Personal Budget Management Is An Art. Small Steps Will Make You Perfect.

What Is This Budget Balancing?

In the business field, managing a budget is a huge process. But personal budget management is a tiny subject to handle. I can assure, you will love that process once you touch it. In budget management, you simply need to balance your income and expenses in the right way. You can apply the process monthly basis or even in a daily process. Most people apply this finance technique on a monthly basis. I also recommend you to use a chart to feed monthly figures because I have the experience of handling a monthly-based budget management chart.

If you are an individual, then it is much easier to handle your monthly budget. The story is a bit different. Suppose you are a family person. You have many things to consider when you feed many mouths. The chart also can help you a lot to drag your family needs effectively. This is a game to play with your income and expenses. First, you need to consider your income sources. Then consider your expenditures. If you are able to remain some amount of money in your hand after all your expenses, You are the winner because you can use the saved money for a different purpose.

Let’s assume that your expenses are more than your income. Then you need to concentrate on your spendings. It will not be a huge damage for one or two months. But If you continue those habits, then it will be a problem. You will have to depend on loans. Suppose in this month you took a loan. You will have the money to pay it next month. But if it continues to take loans, you will be struck at one point. So budget management is more important to make your life simple and easy.

Why You Need A Budget Balancing Chart.

Budget managing formats are world-famous. Most of the world population recommend this format as effective. In the chart, we can record our money-related tasks. You can include Income sources, Income amounts, expenses, balance, and emergency savings. Most of the countries have identified this method as very effective.

As an individual, I also maintain a budget record. It helps me a lot to manage my income and expenses. I use my laptop for this task. You can use the documentation method or software like Excel to do it. Let’s see what the advantages of using a method like this are.

01. Know your expenses.

This is important because you will have an idea about your expenses. Before I started this process, I had many difficulties in remembering my expenses. Now I have overcome that issue. I know exactly for what I used my money. I know how I paid my bank loans, I know how I paid my mortgage facility, I know the amounts I spend on each and every my needs. So these records made my life even easier.

02. Grow seeds Of saving inside you.

Saving is a very good investment for your future. I think no need to explain things. You know how important it is to have some saved money in an emergency. When I look at my chart, I see the cell with the saved money. Suddenly a happy feeling comes to me. It is more of a relief feeling than a happy feeling. So I can assure you If you practice maintaining a personal budget format, your interest in saving money will increase.

03. Emergency preparation.

In the chart, I have included a part of my emergency expenses. I haven’t included any value inside that cells. But you can include some money in the cells of your worksheet. I haven’t included it because I use all my saved money in emergency situations. Emergency situations can be medical, loan issues, or family matters. Suppose you are using a worksheet to include your personal budget, then it would be much easier to handle your emergency expenses.

Shall we see an example for a budget management worksheet?

As you can see, there is a common pattern for every budget worksheet you find on the internet. There is a way to include your information here.

01. Income.

First, you can include your income values in the given part. No need to mention your source of income. As I provided in the income section, enter the values you gain from each type of income source you have. There you can see the categories such as Wages & Tips, Interest income, Dividents, Gifts received. So enter your values accordingly.

02. Home expenses.

In this category, you need to enter the values you spend on your house maintenance. Enter each and every value you spend under the subcategories provided in order to obtain a correct result.

03. Daily living.

You can have a separate worksheet for this category, or else you can have it here within this monthly basis worksheet. The expenses for groceries, personal supplies, dining and etc., can include here.

04. Children.

This is an important category for family manor women. Children are the most valuable thing in your life. So separate a category like this to your kids. You will not regret the decision with the results you gain.

05. Budget summary.

You can summarize the budget as shown in the above diagram. The summarization must be done after entering all the details about your expenses. So summary will help you to find whether there are any savings.

So like this, you can prepare your worksheet in an efficient way. After this, you can enter the categories Savings, Obligations, Business expenses, and most important entertainment. I must say another important thing here. If you own a vehicle, then you can include a category as transport expenses. In the transport category, you can include all expenses for your car and transport. SO if you can manage a worksheet as above, then I think you will be able to manage your budget efficiently.


If I tell you more about Salika Wijesinghe, I was a former General Insurance Analyst, a former customer service associate in a telecommunication network, Former customer service executive in a bank. Now I'm really very happy to share my knowledge with each and every one of you. Also, I represent a kind-hearted world community because I love helping people as well as animals. I hope my ideas are helpful, so you would find it easy to step forward in this life journey.