Start off the exercise by creating money goals jointly (as a family unit). Please note that the exact procedures may vary significantly from family to family owing to the uniqueness of the needs and circumstances of each family unit. We now look into the steps involved in creating a family budget. Such a piece of knowledge will definitely help in knowing how much they can actually save in the process. Family members are able to know how much they have and how much they can possibly spend. The sum total of the budgeting exercise boils down to increased savings.
Thus, by budgeting, the family unit gains appropriate guidance on just what they can hope to look up for or channel their long-term efforts towards.
It is also about identifying the long term goals and then working towards achieving the same. Offer appropriate guidanceīudgeting is not just about spending money. By doing that, the various members of the family will know how and where to spend their money beforehand. One sure way of avoiding these conflicts is to draft a budget and stick to it wholly. We have already explained that many conflicts in marriages revolve around the way in which money is spent. The only prerequisite is that the budget has to adhere to the letter. Drafting and adhering strictly to such a list helps to prevent any unnecessary financial losses. If not properly accounted for, the money that is acquired may often be wasted or spent in a manner that is not proper or appropriate. Then, the plan enables them to adhere as closely to this list of expenses as can possibly be. Through budgeting, it is possible for the family unit to draft a list of the expenses it intends to spend on. The number one reason why families budget is to streamline the expenditure of the family. Below is the importance of making and adhering to a family budget: Streamlines Family Expenditure Press Enter so that it will result or gives you a total expense for that month.Even before we delve into discussing the steps to follow in drafting a budget, it is important to know the significance of budgeting at the family unit for a start. Simultaneously add total income and expense in cell A2 & A3 and net income OR savings in column A4. Now, enter all the income & expense data in the respective cells.Īddition of Expenses by using Sum FunctionĮnter the SUM function into cell E19, select cell E19, type an equal sign (=), enter SUM (select the expense range for the month of Jan, i.e. Excel automatically adds the other months. Then, select cell B1, click the cell’s lower right corner and drag it across to cell M1. We can all add these categories in excel you can enter the different types of income and expenses category in column B.
#FAMILY BUDGET PLANNER DOWNLOAD#
You can download this Budget Excel Template here – Budget Excel Template Example on Family Budget Planner TEXT and String Functions in Excel (26+).
Lookup Reference Functions in Excel (34+).Excel Conditional Formatting Based on Another Cell Value.SUMPRODUCT Function with Multiple Criteria.Compare Two Columns in Excel for Matches.
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