This Home Budget Worksheet makes household budget planning a breeze and takes the frustration out of the entire process. The first sheet in the household budget planner template contains a detailed breakdown of the most common household income and expense sources. The totals for each category are calculated automatically based on the inputs one enters. The net budget total is also calculated automatically, based on the annual income and annual expense total for all the categories.
Download Free Home Budget Worksheet
- License – Private Use
- File Type – Excel (.xlsx)
How to Use Home Budget Worksheet?
The dashboard sheet is derived entirely automatically based on the inputs you entered in the first sheet. Your income categories are broken down numerically and visually for comparative analysis (you can see which income source was the highest or where a particular income source fits in – about the others) and all the income sources totaled.
Your expense categories are also broken down numerically and visually (you can see which expense source was the highest or where a particular expense source fits in – about the others) and all the expense sources totaled.
The third home budget worksheet is also quite important for qualitative analysis. It analyses one’s expenses, and for each expense (whether it’s a necessity or not), you can select whether you are spending amounts on this item or allocating amounts based on needs or wants.
For example – is your clothing bill based on needs (you may need clothes for example) or wants (you are only buying expensive clothing you want when you already have enough clothes). There is a visual analysis provided in a chart format, which allows you to see whether your budget is allocated based on a needs or wants perspective.
Tips on Using Home Budget Worksheet
- Budgeting requires honesty if you spend or intend to spend a certain amount, enter that exact amount.
- The primary target, when compiling a budget that you are working towards, is to pay all your expenses from your income sources and live comfortably. So, have that target in mind when allocating amounts or perhaps deciding to curtail spending on certain measures.
- Just because something is a necessity such as food or clothing, that does not mean you are spending money on it or allocating money in your budget to it, from a needs based perspective.
- If you are a single person, compile your budget based on a single income, if you are married with children and both parents are working, organize your budget based on a joint income.
- If you find that your expenses are exceeding your income drastically, try and eliminate clear luxuries from your budget, and for the rest of the items, use only a needs based perspective when allocating amounts.
- Review receipts and other financial records such as bank statements when compiling one’s budget for accurate reflections of items you are not sure about.