Free Budget Template to Get Out of Debt

Living on a budget isn’t just for those struggling to make ends meet—it’s for everyone who wants financial freedom. My family is committed to budgeting now and forever. Why? Because tracking where your money goes is the key to building wealth and reducing financial stress.

Getting started can feel overwhelming, but like anything new, it just takes practice. If you never begin, you’ll never learn! That’s why I’m sharing an easy tutorial video and a free downloadable Excel budget template to help you get out of debt or simply take control of your finances—no matter how much money you make.

Step 1: Start with Your Income

The first step in budgeting is knowing how much money you have to work with. Write down your monthly take-home pay—this is your starting point. Before you spend a single dollar, you need to know how much you actually have!

Step 2: Prioritize Food First

Food isn’t optional—it’s a necessity. That’s why I recommend budgeting for groceries before anything else.

In our family of six, grocery spending is a constant debate. My husband does the shopping, and let’s just say… he thinks we should spend more, while I think we should spend less. Since he’s the one at the store, guess who wins? 🤷‍♀️ We set our grocery budget on the higher side but adjust as needed throughout the month.

The bottom line? Feed your family first. If some credit card company wants to throw a fit because you didn’t make a payment this month—too bad! Your children’s bellies come before a bill collector’s demands.

Step 3: Keep the Roof Over Your Head

Next, cover your essential living expenses. Keeping a roof over your head, utilities on, and gas in your car comes before debt payments. Homelessness is far worse than a late fee. Housing, electricity, water, and transportation should always take priority.

Step 4: Attack Your Debt with What’s Left

After covering necessities, throw every extra dollar at your debt. Pay as much as you possibly can each month. If that means skipping restaurants, coffee runs, or impulse purchases—so be it. Those luxuries will still be there when you’re debt-free.

Every dollar you put toward your debt now gets you closer to financial freedom. Hit it hard, stay consistent, and before you know it, you’ll be in control of your money instead of the other way around.