The field of personal financial management tools has truly blossomed over the past decade. Financial experts realized that advanced money management techniques can be made available to everyone, often at no distribution cost at all. The basis of most money management tools lies in budgeting – planning income allocation before you spend it. Driven by financial struggle, many people decided to give budgeting a try, even though it sounded like it might be a bit too complicated to implement on a long-term basis. The benefit of not having to stress out at the end of each month or every time a bill comes their way must have been enough to persuade them to give it a try, and the results have been fantastic. Millions have made financial management tools part of their everyday routine. The reason why they are sticking with it is because it works. Have you also decided that it is finally time to whip your personal finances into shape? This article can help you with that – here is everything you need to know about finding and making use of the perfect home budget template.
Creating your own home budget template from scratch is not necessarily difficult, especially if you are looking for a simple, printable budget with several large categories of expenses. However, you will get the most benefits if instead you use a detailed budgeting worksheet that enables you to track and chart many more categories and financial indicators. Making such a home budget template in Excel isn’t complicated either, if you have previous experience working in Excel. However, if you do not, probably the best solution is to download a premade template.
Free Home Budget Templates
A home budget template is easy to find. There are hundreds of them available online, and in various forms – as Excel worksheets, as PDF files, as mobile apps, and so on. However, the hard part is finding a budget template that
is well-tailored to your personal needs. No two households are the same, and the wide selection available online can make it time-consuming to find the right budget template for you. As with searching for anything online, the key is to be specific with your keywords and ask for everything you are looking for. For example, if you happen to have two kids and you want to do the budgeting of expenses separately for each child, then specify ‘2 children’ or similar variations in the search tab.
Another advantage of downloading rather than making your own home budget template is that you will benefit from the experience of the professionals who put time and effort into making it and probably incorporated a lot of feedback into it already. If you make your own budget, you might forget to include certain relevant expenses and then get frustrated that you didn’t anticipate them and hence they are disrupting your budget. This is especially likely when it comes to expenses that do not occur on a monthly basis. Unfortunately, such expenses are often quite significant too. Professionals who have made many budgeting templates and have used some for a long time have a much better understanding of what to include and thus they are less likely to omit relevant items.
Now that you know how to find the perfect home budget template, here are some tips about filling it in and turning it in a routine that will last. In order to make it easier to fill in the budget, you should collect all your receipts over the course of one month. This will give you a great basis for most major expenses, such as groceries, rent, mortgage, utilities, phone and Internet bill, debt installments, and similar. Then, you can add up the receipts for each expense categories and put them in the home budget template at the end of the month. By doing this, when you prepare the budget for next month, you will know how much your income is, how much some of the major expenses are, and you will only have to improvise with the amounts for the remaining expenses, allocating among them the remaining portion of your income.
When you are filling the home budget template, you should assign all your income to a specific task, be it for savings, investments or expenses. This will enable you to fulfill specific financial goals much more than if you just budgeted for expenses and tried to have as much as possible left over. The point of budgeting is not to have money left over at the end of the month, but to purposefully decrease/control spending, be prepared for all kinds of expenses and be able to afford them and increase savings. Put these principles to use and you will quickly see the results – less impulsive purchases, stress and unproductive spending and more financial security and peace of mind!