What are the Best Budgeting Tools?

2 Min. Read

The web is awash with tools and resources that can help you build your budget and make a spending plan. A simple sheet that tracks your money in and money out is the easiest way to get started. You can create your own budget spreadsheet or download an existing resource, like an Excel budget template or Google Sheets budget template. From there, all you have to do is:

• Create categories for your income and expenses.
• Set your budget period (weekly, monthly, or annually).
• Enter your numbers and use simple formulas to calculate your budget.

Budget Spreadsheet

Here’s an example of what your budget spreadsheet might look like:

Ultimately, you want the figure next to “Total Income” to exceed the figure next to “Total Expenses.” Sometimes, that’s easier said than done! If you find yourself in a deficit, there are steps you can take to better balance your budget. When you adjust the figures in each column to meet your budgeting goals, you’ll be better positioned to build your savings, pay down debt, or allocate a few extra dollars toward discretionary spending.

Budgeting Tools

No matter the format you decide to use, Marine Credit Union has a variety of calculators and other budgeting tools that can help you fill in the details. Our free online calculators can help you:

• Determine your monthly expenses. If a question like, “How much am I spending?” keeps you up at night, this calculator can help. Check out our Monthly Spending Calculator.

• Track your cash flow. Analyzing your current spending and savings habits is an important step toward reaching your financial goals. Check out our Household Cash Flow Tracker.

• Create a savings or debt payoff plan. It’s important to have savings, but if you have debt, you may be faced with a decision about how to best use your budget. Check out our Debt Payoff vs. Savings Calculator.