Basic Monthly Budget Worksheets Everyone Should Have

Budgets allow you to plan your budget for each month, allowing you to reach your goals, whether you are to pay off the balance of your debt, save up for the purchase of a new car, or even put more savings in your account. Without a budget, cash could flit through your account like an endless loop.

Key Takeaways

  • The use of budgets will help monitor your spending, plan and monitor spending in order to reach your financial objectives.
  • Budget worksheets allow you to examine outgoing and ingoing amounts in both black and white.
  • While you work on budget worksheets, it is possible to modify your budget as you work to refine your figures.

Budgeting has also become more popular in recent years. in 2022 86% of respondents to an Debt.com survey indicated that they track the amount of money they earned and their expenses. Prior to the COVID-19 epidemic, 70percent of those said do. Nearly one-third of respondents said they had a budget in worksheets. 1


Download and save the Balance’s Spending Tracker Worksheet as well as Monthly Budget Calculator for Income and Expenses.

Learn more about how to create and complete the financial worksheet. You can use it for about a month to test how it performs for you.

How To Use Monthly Budget Worksheets

A budget can assist you to control your financial situation daily as well as monthly and for the long-term. You’ll learn the way you spend your money and how you can save money. Budgeting worksheets help you to reconcile the amount you plan to spend and the amount you actually paid. There could be some unexpected costs that you don’t think about, or that can add up quickly even though they are smaller. 2

A budget can identify areas of impulse purchases in the form of a lack of savings, subscriptions not being used or indicators of financial management like frequent late-bill charges. Budget worksheets can assist you to establish your priorities, or even alter your spending habits as time passes. If you are in the routine of using a worksheet for budgets you might notice that you save more. You’ll be able to utilize the extra cash for paying off your debt, to add to your emergency savings account, or even invest it for retirement.

Different budgeting methods are available. The 30-day budget is the primary budgeting worksheet we’ll be discussing in this article. Analyzing expenses and income one month at one time is a feasible option for many. 3

Other methods to estimate your budget include using pencil and paper or perhaps your bank’s budgeting tools. A simple worksheet does not require logins to banks can be accessed from several places, and can be used to perform automatic calculations, and demands only the right amount of care.


A great “rainy day savings” sum is approximately the three-to six month mark of expenses however, any savings can be a great beginning. Make sure your emergency savings are in a bank account with more interest.


How To Complete Monthly Budget Worksheets

To create a monthly budget worksheet to complete your monthly budget worksheets, you must gather information about your income (from every source) as well as your spending habits in the last month or do so. Check your bank statements and credit card statements as well as other monthly income and expenses information.

You can also make use of a Spending Tracker Worksheet (see above for downloading link) to monitor your monthly spending. Before you start using it, create copies first:

  1. Click “File”
  2. Click “Make copies”
  3. If it appears that the “Copy Document” window appears and you are asked to enter the name of your worksheet, for example “Emma’s Tracker.”
  4. Make sure you save it in an accessible folder after which you can select the green button which is labelled “Make copies.”

The Step-by-step approach for creating budgets can provide additional details, including what you need to do if you have fluctuating income from gigs and freelance jobs.


Don’t enter any numbers into worksheet’s cells colored blue, pink or green. Those cells contain formulas that should not be changed.


Monthly Budget Worksheet Templates

Then take a copy of your copy of the Monthly Budget Income and Expenses Calculator (see above for download links) explained in “How to Create Monthly Budget Worksheets,” above. The steps above will give you the worksheet that you can modify. Work through the tabs of the worksheet above.

Monthly Income Calculator

An ideal initial step to take is determine your monthly earnings. The worksheet’s first tab is where you you must enter the amount you anticipate to get from all sources within the “Gross Income” category under the “Projected” column. Input any deductions you have taken from your paycheck into the “Taxes Withheld and Payment Deductions” section, and then in the “Projected” column.

It could be based on the previous month’s earnings, but should you be expecting to work more or less days this month your budget worksheet is able to accommodate changes.

The “Total Take-Home Pay” you’ll be able to see your projected net earnings.

Monthly Expenses Calculator

Go to”To open the “Monthly expense calculator” tab. Enter the desired budget for the categories under “Projected.” Your expenses can be based on previous spending patterns that you have gathered from bank statements or a spending tracker.

Be sure to enter only the sums that have not been taken from your paycheck. For instance, if your health insurance premiums are deducted from your paycheck, then enter it on your “Monthly income Calculator” section, but not as an expense for the month.

Feel free to modify or remove categories depending on your priorities for spending and your lifestyle. As an example, you might not have the money to buy drinks or coffee. You could also be able to pay alimony, but you don’t have pets to take care of.

Monthly Surplus & Shortages Calculator

In the “Surplus and Shortages” section, be able to see the amount you estimate you’ll have at the close in the course of the month. If your expenses exceed your income, you should look for ways to cut down, or earn more before you fall into deep debt. If your income is greater than the expenses you incur, then congratulations! You have cash to put in savings.

When the month is over, look back the amount you recorded for each tab and record the amount you actually paid for. Did you greatly overestimate some areas and underestimate other categories?

Certain amounts will remain the same, but they will change as time passes, or alter once every year. Fixed expenses could include rent, mortgage health insurance, mortgage, and the cost of a car loan. Other expenses can change in accordance with the time of year, usage or other factors, for instance, grocery bills, water bills or even gas. Certain expenses are mandatory in some cases, while others, like streaming services, could be discretionary, optional expenses.


It is possible to continue using the monthly expense tracker in order to monitor your spending throughout the month, and keep an eye on major purchases or categories you have to include (or remove). Some users prefer to manage a budget by splitting spending into week.

What To Do After Making a Budget


Create a budget that will help define your financial goals and in turn, vice versa. For instance, you might decide to utilize your budget to to pay off the burden of debt, buy a home or fund your children’s education in the future. If you’re planning to save money towards some specific purpose it is possible in order to “pay yourself first” with just five or ten dollars into a savings account in order to ensure that your money goes towards your goal each month, even when that means eating less at restaurants or shopping less.

Consider analyzing the way you spend your money. Perhaps you planned to budget only $100 a month for gas. When the month is over it is discovered that you’ve have spent $150. If you consider the cause of the variance it could be that the reason was an increase in inflation, a trip that was too long or maybe you’ve overestimated the amount of gas you used. This can aid you in planning the coming month’s fuel budget and provide a reason for why you’re constantly short of cash.

Examine your budget at close of each month and adapt for the following month. In a couple of months, you could be cutting back and you will save more.


Frequently Asked Questions (FAQs)

What is an unbalanced budget?

The term “balanced budget” refers to a situation in which your expenditures and income are evenly distributed, with neither either too much or remaining. One approach to implementing the concept of a balanced budget is by using the zero-based approach to budgeting that aims to allocate each dollar of your earnings to savings, expenses or expenditure.


How does budgeting affect your wealth?

Your total wealth by:

  • Setting limits on your spending
  • A savings path to your financial goals
  • Setting up or speeding up the process of repaying debt
  • Intensifying emergency savings
  • Starting to invest or make retirement savings

A financial cushion can stop debt from piling up and unexpected costs from eradicating off your spending and saving practices. 4 Ideally the process of budgeting will help you to build the wealth of generations to come..

the authorAaron Krause

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