How to Create a Monthly Budget in Microsoft Word

The 2013 Gallup poll found out that only 32% of households in the U.S. had monthly budgets. But did you know that preparing a monthly budget is crucial? When you prepare your budget, you're secured with your finances since you follow a budget plan. And whether you need a personal budget, business budget, or a household budget for the month, you can make yours with the tips below.

1. Record Your Income

Start your monthly budget with the amount of money you're receiving monthly. Before you record your monthly income, ensure that you've already deducted your taxes. If you have seasonal additions to your income, include them, too.

2. List Your Expenses

As part of your budget plan, you have to include the amount you're spending monthly. When you list your expenses, be sure to categorize them. For a family budget worksheet or a household budget worksheet, you can categorize them into food, healthcare, household, leisure, utilities, etc. Additionally, don't forget to track your expenses to ensure that you're sticking to your budget.

3. Identify Your Savings

Another essential part of any budget is your savings. You must set a budget for your savings. As you know, your savings will provide you and your family or business security in the future. Your savings can be for an emergency fund or retirement.

4. Adjust Your Budget

There will come a time when your expenses or income will change. So, it's essential to adjust your simple budget sheet according to the change. Lastly, be a planner and don't let the next month start without preparing for its budget.

General FAQs

  • What's the 50-30-20 budget rule?

  • How can I save money with a low income?

  • What are the common monthly expenses?

  • What is a sample budget?

  • What is a monthly budget?

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