuesday |
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| Wednesday |
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| Thursday |
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| Friday |
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| Saturday |
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Expense Envelope System
What is this?
This is another type of budgeting tool that you can use at home. This tool is useful if you pay your bills with cash each month.
How to set it up:
- Make an envelope for each expense category (rent, utilities, food, etc).
- Label the envelope with the purpose, amount, and date due.
- When you receive income, divide it into amounts to cover the expenses listed on the envelopes.
Helpful Tip:
Pay your bills right away, so you won't be tempted to spend the money for something else.
| My Income | My Expense | |
| Fixed Expenses | ||
| Wages $ |
Rent/Mortgage $ |
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| Public assistance $ |
Property taxes/Insurance $ |
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| Child support/Alimony $ |
Trash collection $ |
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| Interest/Dividends $ |
Car Payments $ |
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| Social Security $ |
Car Insurance $ |
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| Other $ |
Other loan payments $ |
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| Health insurance $ |
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| Day care/Elder care $ |
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| Flexible Expenses | ||
| Savings $ |
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| Gas/Oil $ |
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| Electricity $ |
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| Water $ |
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| Telephone $ |
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| Food $ |
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| Transportation/Gas $ |
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| Car maintenance $ |
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| Education $ |
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| Personal expenses $ |
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| Other $ |
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| Total Income $ | Total Expenses $ | |
| Remember to plan for income and expenses that do not occur on a monthly basis. | ||
Monthly Payment Schedule
What is the Monthly Payment Schedule?
This budgeting tool will help you to keep a record of your income and bill payments so you can plan for expenses and savings. To use this tool effectively, you will need to complete the Income and Expenses Worksheet (see "Budgeting Tools" in the Information Booth). These two tools are designed to go hand-in-hand.
How to Use the Monthly Payment Schedule
- Complete the Income and Expenses Worksheet (See Tips, Money Matters).
- Transfer your income sources and amounts from the Income and Expenses Worksheet into the "Income" column on the Monthly Payment Schedule.
- You might also want to record the date the income is expected.
- Transfer your expenses, the date due, and the amount due, onto the appropriate columns of the worksheet. The "Paid" column is for you to write the date when your payments have been made. You can use different colored ink for income and expenses.
- You might want to estimate food and other flexible monthly costs at the end of each month. You can use the Daily Spending Diary (see "Budgeting Tools") to help you estimate these costs.
- Sample Monthly Payment Schedule
- For a blank copy of this worksheet, check the Tip Sheet, located at the end of the Money Matters Module.
| Income | Bills | Pay or Due Date | Amount Due | Paid |
| Wages | April 2 | $1000 | ||
| Child Support | April 5 | $300 | ||
| Savings | April 2 | $25 | ||
| Rent | April 6 | $500 | ||
| Telephone Bill | April 16 | $25 | ||
| Credit Card Payments | April 20 | $50 | ||
| Food | April 20 | $250 | ||
| Transportation | April 23 | $50 | ||
| Personal Expenses | April 27 | $50 | ||
| Child Care | April 28 | $250 | ||
Sample Monthly Payment Calendar
The Monthly Payment Calendar is another way to help you keep a record of your bill payments and due dates. This tool-in particular-can help you anticipate and plan for expenses and savings.
How to Use this Budgeting Tool:
- Transfer your income sources and amounts from the Income and Expenses Worksheet to the dates income is paid on the Monthly Payment Calendar worksheet (see below).
- Transfer your expenses to the dates they are due on the Monthly Payment Calendar worksheet.
- Use different colored ink for income and expenses.
- Check off each bill as it is paid.
- Sample Monthly Payment Calendar:
- For a blank copy of this worksheet, please see the Tip Sheet for this section.
