Many people like to use an envelope system to control the spending in these areas more closely. The daily living categories such as groceries, fun and fuel tend to be highly variable. Some of these could be envelope categories, but in general, these are for bills that you can set on AutoPay. These are your utilities, subscriptions, and other recurring bills that may be variable, but are pretty much consistent and predictable. Whether you list your mortgage as a big bill or a debt is up to you. If you have a lot of different debts, you may need to lump some of them into categories such as "credit cards" and "students loans." If you are using a debt snowball, only include the MINIMUM monthly payments in this section! The debt snowball is included in the Savings section. The point is that you have a place called BIG BILLS to remind you to budget for the big important stuff, the stuff that if you don't plan for, could break you. Whether you call some of these categories "sinking funds" or "short-term savings" doesn't matter in this worksheet. Some people like to track the savings for big bills in separate accounts, sometimes even a separate sub-accounts. You can divide in Excel using a formula such as =1500/12. For a monthly budget, divide the total average yearly cost of a large bill by 12. Things like medical bills, home repairs, and car repairs can be budgeted ahead of time so that you have the money when you need it. Nobody makes it through life without unexpected big bills. This would also be a place to pull out priority savings to apply the "pay yourself first" principle. If you pay a tithe (the "pay God first" principle), then you can multiply by a percent in excel using a formula such as =10%*B9 where B9 is the Total Income. This category is for making adjustments to your gross income, such as listing the tax withholdings and other deductions from your paycheck. They are designed to help you apply the 'Pay God First' principle, the 'Pay Yourself First' principal, the 'Debt Snowball' and 'Savings Snowball' techniques, the 'Sinking Funds' idea, and the 'Envelope Budget' system. The categories in this worksheet have a very purposeful structure. Step 2: Enter Your Budget (Savings and Expenses) If your income varies a lot, you can base your budget on what you expect the minimum for the month will be. If you get paid weekly, you can base your budget on 4 weeks. If you actually get paid biweekly, you may want to base your budget on just two weeks of pay, then use your extra paycheck twice per year to do something special. Home Budget Worksheet - Our original selection of home budget worksheets.If you are creating a monthly budget, list all sources of income for the month.Personal Budget Spreadsheet The 12-month version of the personal budget version.Personal Monthly Budget - Like the one above, but less detailed, and designed to fit on a single page.Family Budget Planner - This is the 12-month version of the household budget spreadsheet listed above.Money Management Template - Record transactions to automatically populate the budget vs.If you add or remove any categories, just make sure that the formulas used for the totals don't get messed up. If your Net is negative, that means you have overspent your monthly budget.Īdding or Removing categories: The household budget template contains a very detailed list of categories, which you may or may not need. The Monthly Budget Summary table totals up all your income and expenses and calculates the Net as Income minus Expenses. If you spend more than you budgeted, the Difference between the Projected and Actual values will be negative, and if your Actual income is less than your Projected income, the Difference will be a negative number. In this spreadsheet, the calculations are set up so that negative numbers are bad. The cells in the "Difference" column use conditional formatting to make negative numbers red. At the end of the month, you record in the "Actual" column how much you really spent during the month. This represents your goal - you're trying to keep from spending more than this amount. You record your desired budget for each category in the "Budget" column. The purpose of this worksheet is to help you compare your monthly budget with your actual income and expenses. You may also want to read the article " How to Budget". Our article " How to Make a Budget" explains how to use these spreadsheets to create your budget. You'll want to replace the values in the Home Expenses category with your own. To use this template, fill in the cells highlighted with a light-blue background (the "Budget" and "Actual" columns). 42 Effective Ways to Save Money Budgeting Tips for the New Year Using the Household Budget Worksheet
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