Household budget planning

household budget planningIf you’re trying to keep an eye on your finances and keep control of your spending, household budget planning is a vital part of the process.  We all need to know if we are living within our means, or if we are overspending on a monthly basis.  However keeping track of your spending when you’re on a budget is a little like keeping track of your eating when you’re on a diet – it’s very easy to forget about all those little extras that seem tiny at the time, but when added up they make quite a difference!

We have put together a simple Excel spreadsheet that allows you to enter all your expenditure and your income, and tells you if you living within your means each month.  We have tried to cover most types of income, and everything that you would spend on in a typical month, so that nothing gets forgotten.  The spreadsheet will tot up each category so that you can see how much you are spending in each area.  There’s a total expenditure figure for the month, a total income figure, and then a grand total that will either be positive (hurrah!) or negative if you’ve overspent.

Click here to download our FREE household budget planning spreadsheet

The spreadsheet contains a sheet prepared for each month of the year, so it’s ready to go!

It might take a little time to fill in first time around, but once you’ve got a couple of months under your belt, you’ll find it much quicker, as all your regular standing orders will be easy to slot in.  Just sit down with your bank statement and you’ll soon whizz through it.  One note of caution, though – make sure that you don’t double-count items from your credit card bills – if you enter the individual items from the credit card bill, don’t enter the payment you make when you pay off the credit card bill as well, or you’ll have counted those items twice!  However if you’re paying off old credit card bills (ones where you haven’t entered the individual items) then go ahead and include those payments.

In case you don’t have Excel, or just prefer the old pencil and paper method, here’s a copy of what the table looks like and all the items you should remember to include:

MONTHLY EXPENDITURE
Category Item Date Monthly Amount Total
         
Entertainment Eating/drinks out

0

Other entertainment (eg cinema)

0

Newspaper/magazine/other subscriptions

0

Holidays/weekends away/days out

0

Hobbies

0

Music/books/films

0

Cigarettes

0

Cable/satellite TV

0

Gym/fitness subsription

0

0

Household Mortgage/rent

0

House insurance (buildings/contents)

0

Council tax

0

Home improvements

0

Major household items (furniture, kitchen appliances)

0

Household appliance insurance (washing m/c, boiler, etc)

0

General household repairs and maintenance

0

Garden expenses and maintenance

0

0

Utilities Gas

0

Electricity

0

Oil

0

Water

0

Phone – land line

0

Phone – mobiles

0

Broadband/internet

0

0

Travel and car Monthly lease repayments

0

Petrol/oil etc

0

Repairs

0

Car tax

0

MOT

0

Insurance

0

Parking

0

Train/bus/tube travel

0

0

Food and clothing Supermarket (food, household products)

0

Lunches and snacks

0

Clothes

0

0

Children School expenses (fees, school trips, etc)

0

University expenses (fees, living allowances etc)

0

Pocket money

0

Childcare/nursery

0

Babysitting

0

Entertainment expenses (clubs, hobbies)

0

0

Pets Food

0

Insurance

0

Kennels/boarding/grooming

0

Vet fees and medical

0

0

Cash and banking Cash – for miscellaeous expenses

0

Loan repayments

0

Bank charges

0

Tax payment

0

0

Medical Dental charges

0

Medical insurance

0

Optician fees

0

Misc. medical charges

0

Prescription charges

0

0

Insurances Travel insurance

0

Life insurance

0

Identity insurance

0

0

Miscellaneous Hairdresser/beauty treatments

0

Toiletries/make up

0

Computer software

0

Charity donations

0

Professional fees (lawyers, accountants etc)

0

Birthdays/Christmas etc

0

Miscellaneous other

0

0

TOTAL MONTHLY EXPENDITURE    

0

MONTHLY INCOME       
 
Category Item Date Monthly amount Total
 
Earned income Salary

0

Bonus

0

Claimed expenses

0

0

Savings income Bank/savings interest

0

Proceeds from sale of investments

0

0

Pension income State pension income

0

Other pension/annuity income

0

Benefits income

0

0

Other income Miscellaneous/other income

0

0

TOTAL MONTHLY INCOME

0

GRAND TOTAL – INCOME LESS EXPENDITURE

0

 

 

 

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