3/31/2024 0 Comments Printable expense tracker freeThis number is your estimate for the next year divided by however many months until your expense comes due.At the end of the year add up what you spent on that projected expense budget category.Under the January Tab if you have any expenses related to that projected expense write that in.Write in the projected expense budget category (example Christmas Reserve Fund).I’m happy to say that the expense tracker is now complete and we’ve printed it and put it in our monthly budget binder.Īll you have to do is follow these simple expense tracker steps: It’s a good idea just in case you spend more, prices go up or you mess up your calculations. You can also start your projected expenses account with $100 so you get ahead of your expense tracker. This is why we divide our projected expenses over 12 months but it’s not necessarily based on when the expense is due. Since we have many projected expenses we always have a cash flow in the account. Take $100 and divide that by 7 (July is 7 months into the year) = $14.30 a month you must save in your projected expenses. The cost of the new plate sticker is $100. Your Auto Sticker is due this year in July and it’s now January. You can simplify the process further by saving over a shorter period. When the bill comes due you then pay it from that account. You save that amount of money every month in a separate bank account only for projected expenses as we do. The idea around projected expenses is that you estimate the cost of the expense and divide it by 12. Ideally, we don’t want to always have estimates so if you know the exact number or can use the expense tracking sheet for a year you’ll get the figures you need. In our case, our grocery budget was expanding as was our miscellaneous budget category so we decided to do something about it. Most often if you find similar expenses going to your miscellaneous budget category I’d explore whether they should be deemed projected expenses. These extra expenses were hurting our monthly budget so we decided to save for them ahead of time so we weren’t forced to use emergency savings. Typically we would go out of town for the Christmas holidays and do lots of holiday baking, buy alcohol, snacks and other items. This is where the projected expense tracker comes into play and it’s perfect for this budget task. We needed to know the exact amount of money we spend on each projected expense to create an accurate budget. Projected Expense Tracker = Less Financial Stress The idea around the projected expense tracker is that we might purchase items throughout the year for Christmas not just in December. That was only an estimate as we hadn’t saved for this projected expense before.Ĭome December we would add up all of our receipts that we spent for Christmas food items above our monthly grocery budget. Related: How To Create A Christmas Reserve Fund We estimated that we would need $42o in December to pay for Christmas food expenses last year. Your emergency savings account should not be used for your projected expenses. So many Canadians run into trouble when a bill or expense comes due but they haven’t yet saved for it. Saving for upcoming expenses throughout the year is an action you must do. We hadn’t either until we came up with the term for our budget. If you are new to Canadian Budget Binder you may never have heard of the term, projected expenses before. I wanted it not only for our family budget but for those of you who use our free monthly excel budget or printable budget. Right away I put that on my end of the year 2019 goals list so I could have it ready for the upcoming 2020 year. Unfortunately, I wrote that post a few years ago and hadn’t fulfilled my goal of completing the expense tracker sheet. I was updating an old blog post the other day and in it, I read how I was going to create a budget binder printable document that was a projected expense tracker. Using an expense tracker such as the free budget binder printables that I’ve created allows you to track month by month. How To Start A WordPress Blog (Resources)Ī YEARLY EXPENSE TRACKER WILL SHOW YOU THE TOTAL PROJECTED COSTĮver since I started this blog we’ve discussed projected expenses and how critical they are to your yearly budget.The Ultimate Canadian Grocery Shopping Guide.Emergency Binder Free Printable Package.Canadian Budget Binder 2024 (51 FREE Printables).Coupons, Rewards & Cashback: How Canadians Can Save Money.
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