This portion of our budgeting system hearkens back to when we used to follow the Dave Ramsey cash envelope system. Whenever I receive a paycheck, I enter it into our spreadsheet. Some of my clients pay on the first of the month, some pay on the 15th, and some pay upon receipt of my work. Income 2, which is my freelancing income, tends to be much more variable and will often come throughout the month. I include that FSA reimbursement as part of my husband’s income each month. Sometimes the FSA money comes in within the same week as my husband’s paycheck, as it did in August, and sometimes it comes the following week. We receive a (very) partial reimbursement for his pre-school fees twice a month from our FSA. We also set money aside in a Flexible Spending Account to help pay for our four-year-old son’s preschool care. When his paycheck clears, I type in the amount in the corresponding week. My husband (Income 1) gets paid on the 1st and 15th of the month. This is the simplest part of filling out our spreadsheet. Now let’s take a look at each individual component of my tracking: Household Income After a few months of this habit, we had to decide whether to scale back our dining out spending, or increase that budget–or both. Between getting lunches at work, going out to dinner together for dates or as a family, or getting pizza or takeout on evenings when neither of us feel like cooking, we have a tendency to blow through our dining out budget every month. We use this monthly check-in to make sure we are on the same page and to increase or decrease any spending categories that might need it.įor instance, we tend to overspend in the dining out category every month. With the help of my husband, who uses Excel a great deal for work, I have set up the following spreadsheet to track our family’s income, savings, investments, and expenses:ĭuring the first week of each month, I print off the previous month’s page so that my husband and I can look over and discuss our finances. So without further ado, here is a breakdown of the system I use.Įditor’s note: even with all of the cool budgeting tools available today, the vast majority of my Masters of Money guests use(d) some type of modified Excel spreadsheet to track expenses or budget ( just like I did). I mentioned to PT on our podcast conversation that I have an Excel spreadsheet that I use to keep tabs on every penny that passes through our family’s coffers, and he suggested I explain my system. So, it should come as no surprise that the detail-oriented piggy-bank counter has grown up to use a pretty complex system for keeping track of my household budget. As a small child, I used to empty my piggy bank, count everything that was inside, and put it all back in, feeling pretty good about my net worth as an 8-year-old. The category section at start, though has no details of calculation has to be filled in first to determine the categories.I have long been a money nerd. This way you have a close-up view to keep you on track of daily budgeting. The second third-middle sheet breaks the information of each month into details per day. The fourth sheet requires data entry of your expenses hence after filling each category you will reach the amount of expenses that are planned for each month and year. The sum at the bottom will tell you how much you will need every month as well as for the year. Enter the budget per month for each category. Highlighting the last three sheets, these are most vital in determining how to plan your needs. The Household Budget sheet comes in 4 different sheets consisting of budgeting plans of: categories of needs, the monthly budget, income details for the month and the monthly expenses. Using the Household Budget Sheet Template for Excel The Household Budget however focuses on the greater picture and the needs the entire household members and the miscellaneous. This developed further by adding more details like budget and alternatives. Where the Household Budget origins from is hard to conclude but it can be said for sure that there is always that one time before leaving to pick up some groceries where you list the items and where to find them. Plan your Household Budget with precise calculations using excel sheets. The last thing you need is to run out of cash when the most essential needs are yet to be paid. Making ends meet can be tough even if you think you have a steady income. The Household Budget sheet is what you need to make ends meet. – Planning the expenses of the household is as important as a company planning budgets for the year ahead.
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