Free Household Budget Excel Spreadsheet Template: A Simple Way to Take Control of Your Finances

Are you tired of living paycheck to paycheck without a clear picture of your financial situation? Creating a household budget can be overwhelming, but with the right tools and guidance, it doesn't have to be. In this article, we'll show you how to use a free household budget Excel spreadsheet template to track your income and expenses, and take control of your finances.

Why Budgeting Matters

Our budget is based directly off of these templates and has been instrumental in helping us control our spending, understand where our money is going, and get timely information about the state of our finances. With a budget, you'll be able to identify areas where you can cut back and make adjustments to achieve your financial goals.

Two Basic Templates to Get You Started

We've created two basic templates that you can use to create your own budget. Below, we'll walk you through how we set up our budget in Google Sheets and provide a step-by-step tutorial on how to create your own.

The 50/30/20 Rule: A Simple Framework for Budgeting

A good personal monthly budget template should follow the 50/30/20 rule. This means allocating 50% of your income towards needs, 30% towards wants, and 20% towards savings and debt repayment. By following this framework, you'll be able to prioritize your spending and make informed financial decisions.

Examining Your Expenses

To get more specific with our budget, we need to examine our costs each month. Some items, like our mortgage, are fixed, while others change depending on the month. Our expenses, or costs, are what change on a month-to-month basis. If your income is not as predictable, it's essential to update your budget often to better track your income and try to find an average monthly income.

Breaking Down Your Areas of Concern

When starting a budget, you want to break down your areas of concern as simply as possible. We recommend using two general areas: income and expenses. Once you have these areas set up, you can begin to get more specific with each category. By doing so, you'll be able to track your spending and determine if you really need something or if it's just a want.

Getting Started with Your Budget

Below, you'll find resources to help you start your own budget along with a tutorial on how we set up our budget. We use Google Sheets to help us keep our budget in order and with us at all times. Our budget is fluid, flexible, and works for us.

Creating a household budget doesn't have to be complicated or overwhelming. By using a free household budget Excel spreadsheet template and following the 50/30/20 rule, you can take control of your finances and achieve your financial goals. Remember to keep your areas of concern simple, examine your expenses regularly, and update your budget as needed.

Resources

Free household budget excel spreadsheet template