Include school supplies, laundry expenses and other family-related costs.įinance: Credit card payments and fees, student loan payments and other fees or prepaid expenses. Personal care: Toiletries, clothing and shoes and trips to the hair salon.įamily: Child care and babysitting, outgoing child support payments and tuition or school fees. Health care: Health insurance and related expenses, such as copayments, as well as prescription and over-the-counter medications. Include public transportation and taxis or ride-sharing as well.įood: Groceries, nights out at restaurants and takeout and delivery orders. Transportation: Vehicle payments, insurance and maintenance as well as recurring costs like parking, gas and tolls. Include natural gas, electricity, water, sewage and other utilities as well as phone, cable and internet bills. Housing: Mortgage or rent payments, property tax, household insurance and maintenance or repairs. Income: Paychecks, contractor payments and tips as well as other sources of income like child support or investments. Plan to include the following categories in your budget worksheet: Take the time to collect your records in advance so you can enter them accurately. To make sure the numbers you include are correct and up-to-date, use pay stubs, bank statements, credit card statements, receipts and other documentation. To create a custom budget worksheet or fill in a premade spreadsheet, you need records of your income, expenses and savings. Related: Why Budgeting Is Important What to include in a budget worksheet? Since the typical budget worksheet is divided into categories, it can help you understand where the majority of your spending happens, such as housing or transportation. With this handy calculation, you can determine whether you have extra funds to save or spend on unexpected expenses. It calculates your disposable income, or additional money left at the end of the period. With a worksheet, you can easily spot discrepancies and identify areas where you need to get on track. It tallies your planned expenses, savings and income as well as actual numbers for each category. When you add up each section of the worksheet, you can understand whether your anticipated income is enough to pay for your planned expenses and savings. That means you can quickly assess whether your budget is balanced or if you need to reduce expenses or increase income. It tracks money in and money out in one convenient place. Using a worksheet to track your finances offers several perks: Why is a budget worksheet important?Ī budget worksheet is a simple spreadsheet or chart where you can record your income, expenses and savings. In this article, we discuss what to include in a budget worksheet and provide a template and an example to help you get started. With a budget worksheet, you can also identify spending patterns and identify areas that need improvement. To keep track of your spending, you typically need receipts from your expenses and income as well as a basic worksheet. When you budget effectively, you can decrease debt, spend within your means and even set savings goals.
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