It’s been awhile, but I a back in the saddle with my first budget video is a long time. In this video, I’m showcasing a brand new paycheck budgeting spreadsheet and I am excited to show it to you all. Let’s Go!

Surviving But Thriving’s channel is where I first saw the spreadsheet –

The Ultimate Paycheck Budget Spreadsheet –

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Title: October Paycheck – A Budget With Me | Money Monday

Introduction:
Welcome to Money Monday! In this edition, we will embark on a budgeting journey for the month of October. Budgeting is essential for maintaining financial stability and achieving our financial goals. So, grab a hot cup of coffee, sit back, and join me as we plan our October paycheck budget together!

1. Assess Your Income:
Before diving into budgeting, it is crucial to determine the exact amount of income you will receive in October. Consider your salary, bonuses, investments, and other sources of income. This initial step will help you ascertain the funds available for budgeting purposes.

2. Set Financial Goals:
Having financial goals will provide you with clarity about where you want to reach. Whether it’s saving for a vacation, paying off debts, or building an emergency fund, identifying your goals will contribute to a better budget plan. Make sure your goals are specific, measurable, attainable, relevant, and time-bound (SMART).

3. Calculate Fixed Expenses:
Fixed expenses are recurring bills that remain constant from month to month. Examples include mortgage or rent payments, utilities, insurance premiums, and loan repayments. Calculate the total amount of these expenses and set them aside from your income, ensuring they are paid promptly.

4. Plan for Variable Expenses:
Variable expenses are harder to predict, as they can change from month to month. These may include groceries, dining out, entertainment, shopping, and transportation costs. Look at previous months to gauge an average expenditure and allocate an estimated amount for these categories.

5. Allocate for Savings:
It is essential to prioritize saving for the future. Determine a specific percentage of your income to be allocated towards savings. Experts generally recommend setting aside 20% of your monthly income, but this can be adjusted according to your goals and financial situation. Automating these savings by setting up an automatic transfer to a savings account will help you stick to your budget.

6. Be Prepared for Unexpected Expenses:
Life often throws unexpected expenses our way, such as medical emergencies or car repairs. It is crucial to have an emergency fund to tackle these situations without affecting your monthly budget. Allocate a small percentage of your monthly income towards building or replenishing this fund.

7. Track Your Spending:
While budgeting is an excellent practice, it is equally important to monitor your spending throughout the month. Utilize budgeting apps or spreadsheets to keep a record of all your expenses. Regularly reviewing your spending will help you stay on track and make necessary adjustments if needed.

8. Reflect on Your Progress:
At the end of the month, evaluate your financial progress. Did you manage to stick to your budget, or did you encounter unforeseen challenges? Reflecting on your progress will allow you to identify areas where you excelled and areas that require improvement, ultimately enabling you to refine your budgeting skills.

Conclusion:
Budgeting is a powerful tool that can enhance your financial well-being and bring you closer to achieving your goals. Crafting a budget for your October paycheck will provide you with a clear understanding of how your hard-earned money should be allocated. Remember, consistency is key; practice budgeting regularly and watch as your financial stability grows. Happy budgeting!