A great way to keep track of your monthly income and expenses are worksheets. The information can easily be written down and everyone can use them.
The worksheet that is featured in the post is the Monthly Budget Worksheet. It will give you an overview of your monthly income and expenses and how much money you have left at the end of the month.
There are 3 tables that focus on Income, Expense and a Summary. The income and expense tables are divided into budgeted and actual amounts. To better keep track of the actual amounts, a separate worksheet should be used for each category and filled out daily (free printable worksheet for that will be posted soon)
As you can see the expenses are divided into categories. I have listed the most frequent ones and left a few blank spaces to enter your own.
First step at the beginning of the month is to enter your budgeted amounts. These amounts are estimates and do not need to be right to the penny. Rounded amounts in hundreds are good. Start with your estimate income. Let’s say $5,000 month. Obviously you do not want your expenses to be higher than your income. If you want to save $300 every month for example, enter total budgeted expenses at $4,700. Now allocate the $4,700 between your expense categories. You want to start with your fixed expenses such as Mortgage, car payment, insurance, utilities and other bills. The amount that is left is your disposable income and can vary each month.
During the month keep track of expenses for each category. Enter them as purchases are made or keep the receipts in an envelope and enter them when you get a chance.
At the end of the month add up all expenses for each category and enter the amounts in the Monthly Budget Worksheet. By calculating the difference between the budgeted and actual amounts you can see if you over- or under-estimated your spending in the different categories. It might be necessary to adjust your budgeted amounts for the following month if they were way off. Or maybe you were shocked to see how much you are actually spending on fast food this month and try to cut spending next month.
The notes section is for anything you might want to take note of. Write down if you had any extraordinary expenses that month or additional income. Maybe you were very satisfied with your budget and spending that month and would like to do the same in the next month or if you were not happy suggest what can be done better in future months.
You can download this free printable worksheet here
This post was happily shared on Share The Wealth Sunday Blog Hop #58