Preparing a home budget is the first step towards putting your finances in order. It helps you track income and cut out on unnecessary expenditure. You can even save some money this way and create a kitty for adversities like a medical emergency or a temporary job loss. A home budget spreadsheet offers you the flexibility to keep expenses under control and you can put in remarks for going over budget. For example, if several birthdays of family members fall in a particular month your expenses will be more. Therefore, you can cut back on entertainment and shopping for self and buy gifts for your loves ones without crossing your monthly limit.
There are several online home budget spreadsheets available that you can download and make a start. They are simple to follow and come with user manuals that help you in the budgeting process. The home budget spreadsheet has software that will create annual income worksheets for both your salary and other income. 1099 worksheets help you keep a tab on 1099 incomes. You can customize the various heads as per your requirements and import it into Excel sheets, Google spreadsheets and Open Office. For example, you can have a category for vacations, and another one for childrens activities.
The advantage of a spreadsheet is that it is flexible and you can change data, analyze it and make improvements to your home finances. You can keep an account of your salary and sources of other income like freelancing projects, make, and compare different budgets.
At the end of each month, calculate the actual balance remaining in the worksheet. You will arrive at this after subtracting household expenses, credit card bills from your salary and other sources of income. Keep the savings, retirement funds and investments out of the actual balance. In case there is a difference, take corrective measures to stick to the budget as much as possible. This will help you stay out of a debt trap and enjoy peace of mind.
The home budget spreadsheet helps you create five types of personal budgets including a basic budget and one for retirement planning. Once you create a budget for say the month of January, you simply replicate the template for the balance eleven months. The spreadsheet is in simple language and the user manual takes you graphically through all the interfaces in setting up the monthly budget.
An excellent feature is the tax calculator that helps calculate how much tax you have to pay based on all sources of income. It tells you how much to save under 401k and the tax savings in case you buy a new or second house. The retirement planner helps you plan savings to build a retirement corpus. An emergency expense worksheet helps plan for temporary layoffs or sudden illness of family members. Therefore planning your month using a household budget spreadsheet is a great way to ease financial worries and maintaining order in your personal finances.
There are several online home budget spreadsheets available that you can download and make a start. They are simple to follow and come with user manuals that help you in the budgeting process. The home budget spreadsheet has software that will create annual income worksheets for both your salary and other income. 1099 worksheets help you keep a tab on 1099 incomes. You can customize the various heads as per your requirements and import it into Excel sheets, Google spreadsheets and Open Office. For example, you can have a category for vacations, and another one for childrens activities.
The advantage of a spreadsheet is that it is flexible and you can change data, analyze it and make improvements to your home finances. You can keep an account of your salary and sources of other income like freelancing projects, make, and compare different budgets.
At the end of each month, calculate the actual balance remaining in the worksheet. You will arrive at this after subtracting household expenses, credit card bills from your salary and other sources of income. Keep the savings, retirement funds and investments out of the actual balance. In case there is a difference, take corrective measures to stick to the budget as much as possible. This will help you stay out of a debt trap and enjoy peace of mind.
The home budget spreadsheet helps you create five types of personal budgets including a basic budget and one for retirement planning. Once you create a budget for say the month of January, you simply replicate the template for the balance eleven months. The spreadsheet is in simple language and the user manual takes you graphically through all the interfaces in setting up the monthly budget.
An excellent feature is the tax calculator that helps calculate how much tax you have to pay based on all sources of income. It tells you how much to save under 401k and the tax savings in case you buy a new or second house. The retirement planner helps you plan savings to build a retirement corpus. An emergency expense worksheet helps plan for temporary layoffs or sudden illness of family members. Therefore planning your month using a household budget spreadsheet is a great way to ease financial worries and maintaining order in your personal finances.
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