Free Monthly Home Budget Template
A monthly household budget template can be better defined as a spreadsheet or a document that outlines details about the monthly household income and expenses of the individual for a particular period.
This spreadsheet of monthly household budget generally includes all the transaction which the person and his family members expect to do during the particular month under consideration for his or her family like income earnedIncome EarnedEarned income is any amount earned by an individual, such as a salary, wages, or employee compensation. It can also be an individual's income through their own business. by all the family members during the month and the allocation of those funds under various categories like general household expenses, transportation expenses, utility expenses Utility ExpensesUtilities Expenses are the prices incurred by a Company for the usage of utilities like sewage, electricity, waste disposal, water, broadband, heating, & telephone. These are included as operating expenses in the Company’s income sheet. , insurance expenses, obligations, savings, etc.
The sample template of the Monthly Household Budget in the excel which the person can use for tracking day to day requirements of all the family members during a month are as follows:
About the Monthly Household Budget Template
- For all the persons who are serious about the financial future of their own and their family, prepares the monthly household budget well in advance at the beginning of the month so that can have an idea about their sources of income during the month and the areas where the income can be allocated.
- Also, with the help of the monthly household budget, they can get an idea at the end of the month about their actual expenditure and income along with the variance with the budgeted expenditures and income.
- Thus the monthly home budget templateHome Budget TemplateA home budget template shows the user how to manage family finances and how to properly allocate or plan spending over a period of time, which is usually a month or a year. It is one of the best-organized ways to manage household finances. reflects the simple day to day requirements of all the family members and helps in tracking the budget as and when required.
- It comprises all the details related to the income and expenses of the person for a month under consideration. This budget template of a person also provides his or her necessary information like name, month to which budget belongs, family members, etc. These details are filled so that the person in the future can differentiate the budget prepared with the past and future period’s budgets.
The main details that are generally found in any of the monthly household budget templates include the following:
#1 – Income:
This area will consist of the income that the person expects to earn from all sources in the month. Along with expected figures, the actual figures are also to be entered. With these figures, a person can identify the variance between budgeted and actual figures.
#2 – Expenses:
The expenses of the person are further categorized into significant expense heads to analyze the budget category wise. The general categories of the expenses include daily household expenses, utility expenses, transportation costs, miscellaneous cost, and the amount allocated against the savings.
#3 – Balance:
It will show the balance remaining with the person after deducting all the expenses, obligations, and savings from the income.
How to use this template?
- The monthly home budget template provided above can be used at an easy click and download by the person. Once downloaded, the person can enter their details like name, a number of family members who are included in the budget, month, and year to which the budget belongs, etc.
- After filling up the required information, the person can fill all the details of the expenses that it expects to incur in the month along with the budgeted amount against those expenses. This information in the given template includes the income of the person from all the sources during the month and the expenses for that period.
- The expenses of the general household as given in the template include expenses on daily household things, transportation costs, utility expenses, debt obligations, etc. Apart from expenses, a person keeps some of the money as savings from its income.
- These expenses and savings are deducted from the total income to get the balance left at the month-end. This balance will be calculated automatically once all the entries related to the income, expenses, and savings are passed by the person using the pre-applied formulas.
- Along with the balance figure, variance among each of the individual items in the template will also be calculated automatically. Also, the total of the income, expenses, and balances will be shown automatically at the top of the template to give a brief picture of the budget of the household.
This article has been a guide to Monthly Household Budget Template. Here we provide you with a free downloadable monthly home budget spreadsheet that outlines details about the monthly household income and expenses. Also, you can download and use this template in Excel, Google Sheets, or in PDF format.
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