Family Household Budget

The choice of becoming a stay at home mum and reducing the family income to one wage is a big adjustment.  A few things that I needed to learn quickly was:

  • How much income was coming in
  • How much to anticipate our bills were each month
  • The cost of raising our newborn twins, nappies, formula, clothes etc
  • Be more budget conscious with the groceries

My hubby Scott is an accountant (runs his own virtual accounting firm) he helped me to understand the changes that going to one income meant.   And the biggest lesson I learnt was to budget.  Every 6 months we sit down and work on our family budget to help ensure that we are not overspending and that we save money to put towards a big ticket item such as a holiday or new car. When I first started comparing our budget to actual expenses I realised I spent a lot of money each month on magazines and hiring DVD’s, it was good to see, I didn’t stop myself from buying them, but instead I limited it.

I really recommend you find the time to sit with your partner, prepare your budget and work on a future plan together.  It really helps to relieve the stress of only having one wage when you know exactly how much you can spend and if you can splurge when there is a sale on clothes! Read further on my tips for budgeting.

Couple the budget with the Bill Organiser and you are on the road to organised finances!

We have created a Household Budget which is very simple to use and I am so pleased to have it available in my shop

What you need to use this budget

  • This budget is an excel spreadsheet that you input all your data into, it comes with easy to understand instructions.
  • Very easy to use by simply inputting the numbers.  All formulas and graphs are programmed in.
  • You can personalise each sheet by adding in your own descriptions.

Basic Budget

If you don’t have a lot of time you can use the ‘basic budget’ sheet to create a quick and easy budget. With the option to select the frequency that you receive the income or pay the expense and the amount for that period in the amount column.  This sheet also includes a graph that will automatically show you your average monthly summary and a yearly summary for your income and spending.

Budget By Month

This ‘budget by month’ is still very easy to use, but helps you to create a more detailed 12 month budget as there maybe months that some expenses are higher than others.  Eg, I find that winter months our electricity bill is a little higher as we use the heater more often.  Add in the amounts you expect to receive or spend under the relevant month.  A graph will then show you your budget summary and spending summary for a particular month or the entire year.

The amounts entered into this sheet are automatically added to the ‘Budget versus Actuals’ tab which will then easily allow you to compare your actual income and expenditure to your original budget.

Actuals By Month

This is where you type in all your actual actual income and expenditure on a monthly basis. It’s great to keep track of even the littlest of things, eg how much you spend on takeaway coffee each week, as the littlest of things always add up.  The graph will then show you  the actual summary and spending summary for a particular month or the entire year.

Budget Versus Actuals

All the data for this sheet is automatically added from previous data you have added from the Budget by Month and Actuals by Month tabs.  Use this sheet to see how your income and expenditure is tracking compared to your budget for a particular month or the entire year.  The graphs will show you whether you have any cost savings or are overspending and in which areas this is.

Budgeting tips

  • Set aside some uninterrupted time to start your budget
  • Be honest with the figures when budgeting, even remembering the little of things you spend money on, as it’s always these that add up
  • Have on hand all your bills, rent receipts/mortgage statements and payslips so you can easily add in these details
  • Don’t forget to include items such as haircuts, manicures, play gym entrance fees etc to your budget
  • When starting to budget it’s a good idea to keep receipts for everything, this is so you can get a really good idea of the actual money you are spending
  • For little items paid for with cash where a receipt is not received, keep a notebook and pen in your handbag to keep track of these expenditures
  • When the actual amounts have been put into the budget don’t be too hard on yourself, it’s now time to look at where you are overspending and work on these areas.

What area do you think you overspend in?

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Elizabeth36 August 12, 2013 - 8:33 AM

Wonderful series, Kat – thank you. I’m a work at home Mum, but feel I’m living your posts from trying to run the household to cleaning smelly toilets. Thanks so much for sharing your thoughts and wisdom. You’ve just reminded me to look at that budget this week and check on the bank.

Jo-Anne Wizz August 12, 2013 - 8:54 AM

Being on a Pension there is never enough money to buy the simplest things or luxuries!! Love the article, Great Work!!

Louise August 12, 2013 - 11:09 AM

Great Subject – Kat you should already mention to have a cup of coffee when your doing the budget hahaha 🙂 My husband used to do all the bills and keeping track of them until he kept saying I’m spending lots here and there which naturally got me off guard and arguments started. On our excel sheet and couldn’t understand it, I started looking around and created a new one which gave me all the information that I needed and I soon realised that the spending of money started in the house & kitchen ie: meal planning. Once I started meal planning & using what was in the pantry I realised my food shopping was decreasing. As a SAHM we are the ones that control what goes on in the house and where the money goes, plus I don’t feel like I’m in Groundhog Day of toddler, nappies, food, cleaning etc. Now we are a happy household and we know exactly where all our money is going 🙂

Renlish August 12, 2013 - 12:23 PM

Thanks for this! I’m not a SAHM or even an M, but I’ve recently started working at a new place that involves a 25k paycut and I’m still spending money like I’m earning a wage which includes that 25k. Been needing a budgeting tool for a while and this looks fabulous. I know as a serial hobby-ist, I spend way too much on stuff that I want as opposed to need. Foolish but it’s easy to get used to when you have the extra dollars.

Trina August 12, 2013 - 1:55 PM

Awesome, i will be becoming a SAHM again as of november with the impending birth of your 2nd sweet baby. Trying to get my head around things again for this has been interesting. Great timing!!

Rowena August 12, 2013 - 2:52 PM

Thanks. This is so helpful. It is a struggle sometimes adjusting to one income and to go backwards.

Amie McIlroy August 12, 2013 - 11:29 PM

We recently sat down and redid our budget (after not looking at it for a year!) and we got a huge shock. We really needed to tighten our belts and get a hold of that spending. Things are settling now we have the budget but the urge to splurge still crops up here and there, but having the budget makes you stop and think.

Anne At Home August 16, 2013 - 1:45 PM

Hi Katrina, I am loving this series! I am really interested in your budget spreadsheets: I note that they are Excel but you say won’t work with Mac numbers – will they work on a Mac running Microsoft Excel? All other Excel programs seem to work fine for me. Thanks in advance

Christina August 18, 2013 - 9:03 AM

Love this spread sheet…can we chat for some business spread shett done of our business ..thank [email protected]

Lisa November 25, 2013 - 11:55 AM

I bought this but the spread sheet is locked for editing and excel wants a password to unlock it. Can anyone help as I cant use it!?!

Ashleigh Louise Payne December 1, 2013 - 4:51 PM

I am also having difficulty editing fields with “other” to say what I want them to.

Ashleigh Louise Payne December 1, 2013 - 5:29 PM

Hi Lisa. I found this problem only in the Actuals by Month sheet, but if I edited the same field in the Budget by Month sheet it changed both. This worked everywhere except the category headings. Hope this helps.

Kelly Rogers December 23, 2013 - 3:57 PM

It’s a big decision for some to stay at home. But for me, it’s dropped on me because our company will close our office and transfer to another country. Sigh.

Phillippa van de Steeg May 2, 2014 - 1:40 AM

Great to see that you’ve created a system to help us all keep track of our in comings and outgoings. I always say that you can’t take care of what you’re not paying attention to, and this will help people pay attention to their own situations 🙂

Diane May 30, 2017 - 2:09 PM

Fantastic information – thank you!


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