It’s essential to understand the importance of household finances. As day-to-day bills continue to rise, now is the time to get on top of your money with a clear budgeting template.
Once you begin to budget your monthly income and expenditure, you’ll find it is the best way to manage your money. It’s a tool you should use as soon as possible to help you and your family live comfortably and avoid the stress of financial worries.
Getting into the habit of budgeting now will set you up for a clear financial future where you are in control.
In this article, we'll cover:
- The Importance of Household Finances
- The Benefits of Budgeting Templates
- HyperJar Budgeting Template
- How to Use Household Budgeting Templates
- Tips For Successful Budgeting
The importance of household finances
Without a clear budget, a household can quickly become overwhelmed by expenses and fall into debt that is tricky to get out of. That is why managing your household finances is so important. Budgeting is not simply about paying bills. It is also about taking control of the financial side of your life.
When you budget your finances, you will be able to:
● Keep track of your income and expenses to the penny, so you know exactly where you stand
● Monitor your monthly bills and see if they are rising, so you can search for better deals
● Split your income into essential and non-essential spending to see where your money is going
● Save your money more effectively so you can reach your financial goals
● Build a rainy day fund, so you have extra money for emergencies such as car repairs, medical bills, or household maintenance
● Pay off any existing debt such as a credit card or student loan with consistent monthly payments
● Avoid getting into debt by having a clear view of your current payments and not overspending
● Save money each month for your retirement
When you budget your money effectively, you can remove the stress and worry caused by not managing your money properly. You will know exactly how much you have to spend and where you need to spend it. Proper financial planning can help to ensure that a household has the funds necessary to meet financial goals.
The benefits of budgeting templates
When it comes to budgeting, it can be tricky to know where to start, especially if you have never budgeted before. Budgeting templates can help you organise and track your income and spending clearly.
Here are the top 5 benefits of using household budgeting templates:
1. Help you monitor your spending and keep track of your budget.
Budgeting templates make you accountable for your spending. When you know where your money is going, you can ensure you get the most from it. We’ve all spent a little too much on overpriced coffee or brought a takeaway when there is food at home, but when you are presented with your budget in black and white, it can be a shock how it all adds up.
2. Build up savings
Saving isn’t easy without a budget template. When you know how much you have left after your essential spending, you can see how much you can realistically save. Within a few months, you will see your savings build up. If you budgeted £75 per month for savings, you would have £450 in just six months. This is great if you are saving for something special or want to have money saved for unexpected costs that may happen in the future.
3. Develop a plan for your finances
A budget template lets you see what you are spending and where you are spending it. When you understand your finances clearly, you can develop a plan. Budgeting will help you organise your spending so you can plan for your future. This could be a two, five or 10-year financial plan that includes buying a house, taking a dream holiday, or saving for a wedding. Everyone’s plan is unique, so you can tailor your budgeting template to suit you.
4. Stay on track with your goals
What are your financial goals? Whether you want to save money for your retirement or want to tick off your travel bucket list, budgeting will help you stay on track. Having a clear visual representation of your finances will help you see how close you are to your goal and keep you motivated and focused.Try using our savings Jars to visualise your savings!
5. Help avoid financial stress
Stress caused by money is a massive problem for many people. This can be for many reasons, but budgeting can help you to avoid financial stress. You can ensure all your essential bills and costs are covered before spending money on other things. With a budget template, you will know how much you have left to spend, eliminating the stress and worry of not understanding your finances.
HyperJar’s household budgeting templates
We have listed a few examples of household budget planner sheets to help you get started. You can customise the templates to work for you and learn more about your lifestyle and spending habits.
These templates will help you manage your money better:
Hargreaves Lansdown Budget Planner
This detailed household bills calculator allows you to add all your income and expenditure online and calculates your income after all your essentials have been paid.
Money Saving Expert Budgeting Spreadsheet
Martin Lewis has created this easy-to-use household budget template Excel spreadsheet. If you prefer to write things down, there is a printable version too.
Google Sheets Budget Template
Yes, Google has a free budget planner! It clearly represents your spending and shows your start and end balance for each month.
Don’t worry if it takes you a few months to get into the swing of things. It can be overwhelming initially, but you will be a budgeting expert quicker than you can say ‘piggy bank’ by using one of these budgeting templates.
Tips for successful budgeting
The most important thing to do is to separate your monthly outgoings into essential and non-essential spending. Think about what you need to spend your money on and what you like to spend it on.
Here are some tips for successful budgeting:
Start by creating a list of all your regular income and expenses
At the end of the month, create a detailed list of your regular income and expenses. Make sure it is an average month of spending for you. This will help you get a clear picture of your personal financial situation.
Include all sources of income
Include all income sources, even if they are irregular. This includes wages, self-employed income, and any extra money made from sites such as eBay or Depop. Budgeting templates will help you quickly and easily organise your income sources.
Set some limits
A budget template will help you see how much you can realistically afford to spend each month. Be disciplined and stick to your limits so you can achieve your goals. HyperJar’s jars will assist with setting limits.
Review your budget regularly
Your income and outgoings can change. That’s why it is important to review your budget regularly to make sure it’s accurate. The HyperJar app will include any monthly changes to help you stay on top of your finances.
By following these budgeting tips, you can create a successful and effective household budget plan that will work for your lifestyle and goals.
A budgeting template is a fantastic way to start managing your budget. Not only can you see where your money is going, but it will save you time and effort by not having to repeatedly go through your transactions each month. Don’t lie away at night worrying about your finances. Take control of your household finances today and plan your finances with a budgeting template.