Disclaimer: We are not qualified legal or tax professionals and are not giving advice. Always speak with a qualified professional before making any legal or financial decisions.
In today's fast-paced world, managing your finances efficiently has never been more critical or more accessible. With a myriad of free budget planners available at your fingertips, finding the right one can transform your approach to budgeting from a tedious task into a streamlined, even enjoyable, process.
Whether you're aiming to track every penny, save for a dream vacation, or simply get a clearer picture of your monthly expenses, the perfect budget planner exists for you.
Let's dive into how the best free budget planners can empower you to take control of your finances, offering insights into which ones lead the pack in 2024.
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What’s the Best Free Budget Planner?
The best free budget planner is the one that works for you. Your choice of budgeting worksheets will depend on how many people you are budgeting for if you have business or tax expenses, and if you want it shareable. You’ll also want it to be compatible with your platform – a MS Excel spreadsheet may not work on Google Sheets. And since we are looking at free budget worksheets, there should be no cost associated with them.
Vertex42 Spreadsheets
- Free
- Primarily for household budgets
- Different spreadsheets will work with Excel, OpenOffice Calc, and/or Google Sheets
- Simple to use
- Can Personalize for your expenses and needs
- Includes calendars, financial calculators, savings snowball and debt snowball calculators, bill tracker worksheets, project management, invoices, and more
- Apps for integration into Excel and Word documents
Mint Lifestyle Spreadsheets
- Free
- Works on laptops and desktops
- Very simple – no unique calculations
- Works with Excel
- Different spreadsheets for college or high school students, parents, daycare expenses etc.
- Each spreadsheet focuses on the priorities of each group and offers suggestions to help achieve goals
- Also offers an app (see below) with similar online worksheets
It’s Your Money! Free Spreadsheets
- Some spreadsheets are free
- Household and business cash management
- Financial calculators available
- New spreadsheets added
- Excel compatible only
- Worksheets may match with specific debt management plans (ie Dave Ramsey’s plans)
- Specific worksheets for at-home businesses such as Etsy
- Excellent instructions for downloading and use
- Extensive blog with financial information
Google Sheets Free Budget Template Gallery
- Free
- Variety of planners from individuals to households to business
- Annual and monthly formats
- Shareable through Gmail accounts
- Google Sheets compatible
- Will work with Excel files using an app or Chrome extension
- App available so can view spreadsheets from phone, tablet, and computers
- Customizable categories
Excel Worksheets
- Free
- Personal, business, household
- Customizable income/expenditures
- Excel compatible
- Can use on Google Sheets with an extension
- Wide variety of budgets for different goals – home construction, college, etc.
Phone Based Apps
If you live on your phone, having an app that displays your budget may be a perfect solution. Some of these are sharable so your partner is aware of budget constraints!
One of the benefits (and drawbacks) of an app is that you do not have to enter the numbers manually. Most can be connected to your different financial institutions and will self populate the budget fields.
Mint
- Free
- Uses Intuit software
- Updates automatically from financial institutions including brokerage accounts
- Includes bill trackers and access to credit scores
- Customizable categories
- Customizable alerts
- Multi-factor authentication and secure encryption
- IOS and Android
Pocketguard
- Free with upgrades available
- Updates automatically from financial institutions including brokerage accounts
- Shows “in my pocket” money that can be spent without hurting your budget
- Customizable categories and alerts
- Encrypted token system for added security
- IOS and Android
Clarity Money
- Free
- Tracks spending, savings, budget planner, credit score checks
- Part of Goldman Sachs
- Links with financial accounts
- Customizable
- High-yield online savings account available with automatic savings
- IOS and Android
Goodbudget
- Free basic account
- “Envelope” assignments – income is assigned to an “envelope” and the balance is adjusted as you spend money from each category
- Doesn’t link to financial accounts, must manually enter receipts and balances
- Shareable between two devices for basic account
- IOS and Android
Regardless of whether you budget online, on paper or in a budget book, it is important to have a budget. For the first few months, at least, to track where every penny is going. You will be able to see where your money goes and to plug up any holes so that you have more money to pay off bills.
Debt Worksheets
If you are looking specifically for debt worksheets designed to help you pay off your debt, there are a number of free debt worksheets. Each of the free budget planners discussed above and some of the apps have debt worksheets available as well.
It is usually helpful to have both a budget and a debt worksheet. You’ll see progress and know that you are making a difference as well as where your money is going and how to stretch every penny.
If budgeting is not working and your debt is increasing because you just do not have enough money, you may need additional help. You may want to consider a credit counseling service so that a third party can help guide you and encourage your budgeting process. If the debts are just too much, you may need to consider a debt consolidation or debt settlement program.
The debt specialists at Pacific Debt, Inc. can help you understand your options. We are a debt settlement company, but if debt settlement is not your best option, we will refer you to one of our trusted partners.
For more information about debt settlement and debt consolidation, check out this article or call one of our debt specialists today.
Comparing Budgeting Strategies
When creating a budget, there are a few main approaches you can take. The best budgeting strategy for you depends on your preferences and financial situation. Below we explain some of the most common budgeting methods:
- Zero-based budgeting: With zero-based budgeting, you allocate every dollar of your income to a specific purpose like bills, debt payments, savings, or spending. The goal is to give every dollar a job so that your income minus expenses equals zero at the end of the month. This method provides a lot of clarity on where your money goes. However, it requires diligently tracking all cash inflows/outflows.
- 50/30/20 budget: This budgeting approach recommends dividing your monthly take-home pay into three buckets: 50% to needs, 30% to wants, and 20% to savings/debt. It offers a simple guideline without tracking every dollar. However, the percentages may need adjustment for your situation.
- Envelope budgeting: Also called cash stuffing, this tactic involves dividing cash into physical envelopes labeled for expense categories. It relies on the tangible nature of spending only what's available in the envelope. The downsides are handling cash and estimating envelope amounts.
As you can see, each budget type has pros and cons. Consider which would work best for your habits and resources. Many free budget templates allow you to take different approaches.
Debt Worksheets to Help Pay Off What You Owe
If debt repayment is your priority, using a debt worksheet alongside your budget can help you make a plan to become debt-free. Here are a couple of easy-to-use templates:
- Debt Snowball Worksheet
- List your debts from smallest balance to largest. Pay minimums on all debts except the smallest, which you aggressively pay off first. Repeat for the next smallest debt, snowballing extra payments towards one debt at a time. This gives motivation through quick small wins.
- Debt Avalanche Worksheet - List debts from the highest interest rate to the lowest. Pay minimums on all except the debt with the highest rate. Put any extra funds towards that first debt to save the most in interest charges. This mathematically optimizes repayment.
Follow the links above to access free downloadable worksheets and get started paying down your debt.
Sample Monthly Budget Template
To help you start budgeting, use this template as an example monthly budget you can Customizing the Template:
- Income - Enter your average monthly take-home pay. Include any other regular income like rental, side jobs, etc.
- Fixed Costs - Input your actual rent/mortgage, insurance premiums, loan payments, utilities, childcare, etc. These tend to stay the same.
- Variable Expenses - Estimate what you spend per month on average for dining out, groceries, transportation, pets, home/self-care, etc. Revisit and adjust every couple of months.
- Savings Goals – Decide what you want to set aside monthly for building emergency savings, retirement contributions, or other financial goals. Savings help achieve plans.
- Remaining - This calculates any money left over. The aim is for this to equal $0. If not, adjust category amounts to balance your budget.
Refer to this template and customize it for your situation as you create a budget that works for you! Let us know if you have any other questions.
FAQs
Conclusion
Budgeting is essential for managing your finances, whether you are working to pay off debt, build savings, or reach other goals. By understanding your income and thoughtfully planning expenses, you gain control. Implement a system that fits your lifestyle using one of the budget methods above, helpful templates, or tools we link to.
Stick to your budget for a few months, tweaking categories as needed. If you feel overwhelmed, use free debt worksheets or ask for assistance. Creating financial stability takes work, but you can do it.
Choose a budget approach, customize it for your situation, and commit. The payoff of firmly managing your money is worth it.
Pacific Debt, Inc.
Pacific Debt Inc. is one of the leading debt settlement companies in the US. We have consistently been named one of the best for years and this year, we earned two #1 rankings for our customer service. We’ve settled over $300 million in debt for our customers since 2002.
If you’d like more information on debt settlement or have more than $10,000 in credit card debt that you can’t repay, contact Pacific Debt, Inc. We may be able to help you become debt-free in 2 to 4 years.
Once you’ve completed our debt settlement program, your financial situation should start to improve. You’ll then be able to take the money you once had to pay towards your debt and be able to use it for other purposes like saving, investing, retirement, etc.
Pacific Debt, Inc. is accredited with the Consumer Debt Relief Initiative (CDRI) and is an A+ member of the Better Business Bureau. We rate very highly in Top Consumer Reviews, Top Ten Reviews, Consumers Advocate, Consumer Affairs, Trust Pilot, and US News and World Report.
Pacific Debt is currently providing debt relief coverage in the following states:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, District of Columbia, Florida, Idaho, Indiana, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Mexico, New York, Oklahoma, Pennsylvania, South Dakota, Texas, Utah, Virginia, Wisconsin
* Other states can be connected to one of our trusted partners
* Other states can be connected to one of our trusted partners. For more information, contact one of our debt specialists today. The initial consultation is free, and our debt experts will explain all your options.
*Disclaimer: Pacific Debt Relief explicitly states that it is not a credit repair organization, and its program does not aim to improve individuals' credit scores. The information provided here is intended solely for educational purposes, aiding consumers in making informed decisions regarding credit and debt matters. The content does not constitute legal or financial advice. Pacific Debt Relief strongly advises individuals to seek the counsel of qualified professionals before undertaking any legal or financial actions.
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