The start of a new year is the perfect time to reflect on and organize all areas of our lives, and one crucial area we need to focus on is our finances. To make things easier, especially for those just getting a grip on handling household finances, I’m sharing a free printable budget worksheet set to help you reach your family’s financial goals.
Every January, I go through my Annual Get Organized Checklist to get my house, family, finances, and life in general in order. With one child in college and another on her way in just a couple of years, I’m working extra hard to buckle down on our spending. These budget worksheets and following these Money Saving Tips and Money Saving Tricks will help.
Why Set a Household Budget?
Setting a budget plan is an easy way to track the family’s monthly expenses, savings, and income. It lets you take control of your finances because you track every single dollar of your income so that you know how well you spend your money.
On top of that, it also helps you track financial goals, including how much you’re inching your way toward the goal you’ve set for your savings account.
I understand if you’re not used to handling the finances of an entire family and you only keep track of your personal finances. You may not know where each member’s money is going or how much money you spend as a family unit.
Luckily, this resource provides you with free monthly budget printable templates that will help you get a handle on your finances. You can create copies of these free budget sheets and add them to your budget binder for easy access.
Benefits of Using a Printable Budget Worksheet
Here are a few benefits that you may find useful in the long run:
1. Prepare for Emergencies
While it’s an event we all don’t want to see, emergencies may happen in the future. Your best bet to making it through these situations is by preparing well.
Unfortunately, emergencies can be costly, especially medical ones. However, if you get your budget sorted and have set aside an emergency fund, spending money during an emergency won’t hurt your bank account as much, since you have a budget set for it already.
2. Work Towards a Retirement Fund
When you create a budget, you allocate how much of your household’s income goes to which budget category on a monthly basis. One goal you can set aside money for is your retirement fund. This will accumulate over time, helping lift the burden in the long run.
3. Spot and Curb Bad Spending Habits
A budget acts as your income tracker, expense tracker, and debt tracker, letting you visualize how much you earn and compare it to your debts and spending. This makes terrible spending habits easy to point out. Once you know what these bad habits are, you can set a plan to curb them and work your way towards eliminating them altogether.
Family Budget Planner
The first and most important step in a financial plan is establishing a budget. Below is the monthly budget template worksheet you can use to establish a budget and track how much you actually spend.
Use the notes section to explain unusual variances between your budgeted and actual expenditures, as well as to jot down ideas or reminders to make changes to trim costs further.
Many of your costs will be fixed, at least in the immediate future (e.g. rent or mortgage, car payment), but it’s a good idea to set goals or establish guidelines for how much of your income you want to commit to different types of expenditures. If you want to start saving money, this is something you must know to make it easy.
You’ll get a lot of conflicting information on what percentage of your income should be allocated to housing vs. debt. This Recommended Monthly Budget Percentages worksheet from the Michigan Counseling Association is a great place to start setting your spending goals.
Ideally, your monthly income will more than cover your expenses, so you can also set some savings goals. Everyone should have an emergency fund to pull from in case of an emergency so that a tough situation isn’t made worse by adding debt to the stress of whatever unexpected event has occurred. Once you have a comfortable emergency fund, you will probably want to set aside money for holiday spending, retirement, education, vacations, or your dream home.
I’m a big believer in writing down your goals so that you have a greater chance of reaching them. Here’s a savings goal worksheet to help you visualize and progress toward your goals. In the “Goal” column, write down how much you expect to set aside each month for each category (in the “Budget” row) and your goal for the end of the year (in the “End Bal” row). Track your progress over the year. Hopefully, your Ending Balance in December matches your goal!
Financial Tracking and Budget Tracker
I am very motivated by seeing progress over time, so I created this next worksheet to watch my savings grow, and my debts shrink over the year. This can help you track your monthly finances by seeing the difference between your balance from the start and at the end of the month.
Here are some tools that may be useful if you plan on making copies of these household budget templates.
- Printer: If you’re looking for a budget printer, this one is a good contender. If you intend to spend a bit more on a higher quality product, check this option. But if you’re looking for a heavy-duty, all-in-one machine you can use at home, this one fits the bill, and it has high reviews and comes with 2 years of ink.
- Printer paper or cardstock: If you want to change your budget sheets every month, you may want to print on regular printer paper. However, if you want to reuse the printout for a long time, you may want to print it on cardstock and then laminate it.
- Laminator: Lamination is a cost-effective way for you to use your printable multiple times. First, laminating helps protect your printout. It also creates a surface on which you can write with dry-erase markers and wipe the ink off when you’re done to reuse the printable! Alternatively, you can use clear contact paper to cover your printable and achieve the same thing.
I hope you find these worksheets helpful in setting and reaching financial goals this year. To get all three forms, just click on the form below and have them sent straight to your inbox.
Fill in the form above. After you submit the form, you’ll receive an email from “Wondermom Wannabe” with a direct link to the printable. If you do not see the email in your inbox within a few minutes, check your spam folder.
The most likely place will be in your computer’s Downloads folder. You can also select “Downloads” in your browser menu to see a list of your downloads, then simply select “Show in folder” below the file name to see where it is stored on your computer.
You’ll need a program that supports PDFS, like Adobe Acrobat (which is free). Open the program, click File > Print. Select your printer and set the number of copies you want to print. Double check your print preview, then click print.
Prefer a version you can edit? Purchase an Excel file with all three worksheets below.