I am a Financial Controller for a large company and manage complex budgets regularly!
The same concepts go for a Personal Family Budget. I have developed a worksheet to help you map out what your income and expenses are each month and I am excited to share it with you!
This workbook is created in Microsoft Excel and is made up of three worksheets:
The First Worksheet is a Summary Sheet – do not alter the numbers on this worksheet it will total your income and expenses from the next two worksheets – Excel is a wonderful thing!
The Second Worksheet is where you will enter your income sources. You can edit the descriptions to fit your needs and enter your monthly total in the column next to it.
The Third Worksheet is the place for all of your expenses. Just like the Income Worksheet you are able to edit the descriptions and enter the monthly total for each expense.
After your income and expenses are entered go back to the summary sheet to analyze your month! This will give you a good indication of what your month will look like financially. Obviously you want to have more money coming in then you have going out – basic finance 101!
If you are saving for something, whether it be a vacation or Holiday spending, you can look at what you have left over each month and put money aside for upcoming expenses.
If you find that your expenses are greater then your income you can start with taking a look at your expenses to see where you can make cuts. Can you use Netflix and YouTube TV instead of cable? Can you shop out your insurance for a lower premium? Look at your cell phone package, can you cut down your data usage for a lower monthly payment?
Can you increase your income? Some jobs have the flexibility to increase your hours. Look for additional ways to earn income! I started my affiliate marketing journey with Click Funnels and was surprised the income potential out there by selling other peoples products!
As you modify your income and expenses with the Family Budget Template the totals will change on the summary page. Make changes until you find the budget you can handle and make goals for yourself for each month.
Please feel free to reach out with any questions and I look forward to working with you!