![]() If you live in Canada’s far north or in a city where homes are very expensive, you may have to cut back more than an average Canadian would in the “Food” or “Housing” categories in order to afford your higher living costs. Spending more in one category may mean that you’ll have to cut back in another category to make your budget balance. Life is all about choices, but you can’t choose the maximum amount in all spending categories. These guidelines are only recommended ranges. You may also notice that if you spend the maximum amount in every category, you’ll exceed 100% of your income. Transportation expenses consist of the monthly payments on vehicle loans. So as you can see, there are a lot of different factors that go into what the average monthly household expenses can be for a family. It’s important to know there is nothing wrong with exceeding this limit as long as your budget balances (your expenses don’t exceed your income). Housing expenses consist of shelter (mortgage payments, property taxes. However, if you happen to have young children in daycare, have high education costs, take nice vacations, tithe, or have hobbies or recreational interests that aren’t cheap, you’ll quickly exceed the suggested maximum for this category. The guidelines suggest you spend 5 – 10% of your income in this category. The category in these guidelines that people will most commonly exceed is the “Personal & Discretionary” expense category. Don’t rely on credit for these unexpected expenses. The general categories include daily household expenses, utility. ![]() You’re allocating some money towards savings (savings are absolutely necessary for life’s many unexpected expenses. The persons expenses are further categorized into significant expenses to analyze the budget.You’re not spending more than you earn, and.If finances aren’t strained in your household, you can choose to be more relaxed and go beyond the guidelines in areas as long as you’re careful to do two things: These guidelines have been created for someone who really needs to put together a tight budget. Home Budget Worksheet - Our original selection of home budget worksheets.How to View These Budgeting Guidelines to Get a Hold of Your Spending Habits.Personal Budget Spreadsheet The 12-month version of the personal budget version. Vehicle Maintenance and Repairs (Oil Change, New Tires, Tire Rotation, Alignment, etc.) TIP: You can budget for this section by splitting the costs throughout the year.Personal Monthly Budget - Like the one above, but less detailed, and designed to fit on a single page.Family Budget Planner - This is the 12-month version of the household budget spreadsheet listed above.Money Management Template - Record transactions to automatically populate the budget vs.If you add or remove any categories, just make sure that the formulas used for the totals don't get messed up. If your Net is negative, that means you have overspent your monthly budget.Īdding or Removing categories: The household budget template contains a very detailed list of categories, which you may or may not need. The Monthly Budget Summary table totals up all your income and expenses and calculates the Net as Income minus Expenses. If you spend more than you budgeted, the Difference between the Projected and Actual values will be negative, and if your Actual income is less than your Projected income, the Difference will be a negative number. In this spreadsheet, the calculations are set up so that negative numbers are bad. The cells in the "Difference" column use conditional formatting to make negative numbers red. At the end of the month, you record in the "Actual" column how much you really spent during the month. This represents your goal - you're trying to keep from spending more than this amount. You record your desired budget for each category in the "Budget" column. The purpose of this worksheet is to help you compare your monthly budget with your actual income and expenses. You may also want to read the article " How to Budget". Having your house chewed up by tiny bugs or covered with spiders usually decreases its value. Our article " How to Make a Budget" explains how to use these spreadsheets to create your budget. ![]() You'll want to replace the values in the Home Expenses category with your own. ![]() To use this template, fill in the cells highlighted with a light-blue background (the "Budget" and "Actual" columns). 42 Effective Ways to Save Money Budgeting Tips for the New Year Using the Household Budget Worksheet ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |