The American Consumer Credit Counseling organization states that a budget is the "cornerstone of responsible financial planning." By creating a family budget worksheet, you take the first in learning to effectively manage your family's finances. Although some people recommend using spreadsheet software or a money management program to create your worksheet, you can actually create an effective worksheet using a notebook and pencil. Remember, the most effective family budget worksheet is the one that you feel comfortable using regularly.
Prep Work
Step 1
Save all of your household receipts and bills for one month. This should include everything you spent any money on, including small items that include candy as well as larger items like your mortgage. In addition, gather all receipts and pay stubs for any regularly earned monthly income.
Step 2
Sort the receipts and bills into categories based on similarity. This will help you determine the expense categories to list on your budget worksheet.
Step 3
Make a list of the categories you've created. Your list may include items such as mortgage or rent, vehicle payments, vehicle insurance, home or rental insurance, electric, natural gas, water, cable or Internet, cell phone, landline phone, food and clothing. Be sure to include items that you pay quarterly or annually, and items that are voluntary expense, such as tithes or savings.
Step 4
Add together the receipts and pay stubs for the income received that month and make a note of the total. This is your family's total monthly income.
Create Family Budget Worksheet
Step 1
Write down your list of expenses on the first page of the notebook. You will add or subtract from this list as necessary, so you may want to write it in pencil.
Step 2
Turn to the next page in your notebook. On the first line of the notebook write the word "Income." Write the total income figure you calculated in Step 4 next to this. On the next line below, write the words "Total Expenses."
Step 3
Skip down three lines. Divide the remaining page into three columns. At the top of the first column write the word "Expenses," at the top of the second column write "Budgeted" and at the top of the third column write "Actual."
Step 4
List the expenses from the first page under the column labeled "Expenses." Skip two lines under the final category and write the word "Total."
Step 5
Write in your ideal monthly budget amounts for each expense in the "Budgeted" column. Determine a standard expense amount by totaling the receipts you've collected in each expense category. Adjust this amount as necessary to create an ideal budget, which should total no more than your total monthly income. Your family budget worksheet is complete when you finish this step.
Tips and Warnings
- Designate a time to review your monthly budget. At that time, write in the true amounts spent on each expense in the "Actual" column. Determine where you need to make budget adjustments by reviewing the differences between your "Budgeted" and "Actual" columns.
Things You'll Need
- Pencil
- Blank lined notebook
- Calculator
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