When you put all of your income and expenses down on paper, it becomes easier to make adjustments to your lifestyle so you don't spend more than you take in. By creating a monthly budget worksheet, you can begin to easily manage your personal finances.
Design your monthly budget worksheet with six main categories: Gross Income; Home Expenses; Car Expenses; Debts; Miscellaneous Expenses; and Total Net Income. Write these six categories down the left side of a piece of paper.
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Figure your gross income. Add together everyone's income that contributes to the monthly budget. Include any income from investments or anything other than work. Record this figure next to Gross Income on your worksheet.
Add up all of your monthly household expenses. Among these are rent or mortgage, property and casualty insurance, utilities, taxes and any household repairs. Record this figure next to Home Expenses.
Calculate monthly automotive expenses such as car loans, gasoline, auto insurance and maintenance. Add this total to the worksheet next to Car Expenses.
Figure monthly payments on debts. This includes payments on credit card balances and any outstanding loans. Place this amount next to Debts.
List any miscellaneous expenses on the worksheet. Among the possibilities for this category are childcare or school expenses, clothing, groceries, family entertainment, cable or satellite TV, videos, newspaper and magazine subscriptions, medical and veterinarian's fees, clubs and association dues, life insurance, vacation, gifts and haircuts.
Total your monthly expenses for each category and subtract this number from Gross Income to figure your Total Net Income.
Record the net income next to the final category on the worksheet.
Always round up when estimating monthly expenses.
Consider including under Miscellaneous Expenses a section for emergency or personal expenses and decide how much you can free up each week to add to this fund.
Budget management software such as Qicken can help design your monthly budget worksheet.
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