Your Questions About Family Budget Spreadsheet

John asks…

Do I really need a Family budget spreadsheet?

Please help me?
I am an engineer and getting monthly around £1,700 after tax, my wife also works part time and gets around 5 to £600 a month, we also have other incomes, around £300 a month.

However, we are strugling to keep it up.
My monthy rent is £550, live in a 2 bed flat and have a car.
We don’t actually live a high standard life, but at the end of the day we are spending too much.
We do not take any notes how much we spent. My wife will do her shoping, I will do mine, there is no coordination.
I do not smoke, but my wife does. We do not go out that often either, but we spend a lot anyway.

Can any one help me please?
Do I really need a family budget and plan?

Thanks a lot in advance

richmama answers:

Yes, you do need a family budget and plan. The first thing I suggest is to track every cent that you spend for a month. This will be hard, but stick with it! This will show you exactly where your money is going. Also, list all of your monthly expenses, including utilities, groceries, etc. And your monthly revenue. List all of your due dates and compare that to when you get paid. Once you do this, compare your budget to what you tracked for the month. This will show you where you need to cut back your spending. You’ll probably be very surprised at how fast the little things that you buy add up each month. Then, once you have your budget, track and see how much you are over or under for a couple of months and this will really help you improve your financial situation.

Jenny asks…

family budget spreadsheets?

I have been using a personally created excel spreadsheet that tracks our monthly expenses of which I have set a budget amount for each category. Recently I added several formulas that automatically set a budget for the coming month based upon the average of the past several months. The only way I could achieve this was with a separate workbook with running totals. Each month I would have a new column with an increasingly lengthy forumla to capture the average from prior months and the most recent month. While it achieves a highly accurate budget figure for things that vary like grocery bills, electric bills, and so on, it is very difficult to make the 20 or so formula changes on each month’s budget sheet. Is there a template out there that anyone is aware of that both has a monthly budget that will change according to past actual spending that also tracks the monthly spending. We track spending each month with multiple transactions so for instance our grocery category has 15 or so entries each month, not just one figure added up at the end. What type of budget spreadhseets or perhaps software programs would achieve what I want with far less hassle? Thanks!

richmama answers:

I used Quicken for many years, and it was very good, but the problem was that I found I was spending far too much time to maintain the details and I abandoned it, and went back to a simple spread sheet.
You don’t need to automatically set a budget. It’s your chance to make decisions on what you are spending for what and make your own adjustments.
Use fewer categories to simplify.Good luck.

Betty asks…

What is the best software for keeping track of your personal/family budget?

I’ve heard of Quicken, Microsoft Money, Bookkeeper, etc. but I’ve never used any of them and don’t know which one works best. My wife and I use a spreadsheet we’ve (she’s) developed in Excel but it’s getting complicated and it’s time for me to invest in a standard, user-friendly program that will help us keep everything straight with no fuss, no muss.

richmama answers:

Try usin msn money or u can keep track yourself by creating a budget using excel. Thats how i keep track of our money and spendings

Mary asks…

I need a houshold budget spreadsheet.?

I’d like something that is simple (no codes please). I need to create a houshold budget on my computer for our 6 member family. Anyone know of a free downloadable spreadsheet that is user friendly?
I guess I didn’t get Quicken with my bundle. Where can i download it?

richmama answers:

I made my own on excel. It was really easy to do and specific to my needs.

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