3

Comments

Getting organized is the first step to getting out of debt and staying out of debt. Financial budgeting is a task made much easier by using financial worksheets and budget spreadsheets. The truth is that few consumers know exactly what they need to do in order to get their finances back on track. Financial budgeting is a skill, after all – if it wasn’t we wouldn’t have such highly paid certified financial planners and accountants! But not every task requires a professional. Financial worksheets help by giving you structure to your financial budgeting without requiring you to utilize any expert knowledge.

There are two readily available methods you can use for financial budgeting. The first is easier, but perhaps less secure.

You can  use online financial budgeting tools such as Quicken Online, Mint or Thrive that will automatically pull the information from your various accounts and aggregate them into easily digestible data. From here, you can view your spending categories, your overall assets and liabilities, your spending trends and other important information. It’s incredibly easy and powerful. However, this financial budgeting method has its drawbacks. For one, in order to pay for these services, you will occasionally be pitched to buy a product. Also, you will have to disclose your passwords for your bank accounts which, while done securely, may make you feel uneasy.

Another method is to use financial worksheets. Budget spreadsheets and other financial worksheets can be printed off or filled out online. Google Docs offers a number of templates specifically designed for organizing your financial budgeting process. Whether you want a financial worksheet to help you get out of debt, a financial worksheet to plan your monthly budget or financial worksheets that help you manage your investments and reach your retirement goal, you can often find free personal finance spreadsheets online.

Financial worksheets are much more secure as you can keep them on your hard drive or locked in a drawer. But you will have to do a bit of manual entry. Many online checking and credit card sites let you download your transaction history in spreadsheet form, however, which can help speed the process along.  One of the great strengths of financial worksheets is that they often have columns and formulas and built in budget calculators that let you see important figures.

You can also work with a financial advisor to help you plan a budget. However, most professionals charge very high hourly fees. For simple tasks, such as analyzing your income and your expenses, you are far better off taking the time and doing it yourself.

No matter what method you choose, it is imperative that you get organized as soon as possible. Before you can make a plan to save money, you have to understand where your money is going. Financial budgeting and financial worksheets help you see the big picture. Gather up your receipts, your credit card statements, your checkbooks and your monthly bills and spend an afternoon getting organized. These few hours can help you get a firmer foothold on the road to financial freedom.