How to Prepare a Family Budget Excel Spreadsheet

The best way to tackle your home finances is to develop a family budget excel spreadsheet to track your family income versus expenses.

Difficulty: Moderate

Instructions

Things You'll Need:

• Laptop or personal family computer HP desktop printer Excel Software program for money management budget calculator income, expenses

1. If your family has a home PC, mac, or laptop, you may access for free or can download from the internet a budget management software such as Microsoft Excel to help design your spreadsheet.

2. Design your budget using your excel spreadsheet around 6 main categories: 1. Total Monthly Family Income 2. Monthly Home Budget Expenditures 3. Monthly Auto Expenses 4. Monthly Debt 5. Monthly Family Living Expenses 6. Total Monthly Household Income (free income after expenses)

3. Monthly living expenses include rent or mortgage owed, property and casualty payments, loan payments, utilities, taxes, and any family repairs.

4. Auto expenses should include automobile loans, gas, car insurance, and automobile maintenance for your family. These payments make up the next category on your budget excel spreadsheet.

5. Family debts should include any credit loans and monthly balances owed make up the next budget category on your excel spreadsheet.

6. Next list Miscellaneous budget expenses on your excel spreadsheet to include other personal costs such as: -childcare/school costs/sports activities -clothing, food -family entertainment, cable, videos, newspaper, magazines -medical, vet -clubs, association dues -investments, life insurance -family vacations, gifts for holidays -haircuts, nails, etc.

7. Figure your total family monthly income at top of your budget spreadsheet, then total your monthly expenses for each category, and subtract to get your net income balance at the bottom of your excel spreadsheet.

Tips & Warnings

• Always round up when estimating your monthly family budget
• Get your excel spreadsheet completed first and list as many as you can think of under miscellaneous before writing your own expenses in.
• Divide your family budget spreadsheets in 2 if paid bi-weekly or 4 if every week to help determine your monthly payment schedules
• Always include an excel category under miscellaneous expenses for emergencies and decide how much your family can free up each week to add to this fund

Resources

• Budget Software
• Debt Recovery Solutions
• Printable Budget Sheets

[cmanny]

on 1/12/2009 Solid advice. Its time we all do this! Thanks

[HomePapa]

on 1/10/2009 Everyone should budget! Such compelling ads as well!

[blaquetweety64]

on 1/7/2009 Soooo needed! 5*

[spayne]

on 1/5/2009 Thanks for sharing this with ehow. I definitely needed to know how to do this and I am sure you have helped countless others with this. *****

[sunshine11219]

on 1/4/2009 good idea and easy to follow