Family Budget Template

Family Budget Template

Why You Should Have A Budget

Are you in debt? Do you live paycheck to paycheck? Do you find yourself wondering where all your money went even though you have just gotten paid? You my friend may have issues with money management. Or maybe you do not struggle with managing your money at all, but you take your financial future seriously and want to plan for things like buying a car, buying a house for your family or helping kids through college. Either way, you’d benefit immensely from having a family budget. And if you are wondering where to start, you can use a family budget template to help you and your family accomplish these financial goals. Budgeting lets you plan for how you spend your money and can provide numerous benefits. It:

  • Gives you control over your own money
  • Helps you stay focused on your monetary goals
  • Shows you exactly where your money is going
  • Provides a way to organize your spending and savings
  • Makes it easier to set aside money for emergencies and unexpected costs
  • Acts as a communication tool between you and your family
  • Brings attention to your problem areas (like overspending, or seeing in advance that you do not have enough money to cover your bills)
  • Brings attention to your problem areas (like overspending, or seeing in advance that you do not have enough money to cover your bills)
  • Enables you to make a profit (if you find you can eliminate unnecessary expenses)

If you are new to budgeting do not waste time (and sanity) trying to create your own family budget template spreadsheet, this can be such a hassle. You can easily find a family budget template online that meets your needs. And when it comes to your family budget template Excel compatibility is a must because the best budgets are in spreadsheet form as they can be set to make calculations automatically. This is part of the reason using a premade family budget template spreadsheet is the way to go, you want to have to worry about trying to set up these functions yourself.

How to Use

This family budget template Excel spreadsheet was designed with you in mind to account for everything you would possibly need to. Pun intended. You just click the link to download and it will automatically open in Excel. From there you are ready to get started financially planning your future. At the top you’ll have a quick snapshot of your net income and ending balance month by month. These figures will be calculated by filling in the numbers associated with each line item under the month you are in. The first thing you will do is enter all your income (this will be broken up into categories like wages, dividends, etc.), then input the amounts associated with your savings (like your emergency fund, 401k and educational funds). Next, you will deal with your various expenses. Your expenses will be broken down into major categories such has home or transportation. If you come across a line item that doesn’t apply to you, simply skip it, you don’t need to enter anything. Once all the information that applies to you and your family is filled in you will be able to see all your totals for each category as well as have the simple, quick read representation of your final income, expenses, and current balance at the top of the spreadsheet.

Included Features

The best feature is the quick read representations of your total income, expenses, net income and end balance for each month. This is a convenient tool that will allow you to see exactly where you are at and plan for the following month. The template also does an extremely thorough job of taking into account almost every financial figure you should be keeping track of.
Your income can include:

  • Salary/Wages
  • Interest Income
  • Dividends
  • Refunds/Reimbursements
  • Business
  • Pension
  • Miscellaneous (any income that doesn’t fall into the other categories)

After all your income is entered there is a line that displays your total income.
Your savings will be broken down into categories such as:

  • Emergency Funds
  • Transfer to Savings
  • Retirement (401k, IRA)
  • Investments
  • Education
  • Other (anything you want to save for that doesn’t fall into the other categories)

After you’ve entered all your figures there is a line that displays the total amount allocated for savings.

Another awesome feature is that your expenses will be broken down into major categories and under each category will be line items associated with that category and you will be given subtotals for each category so you can see exactly where your money is going. The major categories include:

  • Home
  • Transportation
  • Daily Living
  • Entertainment
  • Health
  • Vacation/Holiday

In addition to the subtotals for each major expense category a total expense amount will be calculated and displayed.

This template will allow you to budget month by month for the entire year, and if you are familiar with Excel you can add and delete lines when necessary as your life changes throughout the year.

Tips for Using your Family Budget Template

While the template is quite thorough, you may find you have an expense not accounted for, or you want to save for something specific that is not included on the spreadsheet, so you may consider familiarizing yourself with some of Excels features such as adding and deleting lines, and copy a formula. Additionally, you should understand that this is a budget, an estimation, so don’t worry about knowing exact amounts, just use your best judgement. Furthermore, when in doubt, it is always better to underestimate your income and overestimate your expenses. This will help save you from coming up short on money and identify a financial emergency in advance. Finally, you should just try to be diligent at sticking to your budget, whatever your financial goals are, a budget is the first step in achieving them.