Money is needed to make various transactions, both in business and in our everyday lives which is why budgeting is important to make sure we have enough to cover everything. The art of budgeting comes with patience and perseverance, whether you are running a large corporation or your household. But if you are able to do it properly, then you are not only able to save your money for a rainy day, but create financial stability. So, how do you start budgeting? Try working on it on a monthly basis. And to do so, a great tool that can help you is by using a worksheet. With that, you will be able to properly organize your budget on a monthly basis. To know more about this, let us discuss this further below. And if you need to start preparing this worksheet, then we’ve got a list of monthly budget worksheets samples that are downloadable for free on this page.
10+ Monthly Budget Worksheets Sample
1. Monthly Budget Worksheet Template
2. Standard Monthly Budget Worksheet Template
3. Simple Monthly Budget Worksheet Template
4. Basic Monthly Budget Worksheet
5. Monthly Student Budget Worksheet
6. Monthly Income Budget Worksheet
7. Personal Monthly Budget Worksheet
8. Monthly Budget Worksheet Sample
9. My Monthly Budget Worksheet
10. Monthly Budget Worksheet Form
11. Monthly Budget Planning Worksheet
What Are Monthly Budget Worksheets?
A monthly budget takes into account the cash flow within the span of a month, it helps you organize your expenses and other financial activities. Budgeting is a tool to gain a better and more accurate insight into your spending habits. By listing all of your sources of income against all of your monthly expenditures. This way you will be able to pay your debts on time and have extra cash to save for emergencies and future use. In short, an accurate budget will also help you to better understand what you can and cannot afford. In business, preparing budgets will help the company create a financial roadmap that will guide the company with its decision-making process. This will be the deciding factor to check if a project is worth investing in and monitoring its operating expenses. With the help of a monthly budget worksheet, you are able to organize every expense versus the source of your income and determine how much are you able to save or if there is a deficit for that month.
How To Create Monthly Budget Worksheets?
Always take into account that everyone’s financial situation is different from the rest. The source of your funds may be the income you earn at work or revenue from the business you are running. Then there are the monthly expenses to consider. Are you living alone or with your family? Do you pay rent? Or commute to work? With all these and other details in mind, you must be able to determine what you need to spend on a daily to a monthly basis in order to properly organize your monthly budget worksheet. The great thing about this worksheet is that it’s editable and you are able to properly keep track of the details and the numbers. So to start preparing this budget worksheet, we’ve got several tips to help you below.
I. Categorize Your Expenses and Source of Income
Now as mentioned each of us has different sources of income such as salary/wages, revenue from business, allowances, and many others. And for monthly expenses, most likely this is different per household. So the first thing you need to do is jot down all these details and categorize them. This way you will be able to determine your priorities.
II. Monthly Amount
In a worksheet, the next information you need to include is the amount for each expense and your income. Now, remember there may be no fixed amount of these, except perhaps if you are a regular employee with a fixed income. The same thing goes for expenses, altogether rent may be of the same amount, but your groceries may change on a monthly basis. If you have any investments and are saving for other important matters, then there’s that to consider as well.
III. Monthly Budget versus Monthly Actual Amount
Jot down how much budget you planned to allocate per expense and write down how much you have actually spent. With that, you will be able to determine the difference between whether you are within the budget or have overspent.
IV. Add all the Amount
Calculate the total amount, this way you will be able to check if there is a shortage or you are able to save.
V. Make all the Necessary Changes
A monthly budget worksheet is a great tool to help you monitor your expenses, if you notice you have been overspending then you will be able to make all those necessary changes with your finances. Perhaps you can find alternatives to the food you buy or try not to use too much electricity. Whatever may help can be quite beneficial whenever you have a monthly budget worksheet as a reference.
What Is a 50/30/30 rule for Budgeting?
This is a budgeting method where you divide your monthly funds (after-tax) into 3 spending categories which are 50% for expenses or needs, 30% for wants, and 20% for saving or paying off debts.
What Is a Balanced Budget?
A balanced budget with either a shortage or a surplus. The expenses and income are both equal.
Where can you Create a Worksheet?
You can opt to do it manually, but it is highly recommendable to use Microsoft Excel software since it is convenient, faster, and easier to use.
Preparing a monthly budget worksheet will help you save and get a better grip on your finances. It is important nowadays to have extra funds in case of emergencies. To make it easier for you to prepare one, don’t forget to download our free templates above!
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