Important: Only include money in your possession from the calendar month you are budgeting for.Include interest earned from your checking or money market bank account or any other interest that is yours to spend. If you have a $10,000 line of credit from your mortgage and take $2,000 of it for a vacation, include $2,000 as Money In, but include the debt repayment as Money Out as you are repaying it. Loans are tricky they can be counted as Money In and Money Out.Help from the parents, such as $200 given to you for car repairs.Winnings from gambling, which includes that card game with your friends and bets places on the big game.Gift cards received are as good as cash, so include them as Money In.Cash gifts received for birthdays, Christmas, Hanukkah, or being named “Employee of the Month.”.Refunds for items purchased the previous month (this does not include refunds already applied to your credit cards.).Income is not only your paycheck it’s anything you received in the calendar month, including: When you can see how your Money In and Money Out is balanced, you have the power to reduce the stress associated with debt, bad credit, and the trouble that comes with living beyond your means. This is important, because forgotten or overlooked expenses can chip away at your income – and it can add up. The Money Out section of the spreadsheet tells you when you’ve spent beyond your income. Money Out is where this spreadsheet holds all the power to balance your budget. The fact is, we have a variety of income sources each month, and it’s crucial to track every dollar. Most budget templates only track your paycheck as money coming in, but we know that’s not realistic. There are 180 known currencies in the world, but only two types of money: money coming in (income) and money going out (expenses). This strategy is the result of helping thousands of people like you fix their credit each year and escape the heavy burden of debt that, frankly, stresses everybody out. The budget template (available below as a Microsoft Excel spreadsheet) simplifies creating a budget using our unique “Money In, Money Out” strategy. That’s why we created this free budget template that allows you to balance your budget and spend within your means each month. Tracking your monthly personal budget and household expenses shouldn’t require a finance degree.
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