Filling in the blanks
Once you have gathered all your information about income and expenses you can now start to put it all in order in a budget worksheet.
There are many different worksheets out there, both in paper and electronic form.
Also “there is an app for that” for those of you that are tech savvy.
- Download a printable version of a budget worksheet
- Download the electronic budget worksheet
- Visit the Family Budgeting site and download their Excel spreadsheet version
- Click here to find an Apple app
- Click here to find an Android app
- Click here for Google to find one for yourself
Once you have chosen a budget worksheet or app you can start to fill in the blanks.
NOTE: When you do the magic calculation of Income – Expenses = Surplus/Deficit it needs to be in the same period that you get paid. That is, weekly, fortnightly or monthly.
As you have found by looking at the various worksheets, it is broken down into 4 areas:
Some of the items that might be in the monthly column, you might pay weekly so put them in weekly. Same if you pay yearly items monthly, put them in the monthly column. This helps you to keep track of things easily.
So making sure that you put all the income in, add it all up and put in the Income Total box, or if you are using a spreadsheet or app, hopefully it will do it for you!
A few points to note when you are doing this manually:
Convert a monthly amount to weekly or fortnightly
There are 52 weeks and 26 fortnights in a year but months vary from 28 days to 31 days. So to convert from monthly to weekly or fortnightly:
Multiply the monthly amount by 12 to get a yearly amount then divide by 52 to get a weekly amount.
Monthly x 12÷52 = weekly amount
Monthly x 12÷26 = fortnightly amount
Convert a yearly amount to weekly or fortnightly
Divide the yearly amount by 52 (weekly) or 26 (fortnightly).
Once you have all of your figures in the budget you can do the Magic Calculation:
Income – expenses = surplus or deficit
The answer to this will be either positive (surplus) or negative (deficit) and in a later lesson you will learn some tips and tricks to help you either way.
- Use a paper, electronic or app budget worksheet to fill in your own numbers
- Reduce everything to the same as your pay period i.e. weekly, fortnightly or monthly.
- To convert monthly to weekly x12÷52
- To convert yearly to weekly÷52
- There are 52 weeks in a year and 26 fortnights.