Household Budget Worksheet

 

Creating a budget is an important part of a strong financial foundation. Having a budget helps you manage your money, control your spending, save more money, pay off debt, or avoid debt.

Without an accurate picture of what goes in and out of your bank account, you can easily rely on credit cards and loans to pay your bills. If you already have a budget Worksheet Template, now is a good time to update it.

Download and Print Budget Worksheets

Use the worksheet to help get started to complete all the steps below. You can also create budget worksheets using free spreadsheet programs, including those offered by Vertex42 and It’s Your Money, or even paper and pen.

List Your Earnings

Add all the reliable sources of income: wages from work, benefits, child support, and more. Notice the word reliable. If you occasionally get cash from an outside job or hobby, but that’s not regularly, don’t put that money as income in your budget. Your budget should be a document you can rely on.

Total Your Fees

Some of your monthly expenses are fixed — mortgage/rent, property taxes, child support, and benefits — while others may be different, such as electricity, water, and groceries. List all fixed costs and the amount of the costs.

How To Make A Household Budget Worksheet?

For your variable expenses, write down the maximum amount you will spend in that category or the amount you expect your bill to be.  Use your bank and credit card statements to help you figure out what you usually spend each month and to make sure you don’t leave out expenses in any category.

Calculate Your Net Income

Your net income is what is left after all bills are paid. You want this to be a positive number so you can put it in your debt. Write down the number, even if it’s negative.

Customize Your Expenditure

If your net income is negative, it means you have budgeted to spend more than your income. You have to fix it. Otherwise, you will have problems during the month. Variable spending is usually the first place you can adjust your expenses, e.g., eating out, hobbies, and entertainment.

Even some of your regular expenses can be adjusted, for example, by reducing your cable or phone bill, canceling your gym membership, or not taking a vacation this year. Evaluate your spending using a “want vs. need analysis.

Track Your Expenses

Throughout the month, track your actual spending against what you budgeted for. If you’re over budget, doing this will help you figure out where you’re spending more money. In the future, you can be more careful not to overspend in that area.

Or you may need to adjust your budget to compensate for the extra expense. If you increase your budget in one area, reduce it in other areas to keep your budget in balance. That’s the discussion about Steps to Make a household budget worksheet template, hopefully it’s useful.