There is so much information to share about my budget binder that I've decided to break this weeks Spring Organization into two posts. The first one (this one) will cover accounts, income, due dates and annual expenses. Tomorrow I will post the second half which will cover monthly budgets, goals, calendar and the cash envelope system.
This weeks challenge was to create & implement a Budget Binder. I chose to purchase the Budget Binder System from A Bowl Full of Lemons (ABFOL). It is sent instantly to you via email and can be downloaded, edited and printed right from home. However you could just as easily create your own, buy one from an office supply store or find a free version online.
The ABFOL budgeting system came with almost every section & subsection I was looking for. The ones it didn't are marked with a *. I was able to modify one of the other sheets to create the added sections so that they would all match. So without further a-due here it is.
The ABFOL budgeting system came with almost every section & subsection I was looking for. The ones it didn't are marked with a *. I was able to modify one of the other sheets to create the added sections so that they would all match. So without further a-due here it is.
*Modified or added section or subsection
Budget Binder : Household Budgeting System
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| ABFOL Budget System |
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| Binder - old (similar here and here) \\Tabs (Colored over with marker) |
Accounts
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| Clear Dividers\\ Colored Paper ($0.05/piece from Office Max) |
Bill/Debt Account Information
This is now home to all my bill and debt account information. It takes a little time to gather everything you need but its worth it to have it all in one place. Columns are labeled:
-Account Name
-Contact Number
-Account Number
-User Name
-Password
-Monthly Payment
-Due Date
Simply just fill in all the information in the appropriate place.
Checking Account Information*
The top portion of this is the same as as the sheet above except instead of Monthly Payment & Due Date, I have the Routing Number. Halfway down the page I added a place to put our debit/ATM card information. The information needed for this is:
-Bank & Account Name
-Name on card
-Debit Card Number
-Expiration Date
-Security Code
-PIN
Savings Account Information*
This is pretty much the exact same set-up as above minus the Payment Due and Due Date columns.
Checking Account Balance Sheet*
Savings Account Balance Sheet*
I also decided to modify the records of account sheet to create a Checking & Savings Account Balance sheet. The Checking Balance Sheet is like a giant check book. I can then look back at our monthly statements and make sure they match. The Savings Balance Sheet is the same concept only for our Savings Account.
Income Tracker
Income Tracker
The Income Tracker in the ABFOL budget system is set up to track one persons pay checks from the 1st-31st of very month. It comes on two pages; the 1st-15th and then the 16th-31st. I decided my husband & I could track both of ours on the same sheet, mine in red pen & his in blue. If we by chance got paid on the same day, I would just move one of ours one day back. The Income Tracker then allows you to total up your individual & household income for every month. Also, at the end of the year you can add up every month and see what your net income is individually & as a household.
As you do this every month, it becomes easier to track your income and become more familiar with averaging your budget.
Due Dates
Due Date Schedule
The Due Date tracker is designed to track when each bill is due every month. Whether its the same day every month or I won't know until I get the notice in the mail. I write it in on the corresponding day, write the amount due and check it off once its paid. If we have two bills due on the same day, we move one forward, never hurts to pay a bill early. Companies usually send bills out at least 3-4 weeks before it is due so this gives us plenty of time to fill it in & plan accordingly. I have one page of this for every month of the year. Columns are labeled:
-Date
-Bill Due
-Amount
-Check Mark Box
-Date
-Bill Due
-Amount
-Check Mark Box
Debt Tracker
The Debt Tracker is used to list all of our debts. I list mine from smallest to largest which corresponds with Dave Ramsey's snowball debt method. I then can track our debt, payments, and balances on an on going basis. This can be one of the most rewarding pages because you can literally watch the debt disappear. Columns are labeled by the debt & each month of the given year.
Annual Expense
Annual Expenses
This page is designated for those bills that only occur on occasion - tuition, car insurance, property taxes, etc. We can then break the cost down to yearly, monthly & weekly. This will help us budget for some of those more expensive fees & expenses. Columns are labeled:
- Expense
-Annual Cost
-Monthly Cost
-Weekly Cost
- Expense
-Annual Cost
-Monthly Cost
-Weekly Cost
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