The Ultimate Budgeting Tool: A Free Cashflow Analysis Worksheet (2024)

When looking at your finances, budgeting and understanding your cash flow are essential for making informed financial decisions. Living on PEI has become more expensive over the last few years, but budgeting can help better manage your finances. With a clear picture of where your money is coming from and where it’s going, it can be easier to set financial goals and achieve them. Whether you’re looking to save for a down payment on a home, pay off debt, or just want to have a better handle on your spending, my free cash flow analysis worksheet can help.

My worksheet is designed to help you track your income and expenses and understand your spending habits. It includes categories for all types of expenses, including income, fixed costs such as rent or mortgage payments, variable expenses like groceries and entertainment, and lifestyle expenses such as personal care, memberships, activities, and travel. The worksheet also provides a space to input your income, so you can see the overall picture of your cash flow. With this information, you will be able to visually see your major expenses and have a starting point to make changes to your spending habits. Whether you’re looking to reduce your costs in order to save up for a down payment on a home or simply want to have a better handle on your spending, my worksheet can help you achieve your financial goals. Download my worksheet for free and take the first step towards a better financial future.

How to use the Worksheet

Now that you’ve downloaded the worksheet, it’s time to start tracking your income and expenses. When you look at the worksheet, you’ll notice that there are 7 colour-coded sections. 1 Income section, and 6 Expense sections. These sections are explained below.

Income

This section is where you’ll enter your monthly income amount. This includes any salary, wages, bonuses, investments, or other sources of income that you receive on a regular basis. By entering this information, you’ll be able to see the overall picture of your cash flow and understand how much money you have coming in each month.

Living Expenses

This section includes all the expenses related to your daily life.

This includes your Mortgage/Rent, Property Taxes, Hydro/Water, House Maintenance, Heat, Appliance Rental/Maintenance, Telephone, Cell Phone, Internet, Food, Gas, Car Maintenance/Licensing, Non-Auto Transportation, Medical/Dental (Share of Benefits), Pet Supplies/Pet Care.

These are the expenses you pay for every month, and it’s important to keep track of them, so you can identify any areas where you can reduce your spending.

Risk

This section includes all the expenses related to your risk management. This includes your Car Insurance, Life/Disability/Critical Insurance, Property Insurance. These are the expenses you pay for to protect yourself and your assets in case of any unforeseen events.

Children (if applicable)

This section includes all the expenses related to your children. This includes Daycare, Children’s Clothing, Child Sports/Activities, Child Support Paid, Education Savings, Children Other – Diapers. It’s important to keep track of these expenses so you can budget for them and plan for your children’s future.

Debt

This section includes all the expenses related to your debt. This includes Loans, Lines of Credit, Credit Cards, Car Loan/Lease, RRSP Loans, Investment Loans, Past Taxes, Other Debt. These are the expenses you pay for to pay off your debt. It’s important to keep track of these expenses so you can budget for them and work on paying off your debt.

Planning

This section includes all the expenses related to your planning. This includes Emergency, Retirement, Unregistered, TFSA, Misc. Goals. These are the expenses you pay for to plan for your future. It’s important to keep track of these expenses so you can budget for them and achieve your financial goals.

Lifestyle

This section includes all the expenses related to your lifestyle. This includes Alcohol/Cigarettes, Personal Care, Wellness, Christmas, Entertainment, Charity, Travel, Pocket Money, Membership/Activities, Pocket Money, Gifts, Cleaning Service, Misc. Spending. These are the expenses you pay for to live your lifestyle. It’s important to keep track of these expenses so you can budget for them and make sure they align with your financial

Money Saving Tips

Now that you’ve entered your income and expenses into the worksheet, it should give you a better understanding of where your money is going. Let’s look at some money saving tips and tricks to try and reduce your monthly expenses.

Cut back on Memberships and Online Subscriptions

This is one of the easiest ways for most people to save a few extra dollars every month. Take a couple of hours to sit down and review your financial statements for any memberships and subscriptions to identify areas where you may be spending too much on things like streaming services, or online subscriptions. It’s easy to havemultiple similarsubscriptions for things like Netflix, Amazon Prime Video, andDisney +, or Apple Music, Spotify and YouTube Premium. Maybe your partner is also paying for theseservices, and you can switch to a couples plan or even family plan. It’s not big savings, but it’s some. The small savings can add up.

Lower your Insurance Costs

Once we purchase insurance, we very rarely ever shop around for a new policy. You might actually be spending way too much on your existing insurance policies, especially if you hold different policies with different insurance companies. It’s easy to shop around for insurance companies that also offer discounts for multiple products. I strongly suggest that you reach out to an insurance broker to go over your options as they have the most insight on how to save you money on insurance cost.