A budget worksheet is a tactical method for planning a budget that relies upon formulas and outlines. A budget worksheet will vary depending on its purpose. However, no matter what the purpose of the budget is, the worksheet should include itemized lists of income and expenses so that every penny is accounted for. This way, it’s easier to find how expenses can be minimized and whether or not there is any money being wasted or left sitting that could be used for savings or other purposes.
A typical budget worksheet for a family may include items such as income, income taxes and expenses. From there, get more specific. Depending on what each individuals’ expenses are, the budget worksheet should include everything bought in or spent broken down by month.
On a budget worksheet, the ‘income’ category should include everything that is financially gained during the month or year such as miscellaneous (garage sales etc.), bank account interest, wages and any bonuses and income gained from any investments.
A budget worksheet should include household expenses itemized in categories such as mortgage or rent, utilities, food, debt payments (student loans, car loans, or credit card payments), transportation, health and medical, pets, hobbies and recreation. The more specific a budget worksheet is, the more useful it will be when looking for any residual income, unused funds or even for tax purposes.
Also, income taxes should be listed and treated as an expense – Federal and State, local and social security, as these are expenses that may or may not have a return.
There are a number of ways to create a budget worksheet. For example, most computer operating systems come with a program that can aid in the creation of a budget worksheet, such as Microsoft Excel. Also, there are many great budgeting and financial planning tools on the market today. Some are software you install or download onto a computer, and some host your information in the cloud. A budget worksheet can be downloaded or printed out online from a number of websites. Some will even allow the creation of a personalized budget worksheets, in the event that there are items that should be included that are specific to you.
A budget should be maintained monthly and adjusted accordingly by receipts and bills. This way, it is easier to see what monies are being saved or if the budget is working and if any adjustments need to be made. Keep all the necessary paperwork together in one place including all receipts, bills and the budget worksheet itself, so that the process does not becomes a nuisance and ultimately discourage the budgeter.
It may be wise to include an additional sheet to the budget worksheet to account for seasonal expenses, such as Christmas gifts. Budgeting money is considered a financially responsible move for people who want to not only save money, but have some left over to spend. Making a budget worksheet not only allows you to see where the money is going, but what is really left over.
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