How to Create a Monthly Household Finance Spreadsheet

A monthly spreadsheet can be used to structure your finance goals and organize household income and debts in order to meet them. Here is an easy way to create your own monthly spreadsheet to account for all your household finance needs.

Difficulty:

Moderately Easy

Instructions

Things You'll Need

• household computer
• pen
• paper
• printer
• spreadsheet software
• monthly income and debts

1. First, define your household income and debts into monthly finance categories to begin structuring your spreadsheet. Dividing everything you take in or pay out into separate categories allows you to organize and prioritize your spending needs to accommodate your income. This also allows you to be on alert when this relationship is out of the ordinary, especially when expenses are high and income is low.

2. Second, start by listing all forms of household income like paycheck amounts, commissions, bonuses, family business income, or other income in rows across the top of your spreadsheet. If you are a dual income household you can list both paychecks in your finance schedule or add everything together into one monthly total.

3. Next, Divide your monthly debts into finance categories and list them in order of priority for your household. These categories can include home, auto, food, clothing, utilities, etc. You can alternatively divide your categories by level of financial responsibility, such as must pays, household needs, personal needs, pocket money, emergency funds, etc. Decide which way suits your household best and allows you easier tracking on your spreadsheet.

4. Fourth, make two column headings at the top of your monthly spreadsheet to include your projected household finance amounts and actual household finance amounts. Title these categories Monthly Projected Amount and Monthly Actual Amount or something else easily discernible for your spreadsheet totals.

5. Next List out all your finance items for income, fixed expenses, discretionary and other debts under each category which they best fall. At the bottom of each of these finance categories make a few blank rows titled "Other" to allow you to add in any unexpected or forgotten monthly household income or expense items.

6. Sixth, make a row at the bottom of each finance category to represent your monthly subtotals and a row at the bottom for an overall total for your household spreadsheet. Allow spaces for projected finance subtotals and actual finance subtotals and a total for each at the bottom of your household spreadsheet.

7. Next go ahead and list projected monthly amounts for each finance item to get a subtotal for each of your sub categories. If you are able to use a spreadsheet software like excel then you can use the "Auto Sum" function to set up formulas to add household income or expense items in each of your finance sub categories to give you a monthly subtotal for each. You can also designate a formula to add all your items together to reach an overall monthly total at the bottom of your spreadsheet.

8. Now you are able to make adjustments and pattern household debts to help your finance spreadsheet balance with your monthly income.

9. Lastly, use your finance spreadsheet to enter your real monthly income and debts which will allow you to track household finances as you go and make any necessary adjustments to budget and save more effectively.

Resources

• Household Budget