budget planning worksheets

When it comes to finding the best resources for you to create your own home budget planning worksheets, you have a lot of choices. You can choose to spend money on an elaborate computer software program that will allow you to customize your worksheet and then print it right from your home computer or you can go to your local office supply store and buy a budgeting notebook where all you have to do is add the categories.

It doesn’t matter which method you choose, the important thing is for you to be consistent when you enter the information, earnings and expenses, and that you find something that is easy to understand and use.

When you’re considering different types of worksheets, here are some things you need to keep in mind:

1. You will need to figure out what your budget cycle will be. Do you receive your income every week, every month, twice a week, etc? This will help you design your payments at the appropriate times. It doesn’t do you any good to set up a budget where you pay bills weekly if you won’t have the money to do it that way.

2. Make note of all the income that comes into the household that will be used for the monthly bills. Get a total amount. If you receive commission pay or your hours can vary from one pay period to the next you should look back over the last few months of earnings and average them out. This should give you a fairly accurate idea of what you can expect to make during any given month.

3. Total all of your household expenses. This should include all loan payments such as mortgage, car loans, home equity loans, student loans, etc. You want to make sure you also include all utility bills, groceries, gasoline costs, haircuts, dry cleaning bills, pet groomer and veterinary expenses, etc.

To make sure you’re not forgetting anything go back over your checkbook for the last few months, that way you can see everything that you’ve spent money on. This can prevent you from forgetting anything, especially those things that may only come out once every few months. You also want to keep a category for discretionary spending. This could include your weekly lunch date with a friend or your morning coffee run. Just make sure that you include everything that you spend money on on a regular basis.

4. Now what you have to do is to subtract your expenses from your income. The money you have left over, if any, is what you can use for discretionary spending and savings. You should divide this amount in half and put half in savings, or more if you find you have a lot of discretionary income, and use the other half for spending money. If you find that you spend more than you make, a common problem, you can look over your budget to see where you can make some cuts. You may be able to shop around for a lower rate on your insurance, you may be able to add some insulation or new doors to your house to lower your heating and cooling costs, or you may just be able to cut out that daily expensive cup of coffee.

The first step to take if you want to get your finances under control is to get an accurate picture of exactly where you are financially, budget planning worksheets are one of the simplest methods you can use to identify your problem areas so that you can make some changes. Make yours today.

Category: Personal Budget