In this article, find a link to a detailed ready-made budget worksheet template and learn of six categories where monthly expenses might be reduced. Also, find out one way to use the newly-found money that the budgeting process should identify.
Free Microsoft Excel Budget Worksheet – Expense Spreadsheet
The Vertex42 website offers a nicely formatted budget worksheet that is compatible with Open Office as well as Microsoft Excel 2002, 2003, and 2007. A unique feature of this sample budget template is that monthly household expenses are separated into deductible versus non-deductible costs. This will come in handy at tax time, as the household’s potential itemized deductions will be summarized in the deductible section.
Sample Budgeting Worksheets Online – Other Free Excel Downloads
Individuals can download the Vertex42 budgeting worksheet above to look at family finances on a monthly basis or as a yearly total. However, this budget spreadsheet focuses more on setting a budget than it does on comparing budgeted to actual results.
Anyone who needs the ability to compare budgeted to actual results may wish to find another sample Excel spreadsheet template. Several such free budget worksheets can be found in the Excel templates section of the Microsoft Office website.
Track Monthly Household Expenses with Budgeting Spreadsheets
As monthly expense amounts are recorded on the budget spreadsheet, the numbers should start to reveal areas of overspending.
Once these areas have been identified, discretionary spending for things like entertainment and restaurant meals can be easily managed for tremendous savings month after month. Even non-discretionary monthly household expenses can be altered by shopping around for the best deals (like more economical health insurance or auto insurance plans).
Eliminate Unnecessary or Excessive Costs in the Family Budget
To get started, here are several areas where an individual might find room for cost cutting in a typical family budget:
- Auto fuel
- Cell phone plans or home phone line
- Gift purchases
- Grocery shopping
- Monthly television bill
- Newspaper or magazine subscriptions
Excel Spreadsheet Template Can Show if Money is Free for Investing
One reason many people budget is to free up money for investing. Even an extra $100 freed up on a monthly basis can be invested over time to produce phenomenal returns. One way to invest small monthly amounts like that is through a dividend reinvestment plan. Another way is through a discount online brokerage like Scottrade.
Learn more about these types of low-cost, low-minimum investing strategies in the following articles:
An Introduction to Dividend Reinvestment Plans
Inexpensive Online Stock Investing with Scottrade ($7 trades)
Walmart Shareholder Investment Program
TAX101
Lena Gott - Lena Gott is a Certified Public Accountant who gives practical financial advice to her readers.
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