How To Create A Monthly Budget 💸 (Excel Budget Template) #Best Education Page #Online Earning

how's it going guys so today I'm going

to be going over what it looks like to

put together a monthly budget and this

is the first time I've ever done a video

in this style of sharing my screen and

using my webcam so let me know in the

comments if you guys like this style of

video and I'm definitely going to be

doing it for other videos if that's the

case because there's a lot of times

where it makes more sense for me to show

you guys my screen and show different

examples instead of being in front of my

usual setup there with the with the

notepad and my markers but anyway what

I'm using here is a free template

available through Excel so if you guys

use Excel I think I have the 2016

edition of Excel but I would assume any

version of Excel will have a personal

monthly budget template that you can use

and I'm gonna be going through what it

looks like to have the average budget

out there so let me just explain first

when I was going to do this at first I

was going to use my own numbers but then

I realized that my scenario was not

typical I make a lot more money than the

average 22 year-old does and I have a

lot lower expenses for many reasons

so I decided not to use my numbers for

this but if you guys want me to do a

video sharing my own monthly budget I

would be happy to do that and I can do

that in a separate video but I thought

it would be more helpful to you guys to

go over the average numbers here for

people so we're gonna start out with

looking at what the average income is

for people the average taxes and then

look at what the expenses the average

person pays are and then see what's left

over at the end now I purposefully have

my face covering the actual number

because I want to save it until the end

because I want to show you guys what it

looks like to be the average person out

there and how much money the average

person might expect to have left over at

the end of the month so let's go ahead

and talk about where these numbers are

coming from so we're assuming the

average annual income for this person is

44,000 148 dollars which was the average

salary I believe for 2016 and then that

being said you would fall under the 25%

federal tax bracket that was in 2016 and

I'm assuming that this person lives in

New York since I live in New York and

they're gonna pay about 5% in state tax

and this person owns their house so they

have a mortgage on their house and

they're going to be paying property tax

which I'm putting under local tax which

is going to be 0.5 percent of the

assessed value of the property which is

the exact

taxes you pay in the county that I live

in so that's the numbers we're using and

let's go ahead and look at what a

monthly budget would look like for this

person so again guys like I said this

was a free template I found on Excel and

I've done a lot of videos recently

talking about analyzing your own

expenses and I did a video on what to do

if you are broke and I talked about how

you have your income versus your

expenses and how you need to have you

need to cut down your expenses or

increase your income but the very first

step to any of this is identifying what

your spending is and how much money

you're spending and the best way to do

it is to use a tool like this and to

calculate your monthly budget okay so

let's go ahead and do this so this

particular template has a little bit

more than most people would need because

you can do both your projected and then

your actual so if you wanted to use this

tool what you could do actually which

would be good is you can have projected

on the left hand side is what you expect

your bills to be and then when your

bills come in you put in the actual cost

so for example your utility bill is

always going to fluctuate and there may

be times when you overestimate or

underestimate it so you could always put

in there your estimated cost and then

what your actual cost is fill it in at

the end that way you'll get an idea of

what it actually costs but you're

expecting it to cost a certain amount so

you put it in that projected cost column

but other things like your car payments

your insurance payment your mortgage

those are going to be the same every

month so you could fill those in on both

sides but things that are going to

fluctuate a little bit you could always

you know use that projected cost column

but for this example we're just using

that actual cost column so first of all

if you do the math you end up with

income of actually don't know one this

is twenty three seventy nine that should

be thirty six seventy nine let me go

ahead and change that so you end up with

a monthly income here of thirty six

seventy nine if you divide that 44100

$48 by twelve and we are accounting for

taxes on a separate part of this so this

is your pre-tax income so if you guys

are following this and using this

template you want to use your pre-tax

income what you make per month so we're

assuming this is a single person living

alone but they own their own home so

they're not renting and even if you are

renting a lot of this will be very

similar as far as the prices because

your rent is going to be about the same

price as this but we're assuming the

mortgage payment is only $750 now this

is not gonna get you some crazy

extravagant house you're not gonna be

living in some really nice neighborhood

you're gonna be living in a very small

and modest house depending on where you

live but if you live where I do then a

$750 mortgage is not going to be getting

you some crazy mansion or a really nice

house it's gonna be a very modest and

small home okay so we're assuming a $750

mortgage or you could even consider that

to be a $750 a month rent payment and

having talked with a lot of my friends I

know that that's about the going rate

now obviously some people might decide

to have someone live with them and

they're gonna split the expenses or

maybe you're married or in your

relationship that's pretty serious and

each side splits that rent but we're

assuming this is somebody living alone

and they are they own a home that at 750

a month for their mortgage or the rent

is about 750 which is pretty much the

average rate I know a friend of mine

used to rent a very small apartment and

he was it was a one-person there's no

way two people could live in there and

it was 650 a month so that price is

probably there that cost there's

probably pretty accurate as far as what

you will pay so now the phone let's say

your phone bill is $60 a month and

that's actually pretty cheap if some

people might have $100 a month bills so

we're gonna assume $60 which might be on

the low end electricity we're gonna say

$100 and then $25 for gas so that's a

utility bill of 125 and the reason that

is a little high maybe you have to

understand where I'm from in New York

you pretty much have to cool your house

for months a year then heat your house

for months a year so there's only a

total of four months in the spring and

in the fall where you might not have to

do much heating or cooling but other

than that you're going to have to do a

lot to you know keep your housing or

your living space comfortable so we're

assuming 125 is that utility payment and

then water and sewer we're gonna figure

$17 a month so obviously if you are

renting you wouldn't be paying your

water or sewer bill in most cases now

the cable bill we're assuming this is

cable internet the whole nine yards

maybe you have a landline phone and I'm

putting that at $75 which is probably

pretty cheap I know that where I live in

my household we only have the high-speed

Internet and that's it and for

high-speed Internet alone we pay $75 we

don't do the cable

it's a huge waste of money so for just

internet for me it's 75 bucks a month

for that high-speed so we're gonna

assume $75 but if you have a cable

subscription that might be more like 100

to 120 dollars or even more depending on

what packages you have and then we have

waste removal there I believe that it's

about 15 dollars a month I looked up on

some average rates for that and I know

that's what we pay is about 15 dollars

so but if it's different for your area

you know throw that number in there so

that adds up to a total housing expense

of 1042 dollars per month and that

covers everything related to your house

so next up let's talk about

transportation because I'm assuming that

if you are somebody out there who has a

job where you need to go get around

you're gonna have to have a car so most

people unfortunately have a car payment

and it's a very high car payment in fact

the average car payment is 504 dollars

per month so I'm using the figure of

$400 a month which is lower than the

average payment my payment for my car is

400 a month so on and still that's a lot

of money guys I mean that's that's

nothing to shake a stick at

so I'm using my actual figures here for

my transportation but understand that

for many people that figure would be

higher my insurance payment is 115

because I'm still considered to be a

high-risk driver just because of my age

and I have a perfect record but that's

still what I pay regardless and I Drive

a newer car so it's a little bit higher

and I spend about $100 a month on gas

now if you're transporting yourself to a

job that's far away then you could have

higher fuel costs there too I know when

I used to work my day job I had a about

70 mile commute roundtrip so I was

spending double that sometimes triple

that on my fuel expenses because

originally I had a car that had really

poor gas mileage so I was spending $300

a month just on fuel to get to that job

so that figure might be a lot higher for

you and then we'll move on to insurance

so I'm assuming that if you own your

home you have homeowners insurance and

the average rate for that is around

$1,000 per year so that adds up to be

about 90 bucks a month we're assuming

and then a single plan for health

insurance from your employer when I was

employed and I had a job now I fall

under my parent's insurance that's

another reason why I didn't use me as an

example because I don't have a lot of

these expenses but the

person would expect to pay about $115 or

so for a single monthly plan for your

insurance and again if you have a family

then your family plan is going to be

much higher than that so now we're gonna

move on to the food side of things let's

say you spent fifty bucks a week on

groceries and you spend $50 a week

dining out now I know that might sound

like a lot of money guys but if you go

and you get lunch while you're at work

then assume it's gonna be about ten

dollars a day ten dollars a day five

days a week there's your $50 a week

there's your $200 a month right there

so we're assuming your total food cost

is $400 and your insurance cost as we

looked at there is two hundred five

dollars per month

now the next expense is one that you may

not have to pay it depends on your

situation but let's say you have one pet

okay if you have one dog let's say

you're spending $25 a month on food and

treats etc $50 a month on medical that

adds up to about $600 a year for the

regular shots and things like that so

that figure might be high but you know

that's about what we're paying we have

two dogs and it's probably about $600 a

year is what we pay for the medical

bills and then as far as grooming goes

we get our dogs groomed of every three

months and that ends up being about $25

per month if you average it out because

it's $75 a visit dog grooming can be

very expensive so if you're on the fence

about getting a pet grooming is

expensive in and of itself so that's

something you have to consider there and

then let's just consider the fact that

maybe you want to get a haircut alright

so let's say you want to get one haircut

per month okay and I'm saying it's $20

that again might be a lowball figure

because I know that when I go get a

haircut by the time I leave a tip it

usually is about $30 okay

so that's a lowball figure and let's say

you have a gym membership

all right that's $35 a month and again

there's times where you may be paying

more than that so for example I have

multiple gym memberships because I'm

making a lot of money and I like taking

care of my body so for example I do a

CrossFit membership that's $150 a month

most people would not be able to afford

that

and so $35 a month for a gym membership

is actually very cheap and I actually

have two memberships my total health

club cost for per month is about $200 a

month so that's much higher

most people would be able to afford but

some we're assuming personal care cost

of fifty-five dollars guys notice that

there's $0 listed for medical $0 for

clothing $0 for dry-cleaning and other

expenses so this is assuming you're

doing no shopping on your own you're not

buying things for your house you're not

buying decorations and knickknacks and

gifts for other people this is assuming

that you are doing the bare minimum okay

I just want to restate that so that way

when we get to the end here and I show

you what this person has left over you

understand that this is the bare minimum

and most people have expenses that

exceed this okay so next up on the right

hand side guys we have entertainment

costs and I have $0 listed under

entertainment costs because I'm assuming

this person is living as lean as

possible they're not spending any money

on things like movies or entertainment

so I'm assuming zero dollars in in

expenses for entertainment okay and this

person also has no debt they have zero

dollars in debt so they're not paying

any money on personal loan student loans

they have no credit card debt which is

the minority of the population because

most people are in some kind of debt and

they're making some kind of payment on

that debt and then here we have the

taxes I factored in all those taxes so

your total taxes per month are one

thousand one hundred forty-four dollars

and guys remember that's on thirty six

seventy nine of income so a lot of your

money alone is going right towards your

taxes and really there's nothing you can

do about that because that money is

taken out before you even have the

chance to touch your money if you are if

you work a job so you know that's money

you're gonna be paying and showing out

regardless all right so your total tax

cost is there that's all we have for the

taxes and now I want to show you what

this person has left over at the end of

the month for all other expenses and I

want you guys to comment below before I

show you this figure and maybe you did

the math in your head and you figured it

out but I want you guys to comment below

and tell me does this seem like a

frivolous lifestyle to you does this

seem like this person is living the

dream and you know spending money left

or right or does this seem like a very

normal basic lifestyle all right this

person and I got to move my screen here

to show you has 118 dollars left at the

end of the month just over a hundred

dollars guys that is

nothing that is nothing this person is

investing zero dollars a month they're

saving zero dollars a month and they

have $118 left at the end of the month

okay that is how scary this is because I

know that a lot of people think forty

four thousand dollars a year is a lot of

money and you're gonna be swimming in

money and you're gonna be able to spend

all the money you want and buy nice

but you're not going to be able to

because this right here is a very meager

budget this is a very small budget for

someone and this person here has just

over a hundred dollars per month so now

I want to go ahead and change some of

these numbers and look at how that would

change this and what this person has and

maybe move some of these figures up to

what might be more realistic to show you

how people end up going into debt so let

me go ahead and cover the screen again

here just so we can have a little

suspense built up so first of all let's

say this person is not satisfied with a

small apartment or a small house and as

a result their housing payment goes up

to $1,000 a month because they want to

live large they want to be in a nicer

place and then let's say you know

they're not happy with their data plan

they want to get more data for their

phones so they can spend more time

playing their games so let's say you

bump that bill up to $100 per month

we're going to assume electricity is

maybe 10% higher in this bigger house

and we'll assume that for gas as well so

we'll make that twenty seven $50

twenty seven fifty so we're assuming a

10% increase on the utility bills water

and sewer we'll leave that the same your

cable bill let's say you want to have

the full cable package you want to have

the HBO going out you want to have the

cable subscription the high-speed

Internet so we're gonna call this one

fifty we're gonna double that bill okay

waste removal probably going to be the

same we're gonna leave all the rest so

now your housing payment went up to

fourteen nineteen fifty four all of your

costs related to your home now let's say

your car payment is the average car

payment which I can remember off the top

of my head is 504 dollars per month okay

let's assume a 10% increase in your

insurance at that point so just for

numbers sake we'll add ten dollars to

this and make it 125 because a more

expensive cars gonna be more expensive

to insure and fuel cost will say that's

gonna be about the same so now your

transportation cost has gone up to seven

hundred twenty-nine dollars per month

all right moving

here this is all gonna stay the same

that won't change based on that but

let's say you spend a little bit less on

groceries let's say you don't do a lot

of eating in your home so your grocery

bill goes down to $100 but then you

decide you're gonna spend $100 a week

dining out or let's even call it 125 to

be more realistic so let's say that's

$500 per month because you're eating the

same amount of food but you're mostly

eating out of the house and you're

paying more for that convenience of

being able to buy prepared hot food

rather than making food at your house

okay so now your food cost went up to

$600 per month and then let's say as far

as the pets go I'm not gonna change any

of that because unless you have multiple

animals this is just for one animal here

so if you had two dogs or three dogs you

would have to double or triple that

figure and so we're gonna leave that the

same let's say you go ahead and spend

let's say you go ahead and do your nails

or something if you're a woman where

you're a man and you want to get a

haircut every two weeks because you

gotta have that fresh cup so let's bump

that up to $40.00 per month and let's

say you're like me you want to do the

whole CrossFit thing you want to have an

expensive gym membership so we'll bump

that up to 150 now because that's what I

pay just for one of my health club

memberships in you might argue that's a

big waste of money but I save a lot of

money in other areas so that's how I

justify that for myself so now your

personal care cost and you know what

let's add some cool tea cost in there

too you gotta have some new threads so

let's say you're spending $100 a month

at the mall on clothing that's only $25

a week that's really not a lot of money

I'm sure a lot of people out there are

spending well above that on their

clothing costs okay so now let's add

some entertainment costs and there guys

alright so let's say you want to go to

the movies twice every month with your

girlfriend you want to buy some popcorn

you want to check out the latest movie

let's assume between the two tickets the

popcorn and the somas that's $50 per

visit and let's say maybe you go to a

concert once a month and that's going to

be 50 bucks so we're putting your

entertainment costs or entertainment

expenses at $150 per month and then

let's assume this person has some depth

okay because if they're like the average

American they have some credit card debt

and they may even have some student loan

debt so let's go ahead and say that on

their personal credit card they end up

having a payment of let's say $150 okay

and that's pretty low guys I'm sure a

lot of people have a much higher credit

card payment depending on how much debt

they have and we're gonna say this

person doesn't have student loan debt

okay if they did you could add a couple

hundred dollars to this year there's

some people who their student loan

payment is equal to a car payment all

right so this is without even having any

student loan debt and then your taxes

aren't going to change that's all going

to be the same all right guys I'm gonna

go ahead and unveil the madness I want

you guys to take a guess and tell me

what you guys think that this person is

now losing per month or how much their

expenses exceed their income just based

on what I put in there and let me know

again if you think this is some

frivolous lifestyle some crazy lifestyle

that is amazing or if it's just the bare

bone basic life that most people live so

this person here doing all the things we

just listed would have monthly expenses

that exceed the income by one thousand

one hundred eight dollars per month guys

that's over twelve thousand that's over

thirteen thousand per year actually over

thirteen thousand dollars per year that

they're going in the hole going into

debt because of this lifestyle they are

living okay so anyways guys this is how

you create a budget alright you figure

out your expenses you put them in here

you put things that you don't know what

they're gonna cost another projected

cost like your utility bill and then at

the end of the month you pretty much get

all your bills together put it all

together and see what's left over okay

and if there's nothing left over then

you got to do something about that you

got to watch some of my other videos

about what to do if your paycheck to

paycheck or what to do if you are broke

but anyways guys I had a lot of people

asking me what it looks like to set up a

budget and I wanted to run you guys

through these numbers and again if you

want to see me do my personal budget

I'll do that in a different video leave

me a comment if you want to see me do a

personal budget and I would be glad to

do that for you guys but thank you guys

for watching this video if you enjoyed

it please drop a like if you're new to

my channel please consider subscribing

to be notified of future uploads and as

always I thank you for taking the time

to watch this video

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