budget template

Free Budget Template to Get Out of Debt

Living life on a budget is for everyone, not just those living paycheck to paycheck. I’m raising my family on budget now and forever-more. Why? Because knowing where your money is going is the best way to build wealth and find financial peace. Getting started can be daunting, however. It takes time to get the hang of it, but if you don’t begin, you’ll never learn. Here’s an EASY tutorial video and free download of an excel budget template to help you get out of debt, or simply tell your money where to go to give you control over your finances, — no matter how much money you make.

budget template

Begin with your income. The top of your page starts with your monthly household take home pay. You have to know how much you have to spend, before you spend it, right?

Secondly, try to make a realistic estimate of how much money you’ll need for food each week. We have a family of 6, and our food budget is a constant tug of war between my husband and I. He thinks we should spend more, and I think we should be spending less. He does the grocery shopping – so he wins. We set the budget higher than average, and adjust our budget as the month progresses if he spends less.

Food is first, because it’s the most important. You have to eat! Your family needs to eat. If a jerk in a cubicle across the country is mad at you for not paying your credit card bill that month, OH WELL! Necessities need to come first. Your debt can wait until you find a way to increase your earnings or decrease other expenses. Your child’s belly can’t.

Next, you pay for things that will keep a roof over your head. I’m fairly sure being homeless is MORE uncomfortable than that credit card bill we talked about earlier. Lights, water, oil, gas, rent, mortgage and gas for your car get paid out of your income.

Lastly, apply your remaining money to your debt. Pay as much as your can. Hit it hard, if possible. Leave nothing left for restaurants. You’ll be able to go out to eat after your get out of debt.