• Home >
• Budget >
• Budget Worksheet

Free!

Using a Budget Worksheet: The Basics

When you don't pay attention to how much money's coming in - and how much is going out - keeping your finances under control is downright impossible. The simplest way to get a handle on how your money's being used, and to figure out ways to be more efficient with it, is by using a budget worksheet. Using a budget worksheet might sound a little intimidating, but it's actually quite easy; learn more below.

Track Your Income

One section of your budget worksheet will be reserved for tracking how much money you're bringing in. When it comes to what you're paid for your job, you're going to want to focus on your gross pay. Gross pay is the total amount of money you deposit in your bank account, after all of the taxes and other deductions are taken out. Other forms of income that you should track include alimony, child support and investment income. Ideally, you should come up with a grand total for how much money you earn each month.

Track Your Expenses

The other section of your budget worksheet is especially important: It concerns the amount of money you spend each month. First, sit down and map out what your recurring monthly payments are. These would include things like your rent or mortgage payment, your utilities, your credit card bills, your car payment and your car insurance. Next, group your other spending into categories like entertainment, dining out, groceries, personal care, gas/transportation and others. You should now have an idea about what your average monthly expenses are.

Look For Trends

If you routinely come up short of cash each month, use your budget worksheet to find areas where your spending could be cut back. For example, you might be going out to eat more often than you realized, or you might be hitting the mall more often than you should be. Your budget worksheet will make it easy to spot such trends, allowing you to make the necessary changes in an educated and strategic way.

Sign up for Mint

Making meals on a budget is easier to set when you have budgeting software like Mint. Sign up now