Money Spending Plan Worksheet

It is important to spend money carefully so that you do not end up with a shortage of cash before you get your next pay. Those who spend carelessly without being conscious of how much they are spending can end up facing debt.

When you track possible money spending, you will know your patterns of spending. You will not have to borrow money from others as you can arrange your income so that you do not spend more than this. You can consider a money-spending plan worksheet here.

What is a money spending plan worksheet?

It is a worksheet that lets one know where income gets earned and how much it is along with the expenses that are likely to be incurred. The worksheet includes details about income and where money will be spent.

What does a money spending plan worksheet do?

The worksheet aims to monitor spending whilst keeping in mind how much money one has. It records information on sources of income and how much this is. The various places where money may be spent are even recorded on the sheet letting one know whether they are exceeding their budget or not.

Excel Sample File: 75 KB

Download

How to create a money spending plan worksheet?

The worksheet must be made carefully so that calculations can be carried out and so that details can be obtained from it easily. The following points can help you make this worksheet properly:

A proper application:

You need to choose the right application which will allow you to make the worksheet effectively. Microsoft Excel is often chosen due to its ability to carry out calculations and make tables, graphs, charts, etc.

Structure of worksheet:

The heading of the worksheet can be “Money Spending Plan”. You can state the month or dates that the worksheet deals with. You can have an area where you state the projected monthly income and another area for actual monthly income.

Important details:

You can have different categories that group together similar expenses. For instance, you can have a table for housing. Here you will include rows such as mortgage or rent, electricity, gas, water, waste removal, maintenance, supplies, etc. You will have a column for projected cost, another one for actual cost, and another one for the difference. At the bottom of the table, there can be a row for subtotal.

A table for transportation will have the same columns and can have rows such as vehicle payment, taxi fare, insurance, fuel, maintenance, etc. A table for food will include rows of groceries, drinks, etc. If you have kids who go to school you can have a table for their school expenses which will have rows for fees, books, food, etc.

A table for entertainment can have rows like movies, sporting events, others, etc. You can include a table for loans where you state personal, student, credit card, other, etc. points. A table for savings or investments will have rows such as retirement account, investment account, etc. You can include tables related to the expenses that you have. It is important to note all expenses so that you can carefully plan how to spend your money.

You can have an area that calculates projected balance which will be projected income minus your expenses. You can have one for the actual balance that calculates the actual income minus your expenses. You can then calculate the difference between the actual and projected income letting you know if you are responsibly spending your money.

Manage money so that you avoid borrowing

The worksheet will let you record all your expenses in one place so that you can arrange them in a way that they stay within your budget. You will be able to adjust expenses that are too high. You can leave out certain expenses that are not too important so that you can cater to the important ones. This is if you are not within your budget.

The worksheet will therefore help you avoid borrowing money from others and going into debt as well because you will be planning to spend within your budget. You can get an idea of where you are spending too much and also where unnecessary spending is occurring. It is more possible to even save money when you plan how to use your money effectively.

Template

Download your file below. File Size: 30 KB.