Budget-Track-Budget

Budgeting is an iterative process that is key to gain control of your personal finances. Budget-Track Budget is our budgeting method to help you begin your budgeting journey. Simply follow the steps below for our Budget- Track- Budget process. For any questions or if you need an accountability partner to help you stick to your budget please email FinWell@baylor.edu

Budget

Budgeting is all about identifying and controlling your inflows (money coming in) and outflows (money going out), and is a process unique to you. Fill out the “Make a Budget” worksheet with predictions of what you think your cash inflows and outflows for the next month will be.

Note: You may not use all the categories listed in the worksheet and thats ok! Only fill out applicable categories to you and feel free to add or edit the given spending categories based on your personal spending.

Make a Budget Worksheet 

Track

Once you have created your predicted budget, now its time to track your spending for the month. Tracking is essential to know what you actually spend money on. 

We recommend start tracking with one of the Spending Diaries listed below.

Listing each purchase helps one be more financially aware of your overall spending. Every time you make a purchase, date and list it in the spending diary. The budgeting expense category you list should match one of the expense categories you have listed in your Make a Budget worksheet. 

Note: If you don’t have your spending diary with you when you make a purchase make a note of the purchase on your notes app on your phone so you can fill out the spending diary when you get home.

Spending Diary

Spending Diary Excel

Another way to track your spending is by using a budgeting app. 

Top ranked budgeting apps

Try using one of the tracking methods listed above to track your spending spending for 4 weeks.

Budget

• At the end of the month, compare each document.
• Where did you overspend/ underspend?
• Do your spending habits reflect your values?
• What do you want to look different for next month?
• Where do you need helping pulling back spending?
• Where can you spend more?
• Did you meet any savings goals?
• Do you have any saving or spending goals for next month?