How To Create A Home Budget Template

24
January

Making a budget is essential, especially in today’s economy. A budget helps you keep track of the money that you have coming in and where it goes. It also allows you to plan ahead for future events and to save money. Making a home budget template is very easy to do. All you need is a basic knowledge of a program like Excel or some money management software. Here are some tips to help you create your home budget.

The first thing is to choose how to lay it out. You can either make a monthly budget or a bi-weekly budget. The best way to determine this is according to your pay scale. If you are paid monthly or on the 15th and 30th, a monthly budget is a good tool since you have the same income every month. If you are paid bi-weekly, you should consider budgeting according to your pay date. List all the pay dates in the first line for as far out as you wish.

After you list the pay dates, add several lines for income. The first line should be the amount of your regular income. This is usually going to be the same for every paycheck. The next couple of lines you can use for miscellaneous income, such as income from investments, gifts, part time work, or any other source. You would also add your spouse’s income in this section as well. The last line should total this income up so you know how much is coming in on each line of your budget.

After this, start a new section and list your fixed expenses. Fixed expenses include mortgage, car payment, cable bill, phone bill, loan payments, or any other expense that is fixed each month. Again, these will be the same each time. If you are using the bi-weekly model, divide the bills according to the time of month they are due to be paid. For example if mortgage is due the first and the car payment on the 20th, put them underneath the corresponding pay period.

After you list fixed expenses, list your variable expenses. These include food, clothing, and entertainment. It is a good idea to set a target number you feel comfortable spending and place it in that slot. If at the end of each pay period you saved a few dollars in one category, apply that amount to savings. You can adjust these expenses from period to period. For example, if you have a weekend trip coming up, you would want to budget more for entertainment. You also want to list your credit cards here, but do your best to factor those bills in ahead of time by knowing how much you spend on them.

Your last section should be savings. This is where you should list a fixed amount you want to put away with each month or paycheck. Consider general savings as well as savings for potential issues in the future, such as car repairs.

After you have laid out your budget template, add formulas to each section. Excel has easy to use instructions to add the formulas. This takes all of the math work out of tracking your budget. It also means that if you adjust your budget, you do not need to worry about recalculating after you make the changes. When you have a new expense, it is easy to add in as well.

Lastly, double check everything on your budget. Make sure all the dates are accurate so that you will not be caught off guard in the future. Check your budget regularly and don’t be afraid to make adjustments.

This post was written by

jason – who has written posts on Budget Clowns.
Father of three and married to a lovely women. Always looking for ways to save money, and invest it properly for my children's future.

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