You’ll have to factor in the possibility of not getting paid each week or not receiving any bonuses. After all, meeting your expenses won’t be as easy. If you don’t get paid the same amount on a regular basis, then you’ll have to account for that with each month of budgeting. Not Accounting for a Fluctuating IncomeĮven the very best monthly budget template can’t save you from an inconsistent flow of income. Any discrepancies could cost you big time if you’re on a very tight budget. While it’s only a few dollars, those numbers can add up quickly if you’re spending less or more than what you’ve noted on your budget sheet. For instance, if you put down $70.00 on your cell phone bill but you actually end up paying $72.67 with tax, then you need to make sure that the difference in payment gets notated in your budget. Forgetting to Note Differences in Your Planned and Actual SpendingĪnother one of the most common budgeting issues happens when you fail to note differences between what you plan and budget on spending and what you actually end up spending.
Start to track your expenses, monitor your spending, and record how much income you’re bringing in. From overspending to poorly allocating your money, there are a lot of ways you can hurt yourself financially by not having a budget.Ĭorrect this issue by starting to utilize a budget template every month. These fatal mistakes can lead you to make uninformed and poor financial decisions. Failing to Account for Every Expenseīudgeting problems often start when someone doesn’t even have a budget to begin with or they fail to take account of every single expense when they make their budget. Learn more about the top five most common problems associated with personal budgeting and how to solve them below. Everyone struggles and has problems when making a spreadsheet for monthly budget purposes.
The good news is that you can make a change and start to improve your finances today by creating a budget spreadsheet template and sticking to it.ĭon’t expect to be perfect right away, though. With ever increasing prices, high unemployment, product shortages, a looming war, and more, it can feel way too overwhelming to stay on track.