Household_Budgeting_Sheet
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1. Add your "expenses" that are household related - these are the total cost of things like your rent/mortgage, food budget for the household, utilities for the home, and other similar expenses
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2. Add in "expenses" for each individual. these are expenses that the household is not responsible for. This includes items like a personal cell phone bill, lunches while at work, personal savings accounts, clothing budgets, individual transportation costs to get to/from job, etc.
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3. Add savings goals to the worksheet. for example, you may want to save a small amount monthly as a household to put towards future vacation plans, home improvements, etc.
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4. Add each persons income to the spreadsheet.
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5. Spreadsheet will calculate the total household expenses and the total household income. this information will be used to calculate the percent expenses for household income
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6. Spreadsheet will calculate each persons contribution to the household expenses by multiplying the percent houshold expenses by the individual income
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7. Check the bottom line to determine how much individual income is remaining for each person. If this value is negative, then readjust savings goals and other monthly budget items to ensure that each person will be able to contribute within their means. This is an iterative process!
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Spreadsheet source: downloaded from Suze Orman a long time ago.
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