I will tell you, I’m a HUGE fan of Dave Ramsey. Since I was a little child, my parents had me on the Envelope System. When I received my allowance, a certain percentage had to go in each envelope. Now, even as an adult, we budget our monthly income so we know exactly how much we have to spend each month in each category. Since we are building a home, we are being especially strict, as there are a lot of out-of-pocket expenses along the way in getting our plans designed and our lot ready to build.
I wanted to share with you our Excel spreadsheet Family Budget for your own personal use. Just fill in the blank areas, starting with your monthly income at the top. Then, you will input your budgeted amounts (For Example, in the electricity category, say you spend an average of $200 a month, put that in the “Budgeted Amount” column. Then, at the end of the month, you calculate how much you spent in each category and put it in the far right “Actually Spent” column. Oh, and we have a handy column in the middle that helps you calculate how much percent in each category you are budgeting. (For Example, your mortgage should be 25-35% of your entire monthly take home pay- I’ll list all the recommended percentages below) Now, these percentages will automatically be calculated once you put in your “Budgeted Amounts”.
Recommended Percentages for a Household Budget:
Charitable Giving: 10-15%
Debts: 5-15% (goal is 0)
We do a zero-based budget at our house, meaning every dollar that comes in has a place to go. Yes, we do have a Misc./Blow money category, but it is designated. It’s so much easier to run a household and have freedom in spending when you know how much to spend. I look at a budget as giving me freedom and not as a constraint.
Once you download the free printable budget, you can add lines and items, just be sure you are calculating the new line in the totals at the bottom. At the bottom of the spreadsheets, you will have a Grand Total Budget (It should equal your total take home pay if you do a zero-based budget) and Total Actual Spent for the Month.
Hope you can put the spreadsheet to use! Any questions?
Comment below and I’ll be glad to try to answer them!