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Tips for Creating a Household Budget

Updated on May 6, 2012


The most important thing to most people is family and keeping them safe and secure. One way to help make your family safe and secure is by creating a monthly budget.  There are a lot of expenditures that come up when having a family and doing some personal financial planning will go a long way in making sure that everything you need is covered. You know every month that rent is due on the 1st that food needs to be bought and your electric needs to be kept on to run the AC on those hot days. But, there are also future expenses that need to be considered as well like your Childs education, that trip to south America, and of course that new digital TV you have had your eye. Where going to spend some time talking about how creating a budget and different ways to accomplish this and stick to a house hold budget.

There are many ways in which you can setup a household budget. There are free templates that you can use. (Like This one)


There are also a lot of software programs out there now that assist in household budget planning.

Each one of these comes needed with some basic information you will need to input which comes to no surprise. To start you need to make a list of your basic household expenditures. Start by writing down your major expenses like rent or mortgage, electric, phone, food, and transportation. But, it is not just these basics to consider also need to adjust in clothes, entertainment and credit card payments.

Once you have created a basic list of expenditures then you need to figure out the total monthly income that you are able to budget from. If you are the only one working it should be easy to calculate your income. If other household members are also working and you relies on their income as well you have to add there as well and get an exact total. Sometimes it is harder to know what your other household members are contributing. It may vary from week to week depending on their jobs or industry. So sitting down with your contributing family members and hacking out an exact amount every week or month they can contribute will go a long way in being able to plan your household budget accurately.

Now that you have outlined your household budget either using home budgeting software or the budgeting worksheet that I provided here. It’s time to create a budget. First thing is to balance your budget and see if your budget numbers are balancing out or if you are in the surplus or negative range. If it is balancing see if you can free a little up so that there is a surplus that you can have at the end of each month to save for those unexpected occurrences. If you are in the negative then you may need to cut out some of your listed expenditures or cut down on the ones you listed until you are at a balance or preferable a surplus to save.

Setting a budget can be tedious and sticking to it can be even harder but in the long run you will be glad you did. But getting it down on paper or in a software package that you have purchased is the first thing. Getting a handle on your household budget can improve your debt issue and even help you plan for that much needed vacation you need after reading this hub. However, you will still need to review your budget once a year so that you can keep up with the changes in expenditures or income.


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  • Lgali profile image

    Lgali 8 years ago

    very useful info thanks