My free budget template will save you thousands in 2024 – but it might give you a rude shock about your spending

Financial professional and founder of Money Mode, Renee Vercoehas created its own budget template to help Aussies get back on track with their money in 2024.

The mother of two completed a Bachelor of Commerce in 2002, majoring in Finance, Financial Planning and Accounting. Leaving the country and supporting herself through college has taught her tremendous lessons in managing time and money.

She has now worked in the financial planning industry for 15 years, both as an advisor and in operational and strategic management roles. Her goal is to break down the barriers to financial advice, making it more accessible, affordable and meaningful for people at every stage of life…

Ready to get your budget and cash flow in top shape for 2024?

Many people approach their budgeting on a week-by-week or month-by-month basis, depending on the expenses coming in during that period.

This method almost always causes people to become stressed because the fluctuations in spending from one period to the next can be huge, and the amount left over can leave you feeling rich one week and struggling in others. has to make ends meet.

Financial professional and founder of Money Mode, Renae Vercoe, has created her own budget template to help Australians get back on track with their money in 2024

A consistent approach can solve this.

What’s been game-changing for me and my clients is that we look at all the costs you’re likely to incur for an entire year and then spread them out over each billing cycle. Think of it as smoothing out the cost of living.

This puts you in a powerful position to know exactly what you can save and spend on guilt-free lifestyle spending, knowing that all your bills and savings goals are met.

As a financial advisor, I have helped clients understand their figures for years. In order to make a plan for your money, you need to know the numbers to plug into them.

So I have one cash flow template after getting frustrated with everything else I could find.

Renae created this cash flow template after being frustrated with everything else she could find

Renae made this cash flow template after getting frustrated with everything else she could find

If spreadsheets aren’t your thing, fear not. All you have to do is work your way through filling in your income sources and your various expenses by updating the $ amount field and the frequency field.

The spreadsheet calculates the rest for you and summarizes your expenses into a weekly and annual amount.

For some forms of income (e.g. seasonal, shift or self-employment) and some accounts, the amounts may vary from period to period. Just do your best to project income or expenses and indicate what the average amount is.

The formulas in the spreadsheet calculate what the annual amount is (the last ‘grey’ column), so check this number to see if it suits your circumstances. When it comes to income, it is better to underestimate than to overestimate something. The opposite applies to expenses.

If spreadsheets aren't your thing, fear not.  All you have to do is work your way through your income sources and your various expenses by updating the $ amount field and the frequency field.

If spreadsheets aren’t your thing, fear not. All you have to do is work your way through your income sources and your various expenses by updating the $ amount field and the frequency field.

The bills and essential expenses should be the easy part because you can go through some old bills or your bank account and identify the amounts.

When it comes to personal expensesTry to be as realistic as possible about what you spend. Many of us spend unconsciously and often our perception of what we think we spend versus what we actually spend can shock us. The key here is to record your expenses as they are and then refine them based on your values ​​and priorities.

The template then projects your surplus (money left over after expenses) or your deficit (if your expenses exceed your income).

You can now work on getting this number in the best shape possible. Once you’re in a “surplus” position that you’re happy with, you can use this money toward your goals, paying off debt and building your financial future.

This information has been prepared without taking into account your objectives, financial situation or needs. Therefore, before acting on this information, you should consider its appropriateness taking into account your objectives, financial situation and needs.

Here are five of my top cash flow tips for a smoother 2024

• You have to first know your numbers (by creating a budget) to develop a cash flow system that works

Spend less than you earn (always!). You have to find a way to live within your means and save $$, it’s the money left over that you can use to build your future

Smooth out your billsCalculate the expected costs of all your essential bills for the coming year and divide this by your billing cycle. These bills (think rates or autorego) can be semi-regular, so spend equal amounts on them each billing cycle so you’re prepared when they arise.

Automate as much as possible. For example, paying your bills and transferring money between accounts. Removing the manual processes of managing your money helps take the stress out of it and ensures the system never breaks

Set up emergency funds and buffer amounts in your cash flow, so that unplanned expenses or nasty surprises don’t derail your plans. One of the most common pitfalls in people’s previous attempts to manage their cash flow stems from being unable to pay for unexpected expenses

1704934515 243 My free budget template will save you thousands in 2024