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I Love Making Money

Your Personal Reduce Spending Worksheet

Personal Budgeting Worksheet by I Love Making Money
Personal Budgeting Worksheet by I Love Making Money

If you’re arriving at this page, this is a series that we’re doing called The Financial Freedom Success System. Click my profile to start at the beginning. If you’re looking for a personal budgeting worksheet and plan, then keep reading below.

In a moment you’ll see a worksheet to help you work through almost all your expenses and find ways to reduce spending — in many cases painlessly!

Simply fill out the Worksheet and then every day use the time you’ve scheduled to work on the next item on the list.

Here’s an example. The…


Smart Spending Ideas — How to Save Money and Stop Spending So Much Money
Smart Spending Ideas — How to Save Money and Stop Spending So Much Money

Now that you’ve changed your financial mindset — and you’re committed to making it a lasting change — here are a number of other concrete ways you can spend more wisely and value your hard work.

https://www.youtube.com/watch?v=vwjubecM2IM

· Make a shopping list — and stick to it! For example, grocery shopping makes up a significant part of your spending. Before you go, make a list of what you need. Plan the week’s meals. Then buy only what you need — don’t bother with the “just in case” stuff or be tempted to pick up a few impulse items. …


Stop Impulse Shopping from I Love Making Money
Stop Impulse Shopping from I Love Making Money

Trick 1: When you see something you want, determine if it is a “need” or a “want.”

A need is something that you have to have in order to survive. What some people say they “need” comes as a huge surprise to others. Your view of a need might be fundamental, like housing and food. Another person’s “needs” may include housing, food… and coffee. Determine your actual “needs” and when you consider a purchase, evaluate if you truly need it or if it would be better to put the money you’ll save towards your investments.

And if you would have used money that is already earmarked for another item on your spending plan, do not spend that…


Develop Spending Mindset from I Love Making Money
Develop Spending Mindset from I Love Making Money

Develop the Optimum Spending Mindset

If you’re just joining us, we are I Love Making Money and this is a “Financial Freedom Success Series” that we started on Medium. You can follow us and start from the beginning here.

Comparison shopping, looking for discounts, and even eliminating some spending is important. But at the core of a lasting behavior change is developing the ability — and habit — of making better overall buying decisions.

Remember, we live in a consumer society that “programs” us all to buy, buy, buy. But you can exercise your own control and make your own…


Decrease Spending — Financial Freedom by I Love Making Money, Kit Elliott
Decrease Spending — Financial Freedom by I Love Making Money, Kit Elliott

The process of determining your net worth and listing your possessions hopefully made you question a lot of the spending choices you’ve made in the past.

That’s one of the biggest reasons you went through those steps: Not only do you now understand the nuts and bolts of your personal financial decisions, but you also reacted emotionally to your money and how you spend it.

Remember what we said earlier. It’s not how much you make… if you spend it all.

In the end what matters is how much you have left. Even if you don’t make a lot of…


No matter how much money people have, most people spend needlessly or without thought.

Understanding your actual expenses and spending with worksheet from I Love Making Money
Understanding your actual expenses and spending with worksheet from I Love Making Money

Most people have gone to the store and bought things they didn’t plan to purchase — or even need — simply because they were on sale. Maybe you bought another package of toothpaste when you already have six or eight hiding in various bathroom closets and cabinets. Or maybe, on the other end of the spending spectrum, you bought a new car when your “old” car was just fine… and maybe even already paid off.

To get control of your finances and to get out of…


How to Determine Your Net Worth with Worksheets from I Love Making Money
How to Determine Your Net Worth with Worksheets from I Love Making Money

Your net worth, in simple terms, is the difference in what you own and what you owe. (Assets — liabilities = net worth.)

Let’s start with your assets. Assets are cash or items that can be turned into cash.

Bank accounts, stock investments, etc. are assets. If you don’t have an emergency savings account, then I recommend a high-yield, compound interest rate. Axos offers the highest one I have found here.

Your home is an asset, as long as it has equity, meaning it is worth more — in terms of real market value — than what you owe. If…


You’ve changed your mindset; now it’s time to change your behaviors and build the foundation of your Financial Freedom. To give you an idea of where we’re going, here’s an overview of the process.

How to Control Spending Plan
How to Control Spending Plan

The Basics of Getting Out of Debt & Building Wealth:

  1. Spend less than you make
  2. Cut up the credit cards
  3. Start a Small Emergency Fund (Fund It As Fast as Possible!) $1K to $2.5K
  4. Pay off all of your debts (Excluding Your Home)
  5. Create Your Emergency Fund
  6. Increase Your Income
  7. Focus Your Extra Income on Wealth Building (investing)
  8. Pay Off Your Home for Total Financial Freedom


How to Install Good Financial Habits from I Love Making Money, Kit Elliott
How to Install Good Financial Habits from I Love Making Money, Kit Elliott

If you’re just now following our “financial freedom” series, then start here at the Nine Core Truths About Taking Control of Your Finances. Before we move on, let’s talk about how you can “install” good habits. Old habits can be hard to break and hard to change. Here are some tips for changing yours:

· Make good habits easy to remember and do. If you find a way to automate a task or chore, do it! The easiest habits to keep are the ones that are on auto-pilot.

· Reward yourself (in a non-monetary way).

Create a “To” Reward Goal…


Create Good Savings and Spending Habits from I Love Making Money, Kit Elliott
Create Good Savings and Spending Habits from I Love Making Money, Kit Elliott

Creating saving habits and auto-investing habits is the easiest way to become financially independent. The first step is getting control of your expenses and start developing good spending habits. Here are a few ideas to help you create good financial habits.

_____ Keep Your Bills in ONE PLACE. Create a bill drawer (or folder) and put all your outstanding bills and statements inside. That way you’ll never misplace your bill. And before you put a bill in the drawer, review it to check for mistakes. Companies do make mistakes — and you shouldn’t pay more than you should. Plus, reviewing…

I Love Making Money

Kit Elliott is the founder and CEO of I Love Making Money, an independent publisher specializing in making and management training, guides and reviews.

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