How to Design Income and Expense Worksheets

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Income and expense worksheets is a great way to take control of your finances. These worksheets are flexible enough to handle all your income and expense needs.

Things You'll Need

  • Computer
  • Internet
  • Budget or Spreadsheet Software Program
  • Paper
  • Printer
  • Income and Expense Reports
  • Start by downloading an income and expense template from a budget software program or make your own worksheets using Microsoft Excel.

  • Next write down earnings including salaries, commissions, bonuses, family business, financial investments, real estate, pensions, social security, disability, or any other form of income for your worksheets.

  • Then list all forms of expenses such as mortgage loans, auto loans, insurance premiums, food, clothing, personal savings, investments, retirement, 401K, taxes, entertainment, charity, clubs, personal care, utilities, pocket money, emergency funds, etc.

  • Now divide your income and expense worksheets into categories starting with income at the top right and then followed by savings, fixed expenses, variable expenses, personal expenses, pocket money, and emergency expense fund.

  • Make two column headings at the top of your income and expense worksheets labeled Projected Amount and Actual Amount.

  • Use the Projected Amount column to estimate totals for each of your income and expense items and then put the amount you spent under actual. This allows you to balance and make adjustments to your income and expense worksheets where necessary.

  • Now Subtract your actual expense amounts from your actual income to get a total balance. This balance can be figured weekly, bi weekly, or monthly on your worksheets depending on which schedule works best for you.

Tips & Warnings

  • Estimate your income amounts lower and round your expense amounts higher at first before you make adjustments to avoid going over budget.
  • Use the money you have left over to pay of high interest credit accounts and add to savings and emergency funds to build liquidity.
  • Photo Credit flickr
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