Anytime you make a purchase or pay your bills, add those expenses. If there are recurring expenses or your income needs an update, make those adjustments. At the month’s start, review the money in each category and adjust your spending as needed. Here are some tips to help you stick with your spending plan during the year: To feel confident in your financial planning, update your budget planning worksheet year-round. Tips for making the most of your budget planning worksheet template. Like the template for single earner, the sheet should be reviewed daily to ensure accuracy. Your income will be combined from both primary jobs and any side hustles. Combined expenses can include rent or utilities. The categories for a dual-income budget template should remain the same as a single-person home, except that some expenses and income sources will be combined. How to create a household budget template for a dual-income household. With the remainder of your money, you can invest it, add it to your emergency fund, or repay more of your debt. If you divide 100% of your income across the categories - 50% for your needs, 30% for your wants, and 20% for debt and saving repayment - you'll know where every dollar goes at the end of the month, so you can have peace of mind knowing you’ve used your money wisely. Why you should be budget planning for your entire income.īudgeting your whole income will help you spend and save more efficiently. Plus, creating a budget sheet that you can keep handy can help you stay accountable and focus on building long-term financial security instead of splurging on a one-time impulse buy. It helps you identify areas where you can cut back to save towards bigger goals you might have, such as a family vacation. Using a budget planner can significantly reduce your risk of overspending. Taxes Owed (not withheld by an employer):
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