Monthly Household Budget Sheet Template
The Monthly Household Budget Sheet is specifically prepared to record a list of all the Household items. It is a simple Microsoft Excel Spreadsheet that contains a detailed list of general Household items. It is also called family budget sheet or personal budget sheet. A budget is a specific document that is used to make the estimate of revenues and expenses for a particular time period. Projected income statement is prepared to examine the difference between recent and previous earnings so that we accurately construct the Household Budget Sheet. For the successful money management, budgeting is crucial so that we make the estimate of incomes and expenses. Its major categories for items are transportation, living, entertainment, health insurance, taxes, grocery, utilities, recreation, debt payment i.e. credit card and miscellaneous. When we create a budget, it proves that how much we earn and how much we spent. Household budget created for the family, it may be carried out by the large companies to review its financial condition.
Here is preview of a free Monthly Household Budget Sheet Template,
How to make the Household Budget Sheet
There are a number of methods to prepare the Household Budget Sheet but the most common method is described below.
Firstly add up the total income that a family receives each month, including salary, commission, bonuses and additional incentives or benefits. Secondly, if the job is of seasonal nature, take the average of last six month or one year salary so that fluctuations that arise in the total income could be minimized. Thirdly, major expenses such as electricity/gas bills, rent payment, insurance payment or payment of loan should be placed in a specific order. In the forth and last step, total expenses subtracted from the total income to calculate the saving or loss. If sheet show a loss, you have to reexamine your expenditure detail. I case of profit, you can save the additional amount in the form of investment.
There are some important guidelines that are helpful for the management of all expense items. There is a simple method to determine that where are we spending the money. In the first column, it is necessary to put the date of purchased item. The second column shows the amount spent on that purchased item. In this way, monthly household expenses could be easily identified. Although it is prepared at the end of month so we called it Monthly Household Budget Sheet.
Monthly Household Budget Sheet is very important to calculate the monthly expenses and then compared it with the income of that time period. A monthly household budget sheet has a great impact on the daily human life in many aspects. A well-organized and proper household budget sheet helps us in the financial crises. It also helps to identify the key spending areas as well as to curtail the expenditures on the non-essential or irrelevant items. The basic purpose of preparing Household Budget is that a price of goods and services increased more rapidly than earnings. The second one is that mostly the people want to minimize their expenses so that they prepared the Monthly Household Budget Sheet.
Here is download link for this Monthly Household Budget Sheet Template,
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