Also, the culture to gift people as a token of memory or appreciation is a common thing that should be recorded here. Gifts and donations are common today as most people adhere to donations, which is used as an avenue to bring about tax savings. The life insurance premium also gets captured here, along with the medical cost of pets and vets. This section records primarily all the health-related expenses, which include medical insurance premiums to fees paid to doctors and the cost of medicines. Health and medical-related expense is a thing from which no one can escape. Also, the cost of the ticket to utilize public transport should be captured here. The fuel in the case of private transportation is the main category, which gets recorded here along with the parking charges and insurance premium. Either personal transport or public transport has a particular cost of usage. Any furniture purchased or repairs made should also be captured in this section.Ĭommute plays a vital role in everyone’s living, and thus monthly, there should be a certain amount allocated towards this thing too. The cost of electricity and water is also shown here as they belong to the basic amenity for living. As stated above, these amounts tend to vary monthly to a minimal extent. Even any kind of home loan or property repair and taxes are recorded in this field.These expenses are more concerned about the day to day living of the individual, and to some extent, the budget allocated towards are don’t vary a lot every month. Here the user will capture the electricity bill, gas bill, and groceries. This section is more of like the necessary amenities needed to run a living.All the income generated monthly is stored and recorded in this segment, and a total is calculated based on the same. It may consist of various streams of income, namely salary, interest from savings, dividends Dividends Dividends refer to the portion of business earnings paid to the shareholders as gratitude for investing in the company’s equity. This section is used to classify all the income which an individual can have. The projected balance gives us the final amount which the user planned to save at the beginning and matches it accordingly with the month-end balance, which is nothing but the difference between income and expense.If the amount here is negative, it should be the first trigger or warning where certainly the expenses are more than the income level of the concerned user. The net balance calculation happens here, which, if positive, means the person has enough income to capture all his expenses. This section gives us a snapshot of the entire income figure, which one has and henceforth the expense figure too.This template can help the user to keep track of his expenses and make sure he/she is spending within manageable limits where even if there is the utilization of debt that can be easily paid back with the income one generates. The personal budget template will capture all the available sources of income one has and all the expenses which one needs to bear on a day to day basis.
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