A majority of the US population lives paycheck to paycheck, meaning that many people are living beyond their means. This means that in the face of a family emergency, most households would not have an emergency fund to rely on. Most people understand that they should be living off of a budget but doing this in your head will not be sufficient. By downloading the Household Monthly Budget Template from MyExcelTemplates.com, it is much easier to manage your hard earned money.
It is important to manage income versus expenses on a monthly basis and limit the household to a budget. Once the money from one category has been spent for the month, spending in that category needs to be put on hold until the next month. The FREE Household Monthly Budget Template can assist in tracking income and expenses, by dividing both into categories. This monthly household budget worksheet is free to download, customize, and easy to use. Keeping track of projected and actual expenses on a monthly basis gives you a better understanding of where your finances stand allowing you to decide on cuts where necessary and get out of the paycheck to paycheck loop.
How to Use the Household Monthly Budget Template
- First you will need to look at all of your financial records. If you do not have accurate records of your spending and income in one place, a good place to reference is your bank account.
- Itemize your spending and income categories and enter them into the appropriate fields on the household monthly budget template customize the titles of the fields as needed.
- The total fields are set up with pre-set formulas, do not edit any of those fields they will automatically calculate from the fields that are relevant.
Tips for Using the Household Monthly Budget Template
- Review your numbers on a regular basis, daily is best, but at least weekly. Enter spending as it occurs and make changes to projected and actual income as it changes.
- Your projected fields are for your best guess as to what your future income or spending will be and should be entered at the beginning of the month. The actual numbers are updated as they happen.
- Black numbers are positive and red numbers are negative. If your totals are red at the end of any given month you will need assess where cuts in your spending must be made. Look at categories that are optional or luxuries to figure out where to make cuts.
Download the Household Monthly Budget Template for Microsoft Office: Household Monthly Budget Template