Personal budget and loan amortizations
Originally published: 27/09/2022 09:26
Publication number: ELQ-67010-1
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Personal budget and loan amortizations

This is a budget I personally use to track my expenses and budget upcoming home or vehicle purchases and refinancing.

Description
This template allows you to estimate and budget your monthly expenses and see the forecast over the next few months according to budgeted income/expenses. This tool has been very effective in helping me over the past several years, and I find it better than using a "simple" budget or Mint, etc. You do need to have some level of excel experience but I've tried making it very simple to update and use. 


With this template, you will also be able to summarize salary information obtained from third-party sites in order to better gauge your next career move. You can also track your historical salary increases and set salary goals. 


The tax tab will provide you an estimate of expected taxes to be paid. The caveat to this, is that the IRS updates the tax tables annually, and you will need to manually update the table in the model in order for it to work properly every year. 


The home loan and car loan tabs will help you track your home and auto loans, as well as assist you in comparing accross different financing options (including closing costs). 


Lastly, focus on the funded status tab, whick provides a dashboard of the current cash balance, and projected status over the upcoming months according to your budget. 

This Best Practice includes
1 excel file

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Further information

Personal budgeting

Bi-monthly salary and expenses broken down between 1st and 2nd half of each month


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