Create budget planning sheets by splitting income between fixed and changing expenses, keeping track of daily spending, planning for the next month's expenses, and creating spending categories for wants, savings and needs, according to Bank of America. Compare budget planning sheets to monthly spending to see if there is too much spending taking place in a single month.
Before creating a budget planning sheet, it's best to list sources of income while remembering to deduct for Social Security, taxes, spending account deductions, 401(k) and any other savings or retirements accounts you have, notes Bank of America. Use the net income that remains on the budgeting sheets.
Examples of fixed expenses include house loan payments, car note payments and credit card payments, while variable expenses include entertainment, electric bills and utilities, according to Bank of America. Budget sheets should include the specific amount spent for each type of expense. Budget-building software and templates are available for adding individual categories.
You can also list financial goals on budget planning sheets, notes Bank of America. Short-term goals are those that you can accomplish within a year and can include paying off a credit card or preparing for holiday shopping. Long-term goals take multiple years to accomplish and can include saving for retirement or college.