Introducing the Spergel budget template
Managing your finances can be challenging, but with the right tools, it becomes easier to take control of your money and set yourself up for success. That’s why here at Spergel, the ‘get rid of debt’ people, we’re excited to introduce our budget template – a practical, easy-to-use resource designed to help you manage your income, expenses, savings, and debt all in one place. Whether you’re dealing with financial stress, paying down debt, or simply looking to track your spending more effectively, our budget template is built to simplify the process and empower you to achieve your financial goals.
Why use a budget template?
At Spergel, we know that achieving financial freedom is a journey, not an overnight accomplishment. Our budget template is designed to be a valuable tool on that journey, helping you make informed decisions, avoid financial pitfalls, and ultimately reduce stress. By tracking your finances diligently, you’ll not only improve your current financial situation, but also position yourself for long-term success. A clear, organized budget brings clarity to your finances, enabling you to build a healthier relationship with money.
Using a budget template allows you to:
- Track income and spending: gain a clear picture of where your money comes from and where it’s going.
- Set financial goals: plan for important milestones, such as paying off debt, saving for a home, or building an emergency fund.
- Identify spending habits: recognize patterns in your spending, and make adjustments to ensure you’re living within your means.
- Avoid debt: a well-organized budget can help to prevent overspending, which is often the root cause of accumulating debt.
- Stay accountable: with your finances in clear view, it’s easier to stick to your goals and make informed decisions.
What’s included in the budget template?
Our budget template offers all the essential categories to help you gain a 360-degree view of your financial situation. Here’s a breakdown of what you’ll find:
Income tracking
Start by listing all income sources, from salary and business earnings to investments and rental income. Track your income streams in detail with automated calculations. Enter your gross and net income to see how much you have to work with after taxes.
Expenses breakdown
The template separates your fixed and variable expenses, making it easy to differentiate between necessities (e.g., rent, utilities) and discretionary spending (e.g., dining out, entertainment).
Variable expenses
Variable expenses can fluctuate each month and include costs like groceries, entertainment, dining out, and transportation. Tracking these helps identify potential areas for spending adjustments if needed.
Savings goals
A dedicated section for savings allows you to plan contributions toward emergency funds, investments, or other priorities. The visual tracker monitors your progress toward long-term goals.
Debt tracker
The debt tracker helps you visualize and prioritize your repayments, whether it’s for credit card debts, personal loans, or lines of credit.
Monthly and annual views
With individual monthly tabs and a dynamic Annual Dashboard, you can monitor your progress at a glance. These summaries automatically calculate total income, expenses, savings, and net income, so you can adjust as needed to stay on track.
Enhanced automation
Automatic calculations make it easier than ever to balance your budget. Simply enter the frequency of each income or expense item (e.g., weekly, monthly), and the template will do the math for you.
How to use the budget template
Our budget template is straightforward and user-friendly. Follow these five simple steps to get started:
- Input your income
Add all sources of income in the designated tab. Select the frequency (weekly, biweekly, monthly) for automatic calculations that align with your budgeting cycle. - Log your expenses
Enter your fixed and variable expenses under their respective sections. The design ensures even irregular costs are accounted for, helping you avoid surprises. - Record your savings contributions
Track deposits to your savings accounts, retirement plans, or investment portfolios. Use the visual savings tracker to monitor your progress and stay motivated. - Monitor your debt repayments
Enter details for all debts, including interest rates and repayment amounts, to create a personalized repayment strategy. - Balance and adjust
Review your budget overview to ensure your income covers your expenses and savings goals. If adjustments are needed, the template highlights areas for improvement. - Check in regularly
Update your template weekly or monthly to reflect real-time changes in income, spending, or goals. Regular reviews help you stay proactive and avoid financial surprises.
Take control of your financial future today. Download our budget template, go to File > Make a copy to create your own personalized version, and begin tracking your income, expenses, and savings.
Whether you’re paying down debt, building up savings, or simply seeking a better understanding of your financial health, Spergel is here to support you every step of the way. If you’re facing unmanageable debt, book a FREE no-obligation consultation with one of our expert Licensed Insolvency Trustees today.
