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05 Free Household Budget Templates

    A Household Budget plan will be a spending plan. It will help you to determine where your finances can go each month. A good household budget will help to manage your all-financial planning for a specific time. When you make a household budget plan, you can then understand where your cash is going at a specified time. You can also develop a good plan for savings. Using a well-developed household budget, you can easily manage your spending, saving, income, and more. However, you can also get your future financial goals.

    People that always seem to get themselves short on money at the end of the time period or are having to struggle to make a move in decreasing their debt load can advantage by preparing a budget. A well-prepared household budget serves as a financial roadmap by helping people see where their hard earnings are really going in a specific time period. Implementing a household budget also gives an opportunity for people to pull together to reach financial goals.

    Creating And Maintaining Household Budget

    We have some useful steps for you so that you can create and manage your own household budget.

    Decide Your Income

    The very first step to planning your household budget is to decide how much money you have. It means that most of your income will be coming from the salary you and your spouse hold. You need to have a look at your pay stubs and see how much you collect each month after extra payments for items. If you have any other income sources, like stocks or a rental property, you need to be sure to include them in your monthly total as well.

    Limit Your Fixed Spending

    Once you have your final income each month, you should decrease your essential fixed expenses from the overall income. These are costs you absolutely have to pay each period of time and you cannot change for the time being. It should contain bills like your mortgage, utilities, vehicle payments, and others.

    Make a Goal to Save More Money

    After the second step, you need to set a target to save the money out of what’s left. It will help you that you’re going to put aside for a long-term financial setup such as building an emergency fund, saving up for your study expenses, and saving for your retirement, etc.

    Saving money is very important otherwise it’s very easy to spend everything but hard to manage expenses in the future. Once achieve your savings target, you need to make a schedule to transfer to your investment so you’ll be sure to reach your financial goals.

    Manage Your Debt

    Debt plays an important role in budget planning. You should make a good strategy to pay down your debt as one of the financial goals to be paid out of your final savings. You can consider it as a part of your essential expenses. Therefore, you should remember that missing your payment will affect or damage your credit score.

    Manage Your Floating Spending

    This is the final step to making a well-managed household budget. In this step, you can control your unnecessary expenses like buying new clothes, etc. Floating Spending will help to see where you are spending your money that was not fixed.

    Advantages of Household Budget

    The advantages of  setting a household budget plan are as follows:

    • Manage Expenses: A household budget will help to manage your expenses so you can easily see where and how you are parting with your income. You can easily get the areas where you spend excessively, like on entertainment or eating food.
    • Setting Up Goals: A good household budget plan can help you set and attain essential financial goals. By deciding how much income is available for saving and investing through budget managing, you can assign the amount of money for a specific time toward retirement or saving for your kids’ education.
    • Remove Debt: Creating a well-managed household budget will help to serve as an effective technique for reducing or removing debt. People who are serious about reducing debt can set aside a fixed amount of money toward making more than the minimum required payment for a specific time.

    Free Household Budget Templates

    Here, you can download some of the exclusive examples of Household Budget Templates for free of cost.

    Template No. 01 for Household Budget

    This household budget template is designed in Microsoft Excel files. It can be used on a monthly or yearly basis. All the input values will automatically update the outcome and calculate the overall summary section on top. Download it for free to use for your household budget plan.

    Household-Budget-Template-01

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    Template No. 02 for Household Budget

    Another monthly household budget template comes with a different look and layout in MS Excel format. Using it, you can track your monthly household expenses, the budget you will create, the actual expenses, and the variance between them. Furthermore, the final values will update automatically in the given place and in the chart as well. Get this one for free in the zipped file by clicking on the button given down.

    Household-Budget-Template-02

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    Template No. 03 for Household Budget

    This household budget template is available for free in a Microsoft Excel file. It provides separate sections for monthly summary, expense, and income that will update the result using built-in formulas. However, you can change or edit the elements as needed.

    Household-Budget-Template-03

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    Template No. 04 for Household Budget

    Here is the simple household budget template that contains separate sections for your monthly income, expenses, flexible expense, and debt. This template can also calculate the final outcome of inserted values. You can use it for a whole year as well month-wise. However, it can be downloaded in MS Excel for free.

    Household-Budget-Template-04

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    Template No. 05 for Household Budget

    The following Household Budget Worksheet provides a generic look and layout for free in MS Excel format. You just need to enter your expense, income, actual, and projected values in the given cells, then the worksheet will automatically provide the outcome in the summary section as well as in the given below. However, to get this template for free, just click on the download button given below the sample image.

    Household-Budget-Template-05

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