In light of the first Wealth Talk Wednesday of the year I wanted to share a handy dandy paycheck budgeting sheet that I have adopted and love! The sheet includes a space for your pay(s), bills, money envelope, sinking funds, extra debt, and extra savings.
Money envelopes are for day to day expenses such as toiletries, groceries, fun, and household items.
Sinking Funds are your bigger ticket items/events such as Friends birthdays, Christmas, that designer items you’ve wanted, car maintenance, and etc
Extra Debit is the extra payments you want to make toward a debit item that you need paid down or off. Please note all monthly debit payments should go in the bills section if being paid within that pay period.
Extra Savings is exactly what it sounds like the extra money you want to save or invest after all above items are accounted for.
You should zero out by the end of the sheet. The object is for ALL of your money to be accounted for. This has helped me because I am able to put my money to work & stay organized. I also don’t have to ask myself where my money has been going. I hope this is helpful for you as well. Remember fail to plan & plan to fail. Print it out or use as a template of your smart device.