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How to create a personal budget

Kirjoittanut: Nicolas Mamassis - tiimistä Exchange.

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Esseen arvioitu lukuaika on 2 minuuttia.

Budget 2022 – Template

In order to know how much I could spend during my stay in Finland, I’ve made some researches on how to create a yearly budget. I’ve found some tips that allowed me to create an excel file to calculate my yearly income and expenses. This excel file is a summary of what I have been learning on creating a personnal budget.

I am going to explain how to create yours and how to use this file for yourself as well.

In order to create your budget, you will first have to list all the incomes sources that you have on a monthly base. Then, your monthly expenses, starting with the big things, and then going more into details. For exemple the rent, insurances, transport, food,… After having listed those, you should make a monthly balance of what you will spend and what you will earn. Then with the monhtly balance, you will be able to see if your budget can work like this or not. It is sometimes said that we should spend 50% of our income on the needs, such as the rent, groceries and utilities, 30% of our income to things that are not needed but only wanted, such as holidays, parties, activities with friends. Finally 20% of your income should go to savings or investments. (Vansomeren, 2022)

Here is a list of things that I would recommend you not to forget to add in your own budget : birthdays, gifts, special days (mother’s day, christmas, valentine’s day,…), taxes, renewal of subscriptions, renewal of ID, medical visits, budget to buy your new computer or phone, hairdresser, clothes and savings or investments,

In order to use the excel file that I’ve created, I recommend you to follow those steps, and to fill the excel file from left to right. The formulas are already included so that you don’t have to calculate anything. You only will have to fill for each month, what are your incomes and expenses.

In my opinion, it has been a very useful tool for me but it can be improved by adding some graphs that shows where most of the money comes from, where is the money spent, which months do I expect to spend the most, …


Campaiola, M. (2022, January 1). Commonly forgotten budget expenses you’ll want to include. Retrieved from A Mess Free Life: https://adebtfreestressfreelife.com/commonly-forgotten-budget-expenses-youll-want-to-include/

Huntington. (n.d.). Create a personal budget : How to make a budget. Retrieved from Huntington: https://www.huntington.com/learn/budgeting/how-to-make-a-budget

Vansomeren, L. (2022, February 28). The 50/30/20 Rule of Thumb for Budgeting. Retrieved from the balance: https://www.thebalance.com/the-50-30-20-rule-of-thumb-453922

Vohwinkle, J. (2022, January 24). How To Make a Personal Budget in 6 Easy Steps. Retrieved from the balance: https://www.thebalance.com/how-to-make-a-budget-1289587



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