I started this in Oct 2023 and added my own pie chart to the monthly budget! Love that you have since added that! However, the pieces of the pie are only the main categories so it's not so overcrowded looking and I am able to see the values without having to hover. Thanks so much. It is a life changer and I love that it is NOT "scorched earth". I always thought that's what they all were like. This is so doable and so stress relieving. :)
YAY!!! I'm so happy to hear you like the updated template :) I worked hard on making the improvements as I saw how people were using it. Happy budgeting!
Justine, just wanted to add that I think it would be an excellent idea if you dedicated another video just focusing on sinking funds and how you would incorporate them into this spreadsheet with different scenario examples. Let's say your payment that needs to come out this month is coming out of a sinking fund but the amount that is coming out is more than what you have in your sinking fund balance. For me, I create a separate line item for the amount that goes over my sinking fund balance. How would you do that? Maybe explain how your beginning sinking fund balance is set in your "Actual" column. What do you do if you used up your sinking fund balance and need to start saving in it again? You'd have that in the "Future" bucket. Can you do a video like that which helps people understand how to use their sinking funds with this sheet with different types of scenarios? Then explaining how the sinking fund balance that is being used in the month would need to be added to the current month income so everything balances out. That would be a great video! Editing to add: Also including additional info in the notes on Planned/Actual Income to include any sinking fund balances you plan to use this month would be super helpful! It would help people understand more on what to do with their sinking funds. I figured it out, but it wasn't super easy. :) Here is what I changed/added to the notes under the "Planned Income" cell for myself to make it less confusing. "Estimate how much income you *think* you will bring in this month. Include any sinking fund balances here that you will be using this month and place it in the Planned/Actual column for that sinking fund expense line. Any overage expenses beyond the sinking fund balance will go in a separate expense line item. Any further savings going into the sinking fund should be in the "FUTURE" section."
Thank you for the templates and tutorials! I'm mid-twenties with a full-time retail hourly position, and I'm lucky enough to have had very minimal expenses since I started working. I've always been more money-conscious than my peers, with growing savings every month and retirement fund contributions set up already, but I noticed this financial stability was making me careless with my spending (restaurants, concerts, hobbies, etc...) and I didn't have a real budget outside of my fixed expenses and savings goals. These spreadsheets and tips will 100% help me stay intentional and organized, thank you! I'm sure future-me will be glad :)
I started using this in January 2023. I love it. I used the 2023 template a couple months ago and set up my 2024 budget for the new year, but I might switch to the new template, I'm not sure yet.
@@allisbookishadventures8260those are not that straight forward, I totally agree. The way I am using it is: For only those categories you have previously saved up for, think of the Actual column as your savings balance for that category. Name the category with “Sinking Fund” at the end of the category name. So your beginning sinking fund balance (the amount you have saved for that category) will be put in the Actual column. Make sure you also add whatever you have in your sinking fund to your income on the sheet so it balances out. Then whatever you take out of that savings sinking fund balance this month, enter it in the “Spent from Sinking Fund” column. The Running Total should have a formula in it (Actual minus Spent from Sinking Fund). The Running Total will be your new Sinking Fund Balance that you can carry over to the next months’s Actual Column. Make sure that the Running Total for that category has the formula in it to subtract Actual minus Spent from Sinking Fund. If you are still saving add that category to the Future section too. Then add anything extra you saved for that fund to the beginning sinking fund balance for the next month also. Hope this helps. I know it’s confusing, but if you try to think of it as a mini savings account, it makes it easier to understand. If I don’t have enough in that savings category to cover what comes out, I am creating an extra line item for that expense for the amount that goes over what I have saved.
Just wanted to add that I added another comment for Justine under this video with a suggestion for a dedicated sinking fund video. I also mentioned there how I changed the notes for the Planned Income Cell on my template to make it less confusing!
This will be my 3rd year using and each year I have gotten better !! Thank you for this amazing tool!!! Still working on lowering my eating out expense :(
I have been looking for a template and found this on another one of your vids and was so excited that there is a tutorial along with the FREE template! This vid was so easy to follow. Working on my spreadsheet now!
Could not find the link to download the template it at first. Usually you see the link in the description. Figured out you have to go to her website and sign up for it. Then you will get an email with a link to make a copy. Thanks. K
Question. I have work related expenses that get reimbursed. Do you have any tips on how to record those transactions? Thank you so much for the sheet, I think it's going to be great!
This was a great tutorial! Just to clarify this in my own head... if you're not using sinking funds, you would just ignore the "spent from sinking funds" column altogether. But if you ARE using sinking funds, the "actual" column is the amount you transfer to your sinking funds at the beginning of the month and then the "spent from sinking funds" column shows what you withdrew and actually spent during the month. Meanwhile, the "running total" column can be used no matter whether you're using sinking funds or not. Is that correct?
You got it. The running total is how much you have accumulated in that specific category. So if you want to rollover unused money to the following month, you can add it to the running total
Really stupid question - on the monthly budget tab - total monthly income - is that gross or net? Because it has the box below it to break out all the pre-tax contributions, I feel like it should be gross, but I also don't want to budget thinking money is there that isn't because it is taken out for other pre-tax things........???
How do you handle roll over money going into the next month? For example, I have money from January that is going to cover my Feb mortgage payment on the 1st but I still need to contribute money to my mortgage to cover the next month (March). I understand running totals but how do you keep track of running totals with a starting balance?
She suggests putting each transaction in a formula for “Groceries” and adding the source of each transaction in the cell notes. She explains it @11:50. Editing to add: Instead of cell notes you can also add cell comments by clicking on the cell, then Insert on the file menu then select "Comment" and add what the individual transactions are there that make up that cell amount.
I work two FT jobs, while my wife works FT as well at hers. One is being a custodian at my kids' school. Won't be able to work during Spring Break, Summer,etc, as my other job i work overnight and they want people to work during the day. Anyways, since my hours there will vary, then how would i budget around that? Thanks!
I love this! I just started using this ❤️ how do we add in an extra line for a category though? For example, like I want to add another line in “Future”?
Highlight a row, right click or double tap on Mac and it will pull up a menu and you should see an action that says "Add Row" or you can highlight a row, click Insert from the top menu then click Add Row above or below.
I clicked the link and put in my information to gain access to the spreadsheet but it is saying submission failed because of an error. Can you help me gain access please?
What are you getting stuck on? Do you think taking an Excel Basics tutorial would help? I imagine this would be a bit difficult for someone who hasn’t really used Excel much before.
Hi Justine, HNY! I'm new to your channel and love your content. Is there an updated link to the budget toolkit? The one that just came to my email after subscribing doesn't have the updated "Financial Inventory" sheet.
I started this in Oct 2023 and added my own pie chart to the monthly budget! Love that you have since added that! However, the pieces of the pie are only the main categories so it's not so overcrowded looking and I am able to see the values without having to hover. Thanks so much. It is a life changer and I love that it is NOT "scorched earth". I always thought that's what they all were like. This is so doable and so stress relieving. :)
YAY!!! I'm so happy to hear you like the updated template :) I worked hard on making the improvements as I saw how people were using it. Happy budgeting!
Justine, just wanted to add that I think it would be an excellent idea if you dedicated another video just focusing on sinking funds and how you would incorporate them into this spreadsheet with different scenario examples. Let's say your payment that needs to come out this month is coming out of a sinking fund but the amount that is coming out is more than what you have in your sinking fund balance. For me, I create a separate line item for the amount that goes over my sinking fund balance. How would you do that? Maybe explain how your beginning sinking fund balance is set in your "Actual" column. What do you do if you used up your sinking fund balance and need to start saving in it again? You'd have that in the "Future" bucket. Can you do a video like that which helps people understand how to use their sinking funds with this sheet with different types of scenarios? Then explaining how the sinking fund balance that is being used in the month would need to be added to the current month income so everything balances out. That would be a great video! Editing to add: Also including additional info in the notes on Planned/Actual Income to include any sinking fund balances you plan to use this month would be super helpful! It would help people understand more on what to do with their sinking funds. I figured it out, but it wasn't super easy. :) Here is what I changed/added to the notes under the "Planned Income" cell for myself to make it less confusing. "Estimate how much income you *think* you will bring in this month. Include any sinking fund balances here that you will be using this month and place it in the Planned/Actual column for that sinking fund expense line. Any overage expenses beyond the sinking fund balance will go in a separate expense line item. Any further savings going into the sinking fund should be in the "FUTURE" section."
Love love love these suggestions!! I'm adding your notes to my next sinking funds video outline so I can address this!
@@DebtFreeMillennials yay!!! 😀 How awesome!! Thank you!
Thank you for the templates and tutorials! I'm mid-twenties with a full-time retail hourly position, and I'm lucky enough to have had very minimal expenses since I started working. I've always been more money-conscious than my peers, with growing savings every month and retirement fund contributions set up already, but I noticed this financial stability was making me careless with my spending (restaurants, concerts, hobbies, etc...) and I didn't have a real budget outside of my fixed expenses and savings goals.
These spreadsheets and tips will 100% help me stay intentional and organized, thank you! I'm sure future-me will be glad :)
I started using this in January 2023. I love it. I used the 2023 template a couple months ago and set up my 2024 budget for the new year, but I might switch to the new template, I'm not sure yet.
I did the same thing and then redid January with her new additions. I love the changes. I had already added a pie chart so love that it’s there now.
Do you use the "pulled from sinking funds" column? I'm having a hard time understanding how I'm supposed to use that. Can you explain that to me.
@@allisbookishadventures8260those are not that straight forward, I totally agree. The way I am using it is: For only those categories you have previously saved up for, think of the Actual column as your savings balance for that category. Name the category with “Sinking Fund” at the end of the category name. So your beginning sinking fund balance (the amount you have saved for that category) will be put in the Actual column. Make sure you also add whatever you have in your sinking fund to your income on the sheet so it balances out. Then whatever you take out of that savings sinking fund balance this month, enter it in the “Spent from Sinking Fund” column. The Running Total should have a formula in it (Actual minus Spent from Sinking Fund). The Running Total will be your new Sinking Fund Balance that you can carry over to the next months’s Actual Column. Make sure that the Running Total for that category has the formula in it to subtract Actual minus Spent from Sinking Fund. If you are still saving add that category to the Future section too. Then add anything extra you saved for that fund to the beginning sinking fund balance for the next month also. Hope this helps. I know it’s confusing, but if you try to think of it as a mini savings account, it makes it easier to understand. If I don’t have enough in that savings category to cover what comes out, I am creating an extra line item for that expense for the amount that goes over what I have saved.
Just wanted to add that I added another comment for Justine under this video with a suggestion for a dedicated sinking fund video. I also mentioned there how I changed the notes for the Planned Income Cell on my template to make it less confusing!
This will be my 3rd year using and each year I have gotten better !! Thank you for this amazing tool!!! Still working on lowering my eating out expense :(
Ahh the restaurant budget always gets me, too. OMG 3 years?!?! That seriously makes my day :)
I downloaded this just now and started filling it out. It is so helpful!
I have been looking for a template and found this on another one of your vids and was so excited that there is a tutorial along with the FREE template! This vid was so easy to follow. Working on my spreadsheet now!
Hope you enjoy it!
hello! how to download the free template? thank you!
Could not find the link to download the template it at first. Usually you see the link in the description. Figured out you have to go to her website and sign up for it. Then you will get an email with a link to make a copy. Thanks. K
Question. I have work related expenses that get reimbursed. Do you have any tips on how to record those transactions? Thank you so much for the sheet, I think it's going to be great!
Love this new template! Thanks so much for creating it! Cannot wait to use it!
Love the new format!!
Thank you I use thin in my Economics HS Class!!
Thank you Justine. Happy new year!
link expired
You can invest to plan your new year 2024
This was a great tutorial! Just to clarify this in my own head... if you're not using sinking funds, you would just ignore the "spent from sinking funds" column altogether. But if you ARE using sinking funds, the "actual" column is the amount you transfer to your sinking funds at the beginning of the month and then the "spent from sinking funds" column shows what you withdrew and actually spent during the month. Meanwhile, the "running total" column can be used no matter whether you're using sinking funds or not. Is that correct?
You got it. The running total is how much you have accumulated in that specific category. So if you want to rollover unused money to the following month, you can add it to the running total
Really stupid question - on the monthly budget tab - total monthly income - is that gross or net? Because it has the box below it to break out all the pre-tax contributions, I feel like it should be gross, but I also don't want to budget thinking money is there that isn't because it is taken out for other pre-tax things........???
I’m hoping to start using it next month. 🎉
Yay!! Please let me know how you like it!
@@DebtFreeMillennials I hope I don’t mess up the columns. I’ll watch the tutorial again. lol
How do you handle roll over money going into the next month? For example, I have money from January that is going to cover my Feb mortgage payment on the 1st but I still need to contribute money to my mortgage to cover the next month (March). I understand running totals but how do you keep track of running totals with a starting balance?
❤this I would love to get a copy of the 2023 budget template please.
Can I insert rows without messing up the formulas?
I’m confused. I don’t see Transactions here to list all the daily stuff I buy. Groceries will have several items.
She suggests putting each transaction in a formula for “Groceries” and adding the source of each transaction in the cell notes. She explains it @11:50. Editing to add: Instead of cell notes you can also add cell comments by clicking on the cell, then Insert on the file menu then select "Comment" and add what the individual transactions are there that make up that cell amount.
I work two FT jobs, while my wife works FT as well at hers. One is being a custodian at my kids' school. Won't be able to work during Spring Break, Summer,etc, as my other job i work overnight and they want people to work during the day. Anyways, since my hours there will vary, then how would i budget around that? Thanks!
literally can't even get the template, keeps trying to force me to buy a book
Hey there! I want to make sure you can access the toolkit template. Can you email me at justine@debtfreemillennials.com and I'll get you squared away?
I've missed you!
Super, Danke Dir
the link is broken
I love this! I just started using this ❤️ how do we add in an extra line for a category though? For example, like I want to add another line in “Future”?
Highlight a row, right click or double tap on Mac and it will pull up a menu and you should see an action that says "Add Row" or you can highlight a row, click Insert from the top menu then click Add Row above or below.
@@DebtFreeMillennials thank you!
Where do I find the template?
I clicked the link and put in my information to gain access to the spreadsheet but it is saying submission failed because of an error. Can you help me gain access please?
I had the same problem, said the same error message. I contacted her and it's working now for me. You can try again!
I try to use this, but I have such a hard time.
What are you getting stuck on? Do you think taking an Excel Basics tutorial would help? I imagine this would be a bit difficult for someone who hasn’t really used Excel much before.
It’s not the spreadsheet. It’s me. I’m the villain.
Hello, yes I would like to have the template for this video. I signed up for an email but never received anything. Can you help me out
How do I download this
I cannot download the template. fill in my email and warn: Your submission failed because of an error.
I had the same problem, same error message. I contacted her and it's works for me now. You can try again!
Wont let me duplicate to edit as you have shown?
Can you email a screenshot of your error? justine@debtfreemillennials.com
Hi Justine, HNY! I'm new to your channel and love your content. Is there an updated link to the budget toolkit? The one that just came to my email after subscribing doesn't have the updated "Financial Inventory" sheet.
I think I got you covered if you emailed me (I think you did!)
Yep same person 😂 thank you!
HI I'm new but I don't see your link
It is the first link in the description. Fill that out and the link to the file will be emailed to you.
TYSM for helping me out by addressing these comments. You rock!!!@@danielled5883
@@DebtFreeMillennials 🤗
I filled out the first link in the description.
It says link it’s broken. Help please. I would like the spreadsheet copy