Instructions
Personal/Family Budget Spreadsheets
Good financial planning begins with understanding your current financial situation, and learning if you need to improve, or if you are on track for your long-term goals. In order to track your personal expenses, and determine if you have any problem areas that should be addressed, we offer the following budget spreadsheets. There are two formats: monthly and year-at-a-glance. The monthly spreadsheet allows you to input either a monthly or yearly amount for each specific item, and then see your total income, as well as how your income is being spent on a monthly basis, with yearly totals and percentages. This monthly spreadsheet is available courtesy of the helpful website located at http://www.free-financial-advice.net. The year-at-a-glance spreadsheet is courtesy of the US Chamber of Commerce, and allows you to budget for expenses that are billed quarterly, and to illustrate the entire year-at-a-glance. Because your income and expenses may vary over the course of the year, creating a yearly budget allows you to see how those fluctuations affect your overall budget and plan accordingly. Try to track your monthly spending for a given month - write down every expense, no matter how large or small, and write a short description of the expense. If you are not in a position to do so at the time, (i.e. you can't write and drive!), keep the receipt if offered one, or make a mental note of the expense and write it down as soon as you can. Once you have your list for a month, gather your pay stubs or direct deposit advices, and then gather your monthly billing statements. Make sure that you have them all - from the small to the large - and fill in the blanks on the spreadsheets for each item. Totals, percentages, and monthly or annual amounts will calculate for you automatically on each spreadsheet. The Yellow cells on the Monthly Budget sheet are for input - this spreadsheet is categorized by "Income", "Necessary Expenses", "Discretionary Expenses" and "Investment Spending". Non-yellow cells are formulas and do not require input. The Yearly Budget spreadsheet calculates monthly "Total Expenses" and "Cash (Short) Extra" amounts, as well as a "Yearly Total" column. The "Total" cells are formulas and do not require any input. You may change the "Expense Description" cells if you so wish, to further customize the spreadsheet to match your specific expenses. The Yearly Budget allows you to view overall spending patterns for a given year. Try to be very honest and realistic as you prepare these budgets, to ensure that the final products are not underestimated and inaccurate. If you do not see an Expense Description on either budget spreadsheet that matches one of your expenses, you may edit an existing description that does not apply to you, and change it to meet your needs. This will not affect the formulas or final totals in any way. Once you have completed one or both spreadsheets, carefully review them and compare how your current budget fits into your long-term financial goals. Does it contribute to those goals, or prevent you from reaching them? Perhaps you should define those long-term financial goals, and then closely review your budget with your spouse and family. Look for areas that seem to be out of proportion to other expenses and devise a plan to bring those items more in line with others, or better yet, pay them off. Pay close attention to any credit card expenses - given their usually high interest rates, you should make efforts to pay credit cards off completely if those expenses are high or disproportionate to other expenses in your monthly budget. Be realistic when you set goals - a simple way to start is to plan to save $50 per month. Setting a goal that doesn't seem so out of reach will make it easier for you and all involved to reach that financial goal, and then plan to set even higher goals. Small steps taken now to save money can add up to large amounts of savings later. Don't give up - if you get discouraged, just keep trying. Your monthly budget should not be set in stone - it will need to fluctuate slightly to account for life's up and downs, and unexpected expenses. But if you identify areas in which money is being spent with little or no benefit now, and take steps to stop that unnecessary spending, you will be in a position to more easily meet those unexpected expenses head on. You can do it - one step at a time, one expense at a time! Good luck! DISCLAIMER Materials in this e-newsletter, and all accompanying attachments and articles, do not constitute professional advice. These materials have been developed with every attempt to provide accurate information; however, users should consult with the professional advisors at Kemper CPA Group LLP on specific issues, as errors can occur and applicable laws and regulations frequently change. Kemper CPA Group LLP assumes no responsibility for loss sustained by any individual acting or refraining from acting as a result of the material contained within this e-newsletter or any accompanying or associated articles, websites, or documents.
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Personal Budget Spreadsheet - from Free-Financial-Advice.net
Directions: Fill in only the yellow cells - the rest will be automatically calculated. Results: Total Income Necessary Expenses Discretionary Income Investment Income Discretionary Income less Investments Discretionary Spending Amount Remaining to Save or Invest Monthly Yearly % $2,500.00 $30,000.00 $896.00 $10,752.00 $1,604.00 $19,248.00 $0.00 $0.00 $1,604.00 $19,248.00 $656.00 $7,872.00 $948.00 $11,376.00
Monthly Budget
100% 36% 64% 0% 64% 26% (Keep this as low as possible) 37.92% (Try to keep this percentage above 5%, above 20% is outstanding)
Monthly Budget Income: Your Primary Income Your Spouse's Income Child Support or Alimony Social Security Income Disability Income Pension Income Investment Income Real Estate Investment Income Business Income Other Income Total Income Necessary Expenses: Payroll Taxes Other Income Deductions Rent or Mortgage 2nd Mortgage or Home Equity Loan Property Taxes Water Garbage Pickup Gas Company & Electric Auto Insurance Auto Repairs Gasoline (for cars, trucks, etc.) Food & Groceries (not dining out) Clothing (necessary) Telephone (not mobile phone) Home or Renters Insurance Healthcare or Insurance Costs Dental Care or Insurance Costs Life Insurance Costs Student Loans Home Repairs Home supplies Dry cleaning Laundry Investment Real Estate Expenses Dues and Subscriptions Childcare (daycare & babysitters) Child & Baby Expenses Other Dependent Expenses Total Necessary Expenses $2,500.00 $0.00
Annual Amount $30,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Comments
(Include expenses from this below) (From your own business, include expenses below)
$2,500.00
$30,000.00
$135.00 $0.00 $50.00 $16.00 $300.00
$0.00 $0.00 $0.00 $1,620.00 $600.00 $192.00 $3,600.00 $0.00 $0.00 $480.00 $3,000.00 $0.00 $660.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $600.00 $10,752.00
(Do not include insurance or investments here)
$40.00 $250.00 $55.00 $0.00
(Include uniforms, gloves, shoes, work boots, etc.)
(Include necessary furniture, maintenance & cleaning supplies)
(Include union dues, professional association dues, required subscriptions) (Diapers, baby food, etc.) (Children's school/book fees or college tuition or other necessary expenses)
$50.00 $896.00
Discretionary Expenses: Credit Card Bills Auto Loan (s) Cable or Satellite TV Mobile Phone (s) Home Improvement Home Security Garden Supplies Entertainment (not dining out) Dining Out Travel & Vacation Pets, Pet Care and Pet Food Clothing (above what's needed) Internet Access Computer Costs Magazine/Newspaper Subscriptions Gym/Health Club Membership Beer & Alcohol Cigarettes & Tobacco Total Discretionary Expenses
$500.00 $116.00
$6,000.00 $0.00 $1,392.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $360.00 $0.00 $0.00
(Movies, video rentals, theater tickets, sports tickets, nights on the town, etc.) (Include lunches at work)
$0.00 $30.00
$0.00 $0.00 $10.00
(Money spent on computers, software and games) (Magazine subscriptions; include Internet-based subscriptions for magazines, newspapers, etc.)
$120.00 $0.00 $0.00 $7,872.00
$656.00
Investment Spending: 401K, 403B Deposits IRA Deposits Employee Stock Plans Brokerage Deposits Other Total Investment Spending
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(Only include fixed monthly or yearly investments here, not your discretionary investing) (Only include fixed monthly or yearly investments here, not your discretionary investing) (Only include fixed monthly or yearly investments here, not your discretionary investing) (Only include fixed monthly or yearly investments here, not your discretionary investing) (Only include fixed monthly or yearly investments here, not your discretionary investing)
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FAMILY MONTHLY BUDGET SCHEDULE
(The shaded "Total" cells do not require input - those cells are formulas only)
January
INCOME DESCRIPTION Wages (take home) - Partner 1 Wages (take home) - Partner 2 Interest and Dividends Miscellaneous TOTAL INCOME EXPENSE DESCRIPTION Auto Expense - Gas Auto Insurance Auto Payment Beauty Shop and/or Barber Cable TV Cell/Mobile Phone Charity Child Care (Daycare or Babysitters) Clothing Club Memberships/Dues Credit Card Payments Internet Access Fee Electricity Entertainment and Recreation Gas Company (if applicable) Gifts Groceries and Outside Meals Health Insurance Home Repairs Household Income Tax (Additional Withholding) Life Insurance Medical and Dental Miscellaneous - Bank Fees Mortgage Payment Home Equity Loan Payment Other Pet Care (Food, Veterinarian, etc.) Rent Rental Fees School-Children's Lunch per Month Student Loans Telephone Bill Tuition/Book Fees/School Expenses Vacations TOTAL EXPENSES CASH (SHORT) EXTRA $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
February
March
April
May
June
July
August
September
October
November
December
Yearly Total
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$2,340 $0 $0 $0 $2,340
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$2,340 $0 $0 $0 $2,340
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$40 $0 $0 $0 $116 $0 $0 $0 $0 $10 $550 $0 $250 $0 $50 $0 $250 $0 $0 $0 $0 $32 $0 $0 $0 $135 $0 $30 $0 $50 $75 $0 $55 $120 $0 $1,763 $577
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$40 $0 $0 $0 $116 $0 $0 $0 $0 $10 $550 $0 $250 $0 $50 $0 $250 $0 $0 $0 $0 $32 $0 $0 $0 $135 $0 $30 $0 $50 $75 $0 $55 $120 $0 $1,763 $577
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