Best Budget Planner

Learn How to Create the Best Budget Planner Step-by-step and why budgeting is important. Gain control of your money and develop the discipline to take charge of your life.

Learn How to Create the Best Budget Planner Step-by-step and why budgeting is important. Gain control of your money and develop the discipline to take charge of your life.

Here we’ll learn the details for how to begin budgeting for beginners and how to create the best budget planner. Many people are fearful of budgeting because they believe it’s complicated or they doubt their own abilities or discipline to take control of spending. Budgeting is for anyone who makes money and spends money, no matter how much or how little.

Not having a personal budget can spell serious trouble when it comes to your personal finances. Without a budget, you don’t know how much money you are spending or the details of where all your money goes each month. Not having a budget is tantamount to driving a car with your eyes closed – it’s only a matter of time until you crash. The dark side of not having a budget can have consequences like bad credit, over draft or high interest fees, increased debt, increased work time and bankruptcy.

The good news is that creating best budget planner is easier than you think. There are lots of free budget templates online. In addition, there are inexpensive or free mobile budgeting apps to use as well. Piggy Bank Coins also has a simple budgeting template for you that is free. If you don’t like using spreadsheets or apps, you can just use a piece of paper and write your budget out by hand.

Download our Free Budget Template (MS Excel)


Making the Best Budget Planner Can Help You Develop Good Habits, Learn to Save and Become Organized

The primary reason you should start creating the best budget planner is to create good money habits. Budgeting is one of the critical steps that can help you take control of your life and get ahead. In the process of taking control, we also prepare ourselves for better quality of life by having more money. Having more money means that you have more power to dictate the kind of life you want.

How Budgeting can help you:

  • Improve your credit score
  • Save for emergencies
  • Save and invest for retirement
  • Stop wasting money and curb bad habits
  • Promote a healthy, meaningful lifestyle
  • Buy a new home or upgrade your existing home
  • Obtain financial freedom

How to Create the Best Budget Planner: Step by Step

Determine Your Income, Expenses and Calculate Disposable Income

Having a balanced budget means spending less of your paycheck. Preferably, you will have a significant amount of money left over to pay off debt and save for investing. In short, everyone should budget, whether you are a large corporation or just one person.

The best budget planner that we will be describing is a monthly budget. Many people pay bills once per month and may get paid once or twice per month. In a simple example budget, you can create a column for expenses and a column for income. At the bottom of the page, you can total each column and the difference in the totals is either how much money you have left over or how much money you are short at the end of each month.

Step 1: Determine Your Income

Figuring out what your income is for the month is usually pretty simple. If you get paid every two weeks, then your income is the amount that gets deposited into your bank account. This is the amount that is left over after taxes are taken out. Make sure to account for each time you get paid in the month. If you don’t know what you get paid, you can look at your W-2 Tax form.

Step 2: Determine Your Expenses

Determining what your expenses are will take more time. There are several ways to determine how much you are spending each month. One way is to keep receipts and use bank statements to figure out what was spent each month. The second way to determine what you spend is to begin writing down each expense as it comes along during the month.

Fixed and Variable Expenses

As you begin tracking your expenses and determining how you spend, you will see that there are two types of expenses: fixed and variable. Fixed expenses are those that the amount paid never changes. For example, a mortgage or a car loan payment will always stay the same value, which makes planning ahead easy

On the other hand, variable expenses may vary each month. For example, your electric bill or the amount you spend dining out varies from week to week. With variable expenses, it is recommended that you calculate an average over several months and use the average for your budget.

Wants and Needs

Another budgeting consideration is wants versus needs. While creating the best budget planner, try to categorize your expenses into two groups: wants and needs. For example, a need is something like electricity or groceries. These are the things that you need to live.

In contrast, wants are the things that you pay for that may not be necessary. For example, wants can be things such as eating at restaurants, spa memberships and vacations. Moreover, you will look closer at your group of wants later when we make cuts to the budget.

Step 3: Put all the Budget Pieces Together

Now that we know what our expenses and our income are, we can add up everything to determine if we are over or under budget. The goal of having a balanced budget for the best budget planner means that our expense column will be less than our income. For example, if your income is $2,000 per month and your expenses are $1,500 per month, then you have $500 leftover each month ($2,000-$1,500 = $500).

The $500 that remains each month is your disposable income. Typically, you want to have a plan for what happens to the disposable income; otherwise, extra money has a way of getting spent. Moreover, it is recommended that you save and/or invest this money. However, We’ll touch on that later.

Sample budget provided by Piggy Bank Coins

Cut Expenses and Control Spending

Budget Not Balanced? Remove Expenses (Wants) from Your Budget: Memberships, Subscriptions, Etc.

If you are having trouble finding extra money in your budget, it may be time to cut expenses that are considered “wants.” No matter what kind of budget you have, its vitally important that you cut expenses. First, start by finding areas in your life where you can make cuts. It is helpful to make a list of what expenses are wants and needs. For example, paying for electricity is required; having a spa membership is not.

Ideas for Budget Items to Cut:

  • Memberships (Spa, Gym, Entertainment, etc.)
  • Subscriptions (Magazines, news, etc.)
  • Dining Out/Restaurants
  • Cable Bill
  • New credit card spending
  • Traveling/vacations

Learn to Live Below Your Means

Reduce Bad Habits like Eating Out, New cars and Designer Clothing

It’s critical that you form good money habits in the best budget planner. In many cases, frugal living is the cornerstone of financial success. This simply means spending less than you make. A simple monthly budget can assist you in determining whether you are meeting your goal. And these good habits can carry forward for a lifetime.

Unfortunately, living frugally is not popular in the 21st century. Popular culture dictates what “normal” consumer behavior looks like. And it’s considered normal to go out and spend money at restaurants, on vacation, etc. In addition, it’s “normal” to buy a big house and drive a new car. Creating the best budget planner will help with this.

Financially successful people don’t ascribe to normal behaviors. Those who attain financial success only purchase what is needed. They don’t buy new cars or fancy things. As a result, the extra money saved from this frugal behavior is put to work in investments.

Beware of Credit Cards and Debt

Credit Cards Can Create Painful Financial Lessons for You by Overspending and Interest

One dangerous lesson to learn is overspending on credit cards. In the modern era, gaining access to credit is far too easy.

Having a credit card can be a double edged sword for anyone. First, using a credit card can be a learning tool about how debt works. In addition, you can learn about paying bills each month. However, there’s a risk that comes with credit: overspending. When you spend more money than is allowed on the credit card, or spend more than can be paid back, it can be a painful lesson in finance. But, sometimes difficult lessons can be valuable and last a lifetime.

If you make a mistake with a credit card, or overdraft an account, it can become a learning tool. Use the situation as an opportunity to learn from the mistake and implement better budgeting habits. Everyone learns the lesson of debt and compounding interest when we have to pay back what was borrowed, plus interest.

Maintenance: Review Weekly/Monthly

Review the Budget Weekly to Assess Goals and Make Adjustments

It’s important to review your budget on a weekly basis to determine if you are meeting your goals. Are you sticking to the spending requirements that you set in the best budget planner?

Revisiting your budget on a weekly basis will allow you to determine if the budget is working. In addition, you will be able to adjust it where needed.

You don’t want to cheat on your budget, but at times you’ll need to update expenses. In addition, you are compiling information over a monthly time period. As you gather this information, you will learn more about your own habits and how you can improve your personal budget.

For example, perhaps you spend less on fuel every week then expected, but you forgot to include the toll fees on your way to work each day. You will make adjustments to your budget accordingly.

Set Goals: Learn to Save Money Every Paycheck

Put Aside 10-15% of Your Regular Income for Investment

One of the habits that are important related to money management for you is learning to save some of each paycheck or from their allowance. Make it a personal goal to save 10-15% your paycheck each month. After a short time, you will realize that you don’t even miss the money.

Make saving 10-15% of each paycheck easy by setting up an automatic money transfer to their savings account. For example, each time their paycheck is deposited into the checking account, have an automatic transfer set up that moves money into the savings account. Some people find it helpful to have a savings account that is in a different bank. This reduces the temptation to spend savings.

Saving a small portion of your regular earnings is far from a new concept. Financially successful people have been doing it for hundreds or thousands of years. Saving can be a great tool when it comes to money management for you. Read The Richest Man in Babylon to learn more.

Always Keep an Emergency Fund

Unfortunately, emergencies happen to all of us. Having money for an emergency is critical. Many investment and debt consultants recommend that you start with $1,000.

Emergencies can come in many forms. Examples of emergencies you should be prepared for include medical issues, home repairs, car repairs, natural disasters, etc.

Saving for emergencies should probably be one of the first things that you do, even before saving for retirement. Make it a priority in your budget and you will rest better at night knowing you have prepared for the future.

Develop Good Habits and Learn Investing

Good Habits Include Budget Control, Staying the Course, Investment Knowledge and Discipline

Developing good money habits is critical on the path to acquiring wealth. Once you establish goals and a budget plan, you must implement good habits. Good habits include:

  • Budget Control
  • Staying the Course
  • Investment Knowledge
  • Strong Habits and Discipline

Budget control means that you operate under a balanced budget. Spending is controlled so that disposable income is saved or invested. Learning to invest now can make life easier for young people as they move into middle age.

Staying the course requires that you consistently repeat what you are doing, so long as you are successful. If something doesn’t work, it can be changed. But, the power of earning from compounding interest is continuously investing money.

Take Control Today – Start Budgeting!

If you have read this far, then you are clearly here for a reason. You are determined to make a change in your life and your behavior. A budget can be a great tool to assist you in being successful in life.

Every day that you procrastinate to start a budget is just delaying your future success. Get started today! What have you got to lose?

Read More:

10 Things to Know Before Starting a Budget

Debt Elimination

How Much Was a Dollar Worth in 1960?

The Best Budget App

Buyer’s Guide for Used Cars


It is important to note that Piggy Bank Coins does not provide financial advice. We do not endorse or recommend any financial investments. Instead, we provide information for educational purposes to those seeking knowledge regarding personal finance. However, in the spirit of transparency, note that the author is an investor in cryptocurrencies, precious metals, and some equities.

In addition, The Federal Trade Commission (FTC) requires that Piggy Bank Coins disclose to readers that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. Moreover, we try our best to keep things fair and balanced, to help you make the best choice for you.