Family Finances: Free, Editable Budgeting Spreadsheet

Do you want to increase your savings? Are you living paycheck to paycheck? Do you want to lower some of your expenses? Have you always struggled setting a budget for yourself? Answering yes to any of these questions is common, but you have to do something about it, like budgeting, to fix the situation. 

However, you are probably strapped for time and don’t want to invest what little free time you have into all the nitty-gritty details. In this post, I will share an amazing budgeting spreadsheet (completely free to you!) to help you get on top of your family budget without sacrificing too much of your time.

I have always been very money-conscious and frugal to the core. I will happily wait for a sale on pasta sauce just to save 25 cents per jar. To some, this is pointless. What’s 25 cents? I’ll tell you – it’s a mindset. I save everywhere I can. Therefore, when we contemplated moving into our first apartment, I set up a budget to see if we could truly afford it. Now I refer to it when we make any financial decision. 

Before I share all the details of this amazing budgeting spreadsheet, let’s talk about the advantages of budgeting – no matter how you do it.

Why Should I Budget?

• Meet financial goals – you need money saved for an emergency fund, unexpected expenses, vacations, large home repairs, and unforeseen medical expenses.
• Know where your money is going – it is really easy to spend money without realizing how much of it you are actually spending. If you only have $50 per month to spend on eating out but you are spending $80, that’s a problem.
• Get out of debt – take control of your spending and adjust where you allocate your money in order to meet your financial goals.
• See your finances “big picture” – each month you receive statements for multiple bank accounts, credit cards, employee benefits, and (lots of) bills. It can be hard to understand how your money is being spent in all these different areas. A budget helps pull all of it together in one place.

How to Use the Budgeting Spreadsheet

You can choose whether you would like to read this how-to guide first, or start by downloading the spreadsheet to follow along with a visual. 

Step 1: Determine your income. 

You can’t know how much to spend in a month unless you know how much you earn. Your entire budget is based on your monthly income, so consider all the different ways you bring in money. In addition to your main job, you may have a side-hustle (or two). Or you may be a one-income family. The budgeting spreadsheet is customizable and allows you to add or delete types of income to meet your personal situation. 

NOTE: Always be conservative when estimating your income if it is not the exact same each month. If your salary is hourly or based per job, estimate just slightly less than what you expect to earn to prevent overspending later. 

Step 2: Make a list of your monthly expenses. 

The budgeting spreadsheet already contains categories of monthly expenses, but you may choose to rename some to best suit you. 

>> With your mind focused on sticking to a budget, check out 10 Budget-Friendly Gift Experiences for Kids. 

Step 3: Set your budget amounts for each expense. 

First, predict what you think you spend in each category monthly. You can do this by making an estimated guess, or look through your previous account statements to see what you actually spent. 

Consider a few different types of expenses:

1. Some expenses are paid yearly but should be accounted for monthly. For example, take what you pay yearly in car insurance and divide by 12 to determine what it costs you monthly.

2. Some expenses vary month to month but are consistent year to year. Your electric/gas bill may be higher in the summer than in the winter, so you should determine what you pay for the whole year (add up 12 consecutive statements) and divide by 12. 

3. Some expenses are the exact same every month and can be listed as-is. Your mortgage and grocery bills are likely (or should be) the same month-to-month.

Step 4: Adjust your budget, if necessary.

Look at the bottom line of the budgeting spreadsheet to determine your BALANCE. If the number is displayed inside (parentheses), you are that much over your budget – meaning you need to decrease your spending by that much at least. If the balance is not listed in parentheses, congratulations! That is how much money per month you are saving. 

If your balance is negative or you aren’t saving as much money as you would like, go back through the budget and see how you can limit your spending. Some expenses, like your mortgage, probably can’t change. BUT, you can likely control how much money you spend on things like entertainment and eating out. 

Step 5: Track your expenses.

Now that your budget is created, you need to track your spending each month! I like to log my expenses twice per month so it isn’t so much work at the end. Plus, then I know if I’m near going over in a category and need to limit my spending for the rest of the month. 

Follow these steps to track your monthly expenses:

1. Log into your different accounts where money is spent – credit cards, debit cards, automatic payments from your bank accounts, etc.
2. Open the second tab of the budgeting spreadsheet titled “Expenses”. You can find this tab at the bottom left of the spreadsheet. 
3. Add each expense from your statements to this spreadsheet. You will first list the date and store of the purchase. Then list the expense amount in the column that matches its category. [If you are adding your auto insurance expense, make sure you add the expense under the column that reads “Auto Insurance”.]

NOTE: The budgeting spreadsheet automatically totals your spending in each category and conveniently populates it on the first tab [“Budget”] where you started. 

Step 6: Evaluate your spending.

Now comes the emotionally challenging part! You tracked all your spending and now it is the time at the end of the month to evaluate how you did. Did you go over in certain categories? Did you save more than expected in others?

As the months go by, you may determine the budget you originally set is unrealistic. It’s okay to revisit your budget and adjust it as needed – as long as you look at the BALANCE at the bottom and see that you are still saving enough money.

Download and Get Started!

Now is the time to download the budgeting spreadsheet so you can take control of your family budget and watch your savings soar! When you are in the driver’s seat with your finances, you don’t let your spending take control of you. With your focus on saving more money, I hope you take the next step and set clear financial goals for yourself. Happy budgeting!

>> Please reach out if you need help getting started or have any questions!

Share a comment! Do you absolutely love budgeting or is it more of something you’re just trying to get through?

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