How to Make a Monthly Spending Worksheet
Keeping a monthly worksheet to manage spending is vital in tight economic times. Learn what to chart on your worksheet and how to organize your monthly spending to avoid pitfalls.
- Difficulty:
- Moderate
Instructions
Things You'll Need
- Computer
- Money management software
- Monthly spending figures
- printer
- paper
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1
The first step in managing your monthly spending is to understand what you spend and at what time intervals. Set up your spending worksheet to reflect your income and payment schedules.
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2
Make a category at the top left column of your spending worksheet called Net Monthly Income to reflect money earned on a regular basis. Chart both incomes separate for a two income households. Leave a miscellaneous category for any other income earned.
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3
Next break your monthly worksheet into categories reflecting different types of spending starting with ones that must be paid on schedule. Examples of these expense categories include home, auto, insurance, investments, bills, etc.
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4
Toward the bottom of your worksheet make categories that reflect spending that is necessary but can be managed in varying amounts on a monthly basis. Examples of these expense categories include: Food, entertainment, clothes, supplies, allowances, etc.
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5
Include a spending category at the bottom of your worksheet called Miscellaneous Household Expenses. This category reflects emergency expenses not in your budget and allows a monthly cushion.
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6
Put two columns side by side at the top left of your Monthly Spending Worksheet labeled "Spending Goal" and "Spending Actual". Spending Goals are estimates of what amount of money you will need to spend in that category depending on your schedule. Spending Actual reflects the amount of money you actually spent for the month.
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7
Lastly, make a category at the bottom left of your worksheet called Gross Income or Income Available. This category reflects the amount of money you have left after subtracting all monthly spending in your "Spending Actual" column from the amount you started with in your "Net Income Category" at the top of your worksheet.
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1
Tips & Warnings
Round your household income totals down and your spending amounts up.
Chart your spending goals a little higher than you initially estimate.
Fill in all your required monthly spending amounts or necessities first, then work down to amounts for extracurricular activities and emergencies at the bottom of your worksheet.
