Cozy Homey with Home Budget Template
Home budgeting is always being a fun experience that challenging your strategy and creativity. Regardless of whether you do it by yourself, with partner in new marriage life, or even with family, creating a home budget demands you to arrange and plan everything effectively and efficiently since you got various financial limits.
Knowing your spending habits and limit is not enough. Creating an accurate home budget will help to determine your afford limit and to make the right decisions with the money you got. If you are afraid of being ‘lost’ in listing home budget, you may need a home budget template to guide you on the way.
How to Use a Home Budget Template
Not all of the categories and details you find in the template you have downloaded are applicable since everyone has different income, spending, and lifestyle. You have to realize that your month-by-month budgeting will fluctuate, whether it shows in your income, expenses, or even the use of your savings or emergency funds.
Before completing your template, it is better to gather all of your financial statements to support you in making an accurate estimation of your income and expenses, for example: credit card bills, subscriptions, etc.
The Essential Parts of Home Budget Template
Check your home budget template as a guideline. You may need to add or remove things from the list on your budget template based on your needs. Basically, this template stands in a monthly period and presents these lists:
Every house may have a different source of income, for example, family member’s total wage, bonuses or tips, dividends, refunds, transfer from savings, gifts received, etc.
- Home expenses
Mortgage or rent, water, electricity, gas/oil, phone bill, cable/satellite, internet bill, furnishings, garden treatment, home supplies, and maintenances are included in this list.
- Daily living
Here you can list your expenses on groceries, clothing, personal supplies, eating outs, cleaning services, etc.
It includes student loans, credit cards, child care, taxes, legal fees, and other loans.
- Emergency funds
Applications to Open Budget Templates
Commonly, home budget templates are available as sheets in excel format (.xls). You may use Microsoft Excel to work on it or Google Docs, but it will process the data slower than excel since you work it online. Using Google Docs will advance you in keeping your data way safer. Beside Microsoft Excel, Open Office will work in a similar way and it is free.
By the end of the month, scrutinize your home budget template to find in which section you spend your money the most. Highlight that area and compare it to the upcoming month’s result to keep it in the same way or even make it less so you can make more extra money left. If you are able to have your money left every month consistently, as the next step you may decide what you want to do with it. You may consider using it to pay off your loans or put it into your savings.