Free Household Budget Templates in Excel

Download these 08 Free Household Budget Templates to help you get your Household Budget effectively. Alternatively, you can also check out our creatively designed templates collection Monthly Budget Templates and Weekly Budget Templates to suit your needs.

Family and house are the most important things in anyone’s life. People put all their efforts to earn for their families and their homes. So hard-working yet not being able to support one is financially and emotionally destabilizing. A household budget must, therefore, be prepared when one wants to provide for the family and save some money for future uses. It is a very simple-to-do and very effective method.

The basic rule of this budget is that you evaluate how much you earn per month and then you understand your expenses i.e. house rent, transportation, food, and clothes. This way you can allocate portions of your salary or income to different items of your household and see how much you can save so that if there is not enough to save, you can easily cut back on some expenses that are not as important as other primary expenses i.e. food and clothes. Although it is better that when you receive your income, you save a small portion first before making any expenses it’s not possible for most of us.

Tips for Creating a Household Budget:

1. Calculate your Monthly Income:
   To create a household budget, you first need to calculate how much you earn per month. This will include the regular income that you earn from your job and the side income from any business that you run aside from your job.
2. Estimate your Monthly Expenses:
   After that, you need to estimate and calculate how much you need to spend on your household items. This includes the house rent or mortgage payments, food, clothes, utility bills, and transportation expenses, including the car, fuel, and repair charges.
3. Put a portion of your Salary in an Accidental Fund:
   While allocating portions of your salary to household expenses, you should put a small amount of your salary into a side account, the accidental fund. You can use this money for a sudden or unusual expense i.e. house repair, medical fees, or repair of your vehicle.
4. Save on less Important Utilities:
   After doing all of the above, you should calculate how much you can save from your monthly income and see if it’s enough or not. If it’s not enough, you can see the list of your household expenses and don’t buy the stuff that you don’t need as much as the primary utilities.
5. Cut back on the expenses that you don’t need:
   You can also save money by cutting back on the luxuries or expenses on which you can afford to spend less. For example, you don’t need to buy shoes every month or purchase new clothes for your family members every week. This way you can also save money by cutting back on having meals outside the house i.e. in a restaurant or fast food place.

Download Free Household Budget Templates

Download all these Free Household Budget Templates that can easily help you prepare your Household Budget effectively.

 

Types of Household Budgets:

Here are common types of Household budgets for your planning requirements.

50/30/20 Rule:  When a person needs to set up a simple budgeting solution, this method comes in handy as it presupposes breaking down his or her revenues into three different parts: 50% should be allocated for necessities (rent, utilities, debts), 30% for those things which one wants to buy (like eating out, recreation) while 20%- to save or invest. This can be useful for someone who wants to create a primary budget plan.

Reverse Budgeting:  At the initial stage, savings and investments issues should be addressed, only then proceeding to expenses. I will develop a household budget that entails spending part of one’s income on creating individual income baskets as it is a good idea to explain this approach, as it could help take care of basic needs as well because wealth creation is a never ending possibility such that I can spend most or all my income like most people do.

Zero-Based Budgeting:  In this stochastic stage of the process, what you have, as in cash, has to be assigned into different sets where certain amount is allocated to what has to be done and/or wanted. Later on, you track your spendings to ensure the adherence of standards. It is most advantageous for those who rink up pre-setting and controllability of expenses.

Envelope Budgeting:  This method involves the process of dividing cash into envelopes for various categories of expenditure. Upon finishing the envelope contents for a particular expense, you stop that purchase. This will help in the management of the budget and avoiding excessive consumption by ensuring that all the part instances of the whose limits are easily visible.

50/30/20 Rule with a Twist:  This modification within Atwood’s rule proposes the establishment of an emergency saving as the priority item in any saving plan before any considerations on investing or savings are made. While one will still have to make some discretionary income, at least there will be some money left to cater for any eventualities when such financial emergencies occur. This option is ideal for someone who wishes to secure their future household budget first, then save in any other way.