How to Create A Budget – In A Recession

Are you worried about an impending recession? Have you been wondering how to create a budget and maybe even putting it off? Well, you’re in luck because we have a completely free downloadable budget template here. It’s just a simple excel spreadsheet, but it’s easy to use and you don’t have to learn how to use any fancy budgeting software. This budget template is completely my own creation and what I have used for years to create a budget.

How to Create a Budget in Excel

Start out by listing your expenses.

Create a budget in excel by listing expenses — List your expenses out in excel or use my template

Split your expenses out by reoccurring and reoccurring. Reoccurring expenses would be things like rent and insurance that you have to pay every month. reoccurring expenses are things like hair cuts, car maintenance etc. Things that you don’t necessarily have to pay every month.

Don’t forget to budget your Income

Budget for your income — Income is important to track too!

Tracking your income is usually easier than your expenses, most people only have one or two income streams. Often, it’s easiest to budget after taxes but if you want you can create an expense item for tax expense and use your gross income. We’ll reconcile these in the next step.

The Key to Budgeting

The final step – is the whole reason you budget. You want to see the difference between what’s coming in and what’s coming out. It really is as simple as it seems. You total your expenses for the month and subtract that number from your total income for the month.