28 Best Household Budget Templates [Family Budget Worksheets]

You must ensure that your family budget lasts until the next payday. Set priorities so that the more important items get precedence over the others. A budget is important for every household. There are apps and tools to help you maintain household budget but nothing beats the classic template due its simple nature. To be more effective in managing your family income, you must use a household budget template.


Household Budget Templates












What is a household budget?

A household budget template is an itemized list of your family’s expected expenses and income to help you plan how to use or save your money, and to keep track of your habits. Through the years, the term “budget” has gotten a negative connotation to mean limiting expenses or pinching pennies – but that’s not all there is.

Use a family budget worksheet as an instrument to have a more accurate and effective understanding of your money habits. If you have a list of your income against all the expenditures you have each month, you can get an overview of your cash flow and from this, you can make better financial decisions.

These required expenditures may include rent or mortgage payments, food, tuition, and so on. With an accurate budget, you can discern what you can afford to spend on and what you cannot. With a budget, you can maximize the use of your resources to make life easier for you and your family in the long run.

Family Budget Templates











How do you create a household budget?

In many households, the management of the family budget seems like a daunting task, regardless of whether you live alone or you’re a homeowner with children. To make the most of your budget, it’s you should know all about your finances and come up with a household budget template.

With this family budget template, you get a good grasp of your finances and your limitations. Here are some tips to consider when creating household budget template:

  • Analyze your spending habits
    If you never have made use of a budget before, you may have an idea of how much you’re spending every month. Most of us today underestimate our power of spending and this is a dangerous habit when it comes to keeping your finances organized.
    One way to keep track of your cash outflow is by keeping every receipt of your expenses then just adding them up. You will get a number that accurately tells you how much you’re spending.
    Subtract this total to your take-home pay each month. The result immediately tells you if you’re earning enough to cover your monthly expenses. A negative amount tells you that you have to make a few adjustments in terms of the money you spend.
  • Eliminate non-essentials
    After your computations, it’s time to make some changes. Although the solution to this situation is a lot easier said than done, you really need to make an adjustment. It’s time to reduce your spending, especially by sacrificing the expenses from leisure categories like entertainment, dining out, shopping splurges, and more.
    This might sound cruel and difficult but just consider this bit as a temporary thing that later helps you achieve financial stability. Now, redirect the saved leisure money towards paying off debts which eventually gets you out of your financial difficulties.
  • Review your budgeting strategies and revise as needed
    The next step is to review your home budget template at the end of the month to see if you have changed your habits. This gives you an idea of whether you are now on the right track to recovery or not. If you are still in the negatives, you have to change your budget strategies.
    For instance, you have to revise some allocations in your budget by identifying the areas you’re overspending in. Remember that the main purpose of having a budget is for you to manage your money better.
    When you start to get a better grasp of your finances every month, things start changing for the better. You can set aside more money for more important things like an emergency savings account, investments, and more.
  • Use online budgeting tools
    If you’re more inclined towards using apps and online tools, you can try using downloading one instead. Using this method of writing down all your expenses is both convenient and easy.
    Of course, you can still use a budget template to help you organize your finances so that you can be clearly informed on how much comes in and how much goes out.

Home Budget Templates









Using this template

Before starting on your household budget worksheet, you need to first gather all of the financial statements that you need to make the most accurate estimation of your expected spending and income. Then you can start using the household budget template that you have created. Here are a few tips for making and using this template:

  • Input the basic information
    Start using your budget template by completing the column where you input your estimated monthly budget. Include the total income you get each month, as well as, all of your monthly expenses. If there are any categories in the template that don’t apply to your situation, simply leave these blank or enter an amount of zero.
  • Keep track of your household budget template
    Throughout the month, start keeping track of your spending habits and income. At the month’s end, complete the column of the actual monthly budget and compare this to your original estimated amounts.
    Most likely, you will see differences. For instance, you may have overestimated how much you spend on eating out but underestimated how much you spend on clothing. Take note of such differences.
    You don’t have to do this every month, but in the beginning, it could be very helpful for you to create the most accurate budget each month to use as a reference for moving forward.
  • Change your budget as needed
    You can further modify your budget to accommodate any new expenses or income that are not yet included in your original budget. For this, you will insert a new row to either the expenses or income sections then just type the item to add.
    For the budget template of the next month, copy the template’s tab then rename this to use for the next month, and so on. Additionally, you can create as many templates as you want or need to create your budget for the future.