Creating a household budget can take time, and it can be hard to know where to start. Budgeting software aims to streamline the process so you can make your money work for you instead of simply. The average American household spends $5,102 every month. Housing is the largest single category, accounting for 33% of monthly expenses. Transportation was the second-most expensive category at 16%.
Below is a sample monthly budget. A budget may be used to help you manage your money. Spreadtrum usb devices driver. It is an estimate of your income and expenses over a period of time. By creating and using a monthly budget, you can get a better idea of where you spend your money, to whom you owe money, and how much. It will help you focus on saving more, so you may reach your financial goals. Stmicroelectronics usb devices driver.
Sample Budget
This budget example has two categories, income and expenses. Income includes money earned, including wages. Expenses includes items you spend your money on, including rent and food.
The sample also has three columns, the first column, Monthly Budget Amount, is the budget estimate for the month. The next column, Actual Amount, is the actual income and expenses for the month. The final column, Difference, is the difference between the estimate and the actual budget (column 1 minus column 2).
MONTHLY BUDGET
| Category | Monthly Budget Amount | Actual Amount | Difference |
| INCOME: | |||
| Wages/Income | $872 | $810 | $62 |
| Interest Income | $232 | $196 | $36 |
| INCOME SUBTOTAL | $1,104 | $1,006 | $98 |
| EXPENSES: | |||
| Taxes | $386 | $397 | ($11) |
| Rent/Mortgage | $298 | $239 | $59 |
| Utilities | $99 | $95 | $4 |
| Groceries/Food | $121 | $100 | $21 |
| Clothing | $66 | $60 | $6 |
| Shopping | $55 | $46 | $9 |
| Entertainment | $44 | $44 | $0 |
| Miscellaneous/Other | $35 | $31 | $4 |
| EXPENSES SUBTOTAL | $1,104 | $1,012 | $92 |
| NET INCOME (Income – Expenses) | $0 | ($6) |
Note that in this budget, the actual income and expenses were both below the budget estimate (Monthly Budget Amount). Also, the person spent slightly more ($6) than they earned for the month. They may need to cut their expenses next month, unless they receive higher income. We would recommend that they add an additional row called ‘savings’ where they can budget for saving money every month.
Teaching Lessons:
Budget Lessons – Use these lessons to teach basic budget concepts. For teaching and learning household budgeting.
Free Household Budget Worksheet Printable
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