Budget Binder & Monthly $ Tracking System
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Make a budget binder to organize your bills and stay on top of your budget and financial goals. Whether you have a simple file folder system or a more elaborate system (like mine) it should reflect YOUR needs.
My needs may be a little more complicated than the average person as I work full-time and have rental properties. Occasionally, I would be late paying bills on time because I was busy and thought I had already paid them. Also, tax time can be a nightmare if you’re not organized. I knew I needed to come up with a better system to track everything. Most regular bills I set up for automatic payment but I prefer to pay the ones that may fluctuate myself. This way I am aware of what I am being charged and can make corrections if necessary. What do you need to keep track of?
Components of my budget binder...
I created my budget binder using a combination of free printables that I found on Pinterest. Some customized forms that I made on the Excel program were used for the receipt logs.
First, I got a binder (in my favourite aqua colour, of course). Then I printed out a page for the cover.
The pocket in the binder was the perfect place for a planner that I got at a dollar store. In there I write down when bills and automatic payments are due. This only takes a minute to do and makes it so much easier when doing my monthly budget reconciliation.
Budget Binder Bill Payment Checklist...
A Bill Payment Checklist helps to remind me what bills have been paid and what has not. I inserted these printouts into plastic sleeves and use a dry erase marker so I can reuse them from year to year.
Budget Binder Printouts for Debt and Savings Goals
I found some nifty thermometer printouts for debt payment goals and savings goals so I can keep track of my progress. I must admit I don’t keep up with these every month when I get insanely busy. It is nice to see though, when I am making progress towards what I am working for. Some of my “little” goals at the moment are saving for my kitchen reno (which I will be completing soon) and other future home projects. My “big” goal is to pay down my mortgage.
Bills to pay...
I inserted a plastic pocket file folder with ring holes, that I also got at the dollar store, to put my current bills to pay. The bills are put in order of date due in one pocket so the ones I need to pay first are at the front. At least once a week I will go through them and pay what needs to be paid, hopefully a few days before they are due.
I also keep financial notices and special offers in the other pocket until I have a chance to review them or they are no longer relevant. ie. low interest credit card offers, mortgage renewal notices,etc.
Reconcile budget...
In the next section I keep my reconciled budgets from month to month. I do my budget on the computer in the Excel program. If you are interested in a more detailed review of how I reconcile my budget please leave a comment below.
Keeping track of spending is very helpful...
For many years I just kept track of my bills and spending on a “cash flow” Excel sheet. Originally, it was only going to be for a month or two but then I kept on doing it. Every time I made a purchase I would just add it to the total that was already there. At the end of the year when I was doing my taxes I could easily look back and see what I spent for each category. The down side to this is that I didn’t have an easy way to cross check it if I forgot to put in a receipt. It was not detailed enough in some sections.
So, I started a log for each category that I needed to keep track of spending for in my budget binder. Those purchases for rental properties, business expenses, and other categories that I just wanted to know all have their own page now.
What to do with receipts and bills paid...
Everyone should have some sort of filing system whether it is a simple file folder case or a filing cabinet. I have a file “drawer” where I keep current (this year’s) bills that have been paid and other important information that I need to keep accessible ie. current insurance, financial statements, etc. Once a year, usually in January, I will go through it and purge as much as possible. Anything needed to be kept for tax reasons gets transferred to my “archive” file boxes.
Alternatives to a budget binder...
There are many different apps for your phone and programs for your computer for you keep track of your money. I am “old school” as I like to see some things down on paper and not reliant on technology. Whatever system you decide to use, customize it to your needs.
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