Typically when someone decides it is time to put together a budget, one of the first steps they take is to find the right tool to use. This could be an app they download on their phone, a software program, an excel spreadsheet, a template they’ve found on Google, or even a Big Chief tablet and a crayon. However, none of these are the right first steps in creating a successful budget...it starts with the data.
When I provide budgeting assistance through our Financial Coaching program, the first thing
I tell our clients is not to use a budget. Yep, you heard me right. For the first month or so I
want to collect data, not try to plug numbers into a predesigned template that may not be the best option for their lifestyle. That's like trying to force a round peg into a square hole.
If you Google “budgeting worksheet”, you come up with a little over $4.4 million results. This is because budgeting is not a one size fits all issue. I’m sure the first person that uploaded their budget template onto the internet thought theirs was fantastic. Then someone else came along with a tweaked version, and so on and so forth. It’s important to personalize the tool you plan on using.