Family Budget Worksheet Template

Free Family Budget Worksheet Tips and Considerations to Create One

Creating and finding time to make a family budget is a hard task, considering that there might be a limitation on spending the money compared to the demands of the whole family members. That’s why it is necessary to organize and control your household finances. Use the family budget worksheet to establish money management and keep healthy financial conditions by saving money, cutting unnecessary expenses, eliminating debts, and stretching the paycheck.


How to Set Up a Family Budget Plan

For beginners in planning the family budget, the work can seem hard and intimidate at first. To make it easier, start with these three basic steps of setting up the plan below.

  1. Decide whether you want to use printed or digital tool

If you browse for the family budget worksheet on the internet, then you will find the printable version and the digital version. Use whichever feels more convenient to you. Some people may feel more comfortable using the printable sheet because it is designed to match with the bank statements. Others may find digital or software version of budgeting is more practical because they don’t have to manually track, writing, and accounting transaction.


  1. Gather up your bank statements

Anything that shows your incomes and expenses has to be inputted inside the budget sheet. It is including your earnings, bills, receipts, credit card statements, debt interest, and other finance-related matters. The worksheet should be divided into two categories for the incomes and expenses then total both of them. The goal is to get the expenses to amount to be smaller than the amount of income.


  1. Determine the fixed and variable amount of expenses

You need to put more attention to the expenses column. Break the column into several sub-column, and put the title such as monthly utility (water, electricity, etc.), debts (student loans, mortgage, credit cards, etc.), and optional spending (clothing, dining out, etc.). The biggest financial change you can make is decided in these columns, especially the optional spending.


Pros and Cons of Using Family Budget

When it comes to budgeting plan using a family budget worksheet, the advantages always outweigh the disadvantages. However, there are still some things to watch for when you’re creating the plan so it can benefit you to the maximum.

  1. The pros:
  • It helps create better satisfaction due to the proper income distribution for the needs of each family member.
  • It helps you adjust irregular income for regular spending.
  • It helps to identify the unnecessary expenses to cut them.
  • It encourages awareness to create healthy financial decisions.
  • It can act as a financial guide for your family.


  1. The cons:
  • There is a chance of failure in case of irregular earnings or if there is a family member that cannot co-operate with the plan well.
  • The finance organizer can become tensed if the plan doesn’t work accordingly.


Where to Get the Budget Worksheet

There are various types of family budget worksheets that available online, whether you find for the monthly or annual plan. All you have to do is search for the sheet that matches your needs the best and starts to manage the financial matters on your family routinely using the budget sheet.