How to Do a Home Budget Worksheet
A Home Budget Worksheet can allow you to keep your home finances on track. This budget worksheet is adaptable to your changing home budget needs.
- Difficulty:
- Moderate
Instructions
Things You'll Need
- computer with internet
- spreadsheet software
- paper
- printer
- pen
- budget records
- calculator
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1
First list all income for your home at the top of your budget worksheet.
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2
Next separate expenses for home, auto, insurance, entertainment, savings, etc. into categories on your budget worksheet.
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3
Prioritize your expenses in your home by first paying fixed expenses, then home or family needs, and lastly personal needs.
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4
Items like home mortgage, insurance, childcare, and utilities would fall into fixed expenses on your budget worksheet.
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5
Family needs are items like groceries, home and auto supplies, and clothing, allowances, etc.
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6
Personal needs include allowances for everyday living, personal care, and family entertainment, etc. on your home budget worksheet.
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7
Make a category on your worksheet called Miscellaneous home expenses and include a budget for emergencies and home maintenance, saving for big purchases, and liquidity.
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8
Record amounts in two columns on your worksheet with one being projected home budget and the other actual home budget.
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9
Estimate amounts for your projected budget goals first and then record your actual amounts in your home budget.
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10
Subtract your projected home budget amounts from your projected income to get a proposed balance to use to make adjustments before figuring your actual balance.
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1
Tips & Warnings
Always set aside an amount for long term savings, emergency spending, and liquidity ( 3 months home pay) on your budget worksheet.
Make cuts in areas of personal spending by using accountability and tracking and setting a personal home spending allowance.
Be careful not to project unrealistic home income and expense amounts in your budget sheet.
