Home Budget Spreadsheet Template

A home budget template provides the user a route to decide how to manage household finance and help them properly allocate or plan the spending over a period, generally a month or a year. It is one of the best-organized ways to manage our household finances.

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  • Excel 2003 (.xls) OpenOffice (.ods)CSV (.csv)Portable Doc. Format (.pdf)

About the Home Budget Template

The household budget template captures all the sources of income one has and also the spending. It sets up an initial budget balance and also gives a projection of the end balance, which expects to be there after deductions of all the expenses from the income. So, let us go about it part by part.

Part 1:

Here, we need to enter the set budget/projected balance we plan to allocate from our regular source of income. The total income is the addition of income from various sources. The total expenses take the addition of all the possible expenses in one’s lifestyle. Finally, the net gives us the difference between expenses and income. A positive net means income is more than expenses, and a negative net means expenses are more than income earned. Here, we calculate the difference between projected and actual income and expense. Finally, the net arrives, which is either positive or negative.

Part 2:

Here, we take into account all the income-related numbers. A person can have multiple sources of income. We capture all the possible sources of income and add them up as the total income. The other section can interest deposits or dividends earnedDividends EarnedDividends refer to the portion of business earnings paid to the shareholders as gratitude for investing in the company’s equity.read more from investment and additional recurring/non-recurring income flow.

Part 3:

Here in this part, all the expenses related to the home/house get captured. It takes care of the home loan, and the EMI paid to the bank. Also, expenses like electricity, gas, water, telephone, and cable are captured here. This section also captures the internet, an essential requirement for every home now. The repairs spent on the home or maintenance amount spent over the property and the property tax paid are also shown here. Any miscellaneous amount spent against property is also captured in this section.

Part 4:

This section captures all the premiums and investment-related fees we must pay for our investment needs. It includes allocating funds towards investments from our savings and paying off retirement premiums and other required savings plans. It also means the creation of emergency fundsEmergency FundsAn emergency fund is a source of money that you refrain from spending and store away safely to use in the time of need. Since it is readily available for withdrawal, savings invested in the emergency fund act as a savior during unforeseen circumstances. The emergencies can be a sudden job loss, emergency medical issues, or big losses in the financial market.read more. The complete investment needs are taken care of here, which includes retirement planning premiums to the contingency fund.

Part 5:

This part is majorly related to the loans or line of creditLine Of CreditA line of credit is an agreement between a customer and a bank, allowing the customer a ceiling limit of borrowing. The borrower can access any amount within the credit limit and pays interest; this provides flexibility to run a business.read more involved with one. Today’s credit card plays a significant role in everyone’s life, and all the payments made towards credit are captured here. In addition, any student loan or payment towards alimonyAlimonyAlimony is court-ordered financial support given to a spouse in case of divorce or separation and is given to the spouse with a lower level of income or no income at all.read more is also noted in this section.

Part 6:

It is the most common expense for every monthly budget. A set amount is allocated for groceries and other needs like clothing, education, salon, etc. These are more or like stable and can be comfortably decided based on the consumption rate. Here, we take care of all clothing and salon-related expenses too.

Part 7:

Entertainment is a part of everyone’s life. It has been seen that an individual will spend a certain amount of his earnings every month on it. It includes movies, travel, sports, hobbies, etc. Travel plays a necessary expense in the life of every individual in the US/UK as it has been seen people like traveling a lot. While exploring places, they spent a lot of their savings on it.

Part 8:

In this section, all the needs related to children are taken care of, including their schooling, clothing, tuition, toys, etc. It forms a significant source of expense for all household budgets since the cost of raising a child has become very high in the US/UK.

Part 9:

Here, all the expenses related to raising and maintaining pets are considered. In addition, the entire medical expenses related to pets are also captured here.

Part 10:

This section is specific to the amount spent against commuting requirements. Transportation plays a crucial role in moving from place to place, and a significant amount goes for a regular commute. Whether a personal or public vehicle, a certain amount of fixed cost is always allocated monthly towards commuting. For example, one must pay monthly EMIs or the fuel cost or repairs and maintenance on buying a car. Nowadays, even parking is costly. Thus, every day, we shed an amount of fee towards parking, which has also been captured in this template. The car insurance part for private vehicles has also been shown in the template.

Part 11:

This part captures any amount spent over regular subscriptions every month. It is prevalent today for everyone to have at least one subscription to digital OTT movies or magazines. Thus, the monthly amount spent on these subscriptions is captured here.

Part 12:

Personal health plays a significant part in our life. With increasing age, the cost associated with health also gets higher. Medical insurance premiums are standard in every house as every individual these days plans themselves for a secure life and protects themselves with medical insurance plans. Also, life insurance premiums are included in this part. The standard doctor fees or amount spent on medication and treatment are also captured in this section as monthly health-related expenses.

Part 13:

A significant chunk of the budget for all households in the US/UK is generally allocated for travel. It is because they love traveling and exploring places. Thus, this should be a significant part of their expenses for the household.

Part 14:

One should capture all insurance-related expenses here. That is because it forms a mandatory part of the household expenses for future security and planning.

Part 15:

Here in this section, any amount spent on gifts or donations is captured. It is common in our lifestyle to attend occasions where we give the recipient as a token of appreciation. A certain amount is always spent on this and should be a part of our monthly budget. Also, people, these days, donate for two reasons. One is genuinely donating to help others, and the other is getting tax exemptionTax ExemptionTax-exempt refers to excluding an individual’s or corporation’s income, property or transaction from the tax liability imposed by the federal, local or state government. These exemptions either allow total relief from the taxes or provide reduced rates or charge tax on some items only.read more from people every month to allocate a particular part of their earnings towards donations to get exempt from a higher tax bracket. Thus, one must include these scenarios in our monthly budget template.

Part 16:

Finally, any miscellaneous ones left include here when all the expenses are captured. It also includes postage-related and other petty expenses, which one can note monthly. It is the final section of our monthly household budget templateMonthly Household Budget TemplateA monthly household budget template is a spreadsheet or document that outlines details about an individual’s monthly household income and expenses for a specific period of time, such as household expenses, transportation expenses, utility expenses, insurance expenses, obligations, savings, and so on.read more.

How to Use This Template?

The home budget template manages the household expenses and income of every family. The primary aim of using the template is to capture the entire income source available for a family and match it with all the expenses which a family has to bear monthly. It includes both recurring and non-recurring expenses. The resultant or the difference obtained is compared with a budget amount set at the start of the month, and finally, we arrive at a net. Therefore, the template is very useful when one needs to know a family’s cash inflow and outflow.

This article has been a guide to a home budget template. Here we provide you with a free downloadable home budget spreadsheet to decide how to manage household finance. Also, you can download and use this template in Google Sheets, Excel, or PDF format.

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