How to Create a Home Budget for Two Incomes for Free

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A home budget for you and your spouse or partner is useful to help keep track of your household expenses and stay on target for meeting your financial goals. It is simple to set up and best of all you can do it for free. Once you set up your budget template you will know exactly where your money is going and how to allocate your money to prepare for retirement.

Things You'll Need

  • Spreadsheet program
  • Budget Template
  • Find a budget template on the Internet (see resource link) and download it to your computer. You can also create your own budget template using Microsoft Excel or Open Office Calc. These programs also come with their own budget templates that you can modify to suit your needs.

  • List all the sources of your two incomes on the budget template. You put one income in one column and another income in another column. You can also just combine the two incomes together.

  • Make a list of your planned expenses. List them down according to priority. You should prioritize expenses like home rental, insurance payments, utility bills, groceries, and other mandatory personal expenses. Each priority should be listed in a different column. For example, home rental, insurance payments, city services, groceries, mandatory personal expenses should all be listed under the high priority column, while other luxury expenses should belong to a low priority column.

  • Allocate a certain amount to each expense according to the total amount from your two incomes.

  • Sum up the amount allocated to your expenses. Subtract the sum from your total income. If there is a deficit you need to adjust your budget. If there is a budget surplus allocate it to an emergency fund.

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