This Budget Worksheet Will Calculate Your Income And Expenses: Fill & Download for Free

I recently wrote a blog post about how to create your household budget for 2020. You can read the full post at Creating a Household Budget for 2020 | Moms Managing Money.To summarize, I outlined the following:Decide on a framework - I personally use a spreadsheet. With clients, I use software that we can work through together. As a free resource, I provide a budgeting worksheet and there are lots of free ones available for download online.Once you’ve decided on a framework, determine realistic expectations for income and input those into your budget.After you’ve gone through your income, calculate your expenses. Keep in mind that some are monthly but others might be quarterly, semi-annual or annual expenses. In the full blog post, I provided a list of categories to consider including.Make sure to capture your savings goals for short and long-term needs.Remember to include some fun stuff in your budget - it will help you stick with it.Update your budget regularly as what you know about your income and expenses change.Also, remember that it’s not enough to have a budget, you should be using it regularly to stay on track.

Every great financial plan starts with a sound budget. If you’re trying to pay off bills or save for a dream vacation, a budget is your first step toward making your financial goals a reality. Follow these steps for setting up a realistic budget.DETERMINE YOUR INCOMECALCULATE EXPENSESCALCULATE THE DIFFERENCEDETERMINE WHAT TO DO WITH YOUR SAVINGSMAKE IT A HABIT

The best kind of budget is all about moderation—one that allows you to pay your must-have living expenses, put some money in the bank, pay down debt, and have some left over for the fun stuff. The 50/30/20 budget lets you to do just that. Not only does it help you live within your means, it also helps you figure out exactly what your means are.Think of your total monthly income as a pie. With the 50/30/20 budget, you’re basically cutting your monthly household income into three pieces:1. Must-Haves2. Wants3. Savings and Debt PayoffWith the 50/30/20 budget, 50 percent of your total monthly household income goes toward Must-Haves, 30 percent for Wants and 20 percent into your Savings and Debt Payoff.Create your 50/30/20 budget in four easy steps:1. Calculate Your Total Monthly IncomeYour after-tax income is the amount you have after all taxes—local, provincial, federal, Employment Insurance and CPP —are taken out of your paycheque. This is the actual amount you have to spend !If you have health insurance, retirement contributions or any other savings deducted from your paycheck, simply add them back in. You’ll deduct them again when placing them in their respective category. Remember, we’re looking at your total household income, so you’ll need to add in your spouse or partner’s income too. If you already completed the “Your Monthly Budget Worksheets,” transfer your monthly income belowTotal Monthly Income ____________2 Calculate Your Must-HavesA Must-Have is any payment that would severely affect your quality of life if you didn’t make it. Review your budget and note how much you spend on Must-Haves, such as groceries, housing, utilities, insurance, prescription medicine and minimum credit card payments. The amount you spend on your Must-Haves should be no more than 50 percent of your total monthly income. If you already completed the “Your Monthly Budget Worksheets,” list below the items you marked as Must-Haves.3 Calculate Your WantsNo more than 30 percent of your total monthly income should go to Lifestyle Choices—personal, often fun choices about how you spend your discretionary income. Your Wants may include cable, Internet and phone plans, charitable giving, entertainment, gym, hobbies, pets, personal care, restaurants, bars and shopping.If you already completed the “Your Monthly Budget Worksheets,” list below the items you marked as Wants.4 Spend at Least 20% on Savings and Debt PayoffThe 20 percent that is left over goes to you for your retirement savings, savings account, emergency fund or debt repayment. For debt repayments, the minimum payment is considered a Must-Have. Any payment you make above the minimum falls into this category. List all savings and debt repayment items below to see if you’re above or below 20 percent.If you already completed the “Your Monthly Budget Worksheets,” transfer your savings and debt repayment items below.Simple DO NOT GO OVER 50% on NEEDSMinimize wants KEEP UNDER 30%Always put 20% INTO SAVINGS AND DEBT REDUCTION