We’ve covered how to start a budget in a previous article, so be sure to check that out if you need a refresher.Ĭreating a one-year budget, or any budget for that matter, is a lot easier if you’ve already written down how much income you make from all sources, your recurring monthly expenses including all debts, and any irregular expenses.
#January budget workbook free
To help you out, we’ve create a free budget spreadsheet template for you.Ī one-year budget is a lot like a regular budget in that you need to gather all of your income and expenses to get started. It’s not even a learning curve because it’s so easy. I promise you this will simplify your whole life and is worth the learning pinhead. Typically our one-year budget runs from January to December because we always create a new one at the beginning of the year (actually we run a five year budgetso this year’s budget was really first created five years ago).īecause you’re going to be tweaking numbers as you go, you’re not going to want to keep your one-year budget on paper. Here’s how you create a one year budget and plan for your best financial year ever.Ī one-year budget is a budget where you can see 12 months' worth of income and expenses all at one go. You use your prior months as a reference and you can forecast future months all at the same time. The best part about budgeting for a year at once is that it's a whole lot simpler than piecemeal month-by-month budgets. And when you tie your budget to your life goals–which is what a year-long budget is all about–it becomes a lot easier to stick to because you can immediately see how it affects the rest of your year. Having a bird’s eye view of your money is incredibly motivating because the progress isn’t theoretical anymore.Ī one-year budget gives you hard numbers that you can see. It really shows you what you and your money could accomplish in a year if you stick to your spending plan.
But when it comes to setting and reaching financial goals, there's a much better option: the one year budget.īudgeting for a year at a time is all about the big picture.
This is great for getting a close look at your finances and making sure that you stay on track from month to month. When it comes to budgeting, people tend to think short term–budgeting week by week, paycheck by paycheck, or month by month. This one year budget–yes budgeting for a whole year at once–will change your life.
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