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The 10 Minute Household Budget

August 24, 2009 Leave a comment

You want to keep your household budget simple and make sure it includes everything. Ms Excel of course is the tool we use for any kind of budget. You want to lay your budget out in a month by month format – even if you are already well into the year you want to start from January. This makes it all uniform in terms of having a series of 12 columns making up one year. Otherwise you have a partial year in the first year and it won’t match up. This makes it easy to copy and paste, then do a search and replace to expand the months and add another year as you will see demonstrated in this video tutorial.

The first step is to lay out the income – set up a unique line for each source of income (ie Payroll, 1099, other..).

Then you will lay out the expenses. I’ve seen people lay out some pretty complex and hard to follow budgets in terms of the expenses. You will see that in this budget we keep it very simple. If you want to look at credit card debt and look at the interest rates and monthly payments, that should be done in a separate schedule. Then you can tie the payment total into the main schedule. This keeps it simple. You can see a tutorial on how to use our Credit Cards Template here: http://www.nerdenterprises.com/Web_Casts/Debt_Management_Tutorial/Debt_Management_Tutorial.htm This can easily be brought in to a template like the budget we are creating in this budget tutorial.

The trick is to keep the budget simple. What happens all too often is that we complicate things and then we don’t want to spend time on this sort of thing because it is complicated and painful!

Watch the 10 minute household budget video tutorial here: http://nerdenterprises.acrobat.com/p87449821/