Creating money and budgeting worksheets can feel overwhelming. You’re not alone if the mention of money and budgeting worksheets makes you feel hot around the ears or like you’re going blank. However, becoming a budgeting mum can be important for most of us.

This article will help you to put things into perspective and guide you to feel more comfortable reviewing and documenting your finances. That is the only way to achieve financial freedom, after all.

Note that making a monthly budget sheet, for example, does not have to be boring. It can be a fun exercise if you focus on why you are doing it. 

money and budgeting worksheets

What age should you start budgeting?

There is no specific age at which a person should start budgeting. Starting your own monthly budget worksheets is useful the moment you have access to any amount of money and becomes important when you have your very first financial responsibility.

That financial responsibility could be anything from being in charge of your weekly spending while you’re in high school to saving up for your own home. 

There is no age attached to financial responsibility and therefore no age for budgeting

What age is too late to start saving?

It is never too late to start saving. 

It is never too late to take control of your finances and start to put money aside for your desires.

Arguably though, it is not enough to save. Particularly in the current economy where your money makes you so little interest. It might be more useful to invest your money in something that will reap you dividends. It would be better to look into investments than into savings.

Get my MONTHLY BUDGET AND SAVINGS SPREADSHEET (+ Investment Calculator) here. 

In order to start with saving though, it is important to keep in mind that there are no limits to your savings based on your age or your income. 

It doesn’t matter how little you make, you can start to put away some money starting now!

Sometimes, what makes the difference is looking at the things you can change in your lifestyle to make more of your disposable income available for saving.

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7 Practical and Simple Mommy tips for saving money

Disclaimer: At no additional cost to you, I may gain a tiny commission from purchases made through links on this page.

  1. Avoid junk food. Junk food is easy and most of us are guilty of indulging in it when we simply have no time or energy to cook. 

It also happens to be expensive when you consider that for the price of one take-out meal, you could purchase ingredients to make a meal to feed more than one person.

  1. Don’t shop on an empty tummy. When you’re hungry, you’re not always thinking straight. This means that you’re also unlikely to be making good decisions. Do you really need that dress? Might it be helpful to pause and check for a more cost-efficient version of that item?
  1. Review your subscriptions. Food subscriptions. Video subscriptions. Magazine subscriptions. They’re created to make things easier for us because we have our favourite things delivered to us over and over again without taking any action. 

They are also pricey because we forget to unsubscribe when we no longer require those subscriptions. In fact, we don’t even stop to consider if we still need those subscriptions because we become attached to having them available whether we need them or not.

  1. Cut out alcohol and cigarettes. Both smoking and alcohol consumption can be expensive habits that accumulate over time. By eliminating or reducing these expenses, you can save a substantial amount of money. Also, by quitting smoking and reducing alcohol intake, you can potentially reduce healthcare expenses.
  1. Look into low-ingredient family meals. Cook simple meals to simplify your family life, make more time for quality family time, and reduce your grocery expenses.

Related: The Best 5-Ingredient Family Meals

  1. Automate your fixed expenses. By setting up automatic payments for your bills, you can ensure that they are paid on time. Late payment fees can be costly and can accumulate over time. Automating your payments helps you avoid these fees, saving you money. In addition, consistently making on-time payments positively impacts your credit score. A good credit score can provide access to better interest rates on loans, mortgages, and credit cards, saving you money in the long run.
  1. Invest in a high quality coffee machine and top grade beans. Trust me, high quality does not mean expensive. I’m going to recommend the Lavazza A Modo Mio because it has been a game changer for us! It’s saved us copious amounts of time spent in coffeeshop queues every other morning and don’t even get me started on the amount of money we’ve saved. 

I might add that the coffee tastes better than anything we get in a coffee shop.

I completely understand if there are some items mentioned above that you refuse to sacrifice though. However, you have to establish some balance between your spending and splurging.

Balancing saving and splurging

MONEY AND BUDGETING WORKSHEETS
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  1. Create a budget: Establish a budget that allocates a portion of your income towards savings and another portion towards discretionary spending. Be realistic and ensure that you have enough for both saving and splurging. Track your expenses and adjust your budget regularly to stay on track.
  2. Automate your savings: Set up automatic transfers from your checking account to a savings account. This way, a portion of your income is saved before you have a chance to spend it. Treat savings as a non-negotiable expense, just like any other bill.
  3. Allocate a portion for splurging: Once you have taken care of your needs and savings, allocate a reasonable portion of your income for discretionary spending. This can be used for entertainment, hobbies, dining out, or any other non-essential expenses that bring you joy.
  4. Practice mindful spending: Before making a splurge purchase, ask yourself if it aligns with your values and priorities. Consider the potential long-term impact of the purchase and whether it is truly worth it. Mindful spending helps you make informed choices that balance your desire for enjoyment with your financial responsibilities.
  5. Look for alternatives: Find ways to enjoy experiences or fulfil desires without breaking the bank. Look for deals, discounts, or free activities that align with your interests. Consider borrowing or renting items instead of purchasing them outright. Be creative in finding cost-effective alternatives.
  6. Prioritize essential needs: Make sure your basic needs are met before considering splurging. By addressing these needs first, you ensure your financial stability and reduce the risk of overspending.

While we’re on the subject of prioritizing needs, you may find it difficult to prioritize your needs vs your wants at times.

Prioritizing needs vs wants

Needs are the essential things required for your well-being and survival, such as food, shelter, clothing, healthcare, education, and basic utilities. These should take priority over your wants.

Here is how to go about prioritizing your needs vs your wants as a budgeting mum:

  1. Assess your financial situation. Consider your current income, expenses, and financial obligations
  2. Evaluate your budget and determine how much disposable income you have after meeting your needs. Understanding your financial resources will help you make informed decisions about your wants.
  3. Evaluate the urgency: Consider the urgency or importance of each need or want.
  4. Consider long-term benefits: Assess the long-term impact of fulfilling your needs versus satisfying your wants. Meeting your needs can provide stability and security in the long run, while wants may provide short-term satisfaction. Prioritizing needs that contribute to your long-term well-being is generally a wise choice.
  5. Set goals and priorities: Establish your personal goals and priorities. Determine what matters most to you and align your needs and wants accordingly. This will help you make choices that align with your values and overall life objectives.
  6. Practice self-discipline: Developing self-discipline is crucial in prioritizing your needs over wants. It requires resisting impulsive desires and making conscious choices that support your long-term goals. Consider delaying gratification by saving up for wants rather than immediately fulfilling them.
  7. Revisit and adjust regularly: Priorities can change over time, so regularly reassess and adjust your needs and wants based on your evolving circumstances, goals, and values. Stay flexible and adaptable to ensure you make informed decisions.

Remember, it’s not about completely sacrificing wants for needs, but rather finding a balance between the two that aligns with your values and long-term well-being.

Your 5 simple steps to create a budget and savings plan

money and budget worksheets
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  1. Assess your regular income
  2. Look at your fixed expenses (e.g., rent, utilities)
  3. Assess your variable expenses (e.g., groceries, entertainment)
  4. Allocate funds accordingly
  5. Consider setting aside money for savings and unexpected expenses.

Let me make things even easier for you by giving you this monthly budget spreadsheet FREE. 

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You can either use it via Google sheets or you can download this spreadsheet and start to use it today. It is automated and very easy to use! Start by copying it for your personal use. 

Do you feel more empowered now? The money and budgeting worksheets I have shared with you should help you to feel more confident about approaching your finances now.

Get comfortable with your personal finances by utilising the information above and become the budgeting mum you always wanted to be!

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5 Comments

  1. avatar

    Haha! I must be a total geek, I love budgeting 🤣
    Isn’t it funny how the things hat are bad for you, junk food, alcohol, cigerettes etc are also some of the worst things that blow the budget. I loved the way you pointed out that cutting down on those things will make us healthier and put us in a better financial position.
    Julie

  2. avatar

    Great tips! Especially during these difficult times of interest rates rising (in Australia) we’re all about budgeting in our family at the moment

  3. avatar
    Kirsten Smith says:

    Great post!

  4. avatar

    I definitely agree with your point on don’t go grocery shopping hungry! Made this mistake before. I make a list and stick to it.

  5. avatar

    These are all fabulous budgeting tips. It’s so important to teach budgeting to kids and continue that throughout life if you want to reach your goals.
    Thanks for sharing.
    Julie

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