There's no telling when you'll need to spend more than usual. Oftentimes, you'll lose control over your money and not have enough when you most need it. That's why having a personal budget is very important for managing your income and expenses. Even businesses come up with a budget to ensure proper handling of their resources. If you're looking for a way to excel in your budgeting strategy, you can download from our collection of Personal Budget Templates in Apple Pages. Each template is downloadable and editable. Download a personal budget template today and start managing your financial resources effectively!
How to Make a Personal Budget in Apple Pages
It takes great discipline to control your spending. According to Psychology Today, people spend because of instant rewards without thinking of future needs. This will lead them to overspend and not have enough money for more important purposes. If you want to control this irresistible habit, you need to come up with a personal budget. Please be guided by the list of steps and tips we have provided below.
1. Note the Source of Your Income
It's important to check the sources of your income. This can be either be from your monthly paycheck or salary, for example. Apart from citing the sources, take note of the amount as well.
2. Record Your Expenses
Aside from documenting the money coming in, you should also have a list of the money going out. Otherwise known as expenses, these consist of your bills, groceries, transportation, recreation, and others.
3. Compute Your Total Income and Expenses
Your personal budget should allow you to keep an eye on your total income and expenses over a period of time. Before computing these, be sure to set a time frame, minimum total income, and maximum total expense.
4. Start Comparing Results
To determine if you're able to stick to your budget, try comparing your target and actual income and expense. This will assess your budgeting strategy and help you decide if improvements are necessary. To check for gains or losses, you can also compare your total income with your total expenses using an income statement.
