Q:

What are budget planning worksheets used for?

A:

Quick Answer

Individuals, families and businesses use budget planning worksheets to understand how to best allocate available income based on required expenses. Many budget planning worksheets include sections for totaling all available sources of income and deducting common expenses such as bills, rent, insurance premiums, car payments, groceries and entertainment.

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Full Answer

One aspect of sound financial planning involves the use of a budget planning worksheet to track expenses. By understanding how much money one person needs to make each month to cover her required and optional expenses, she is better able to build her savings and make other decisions that relate to her financial well being. These values should always be considered when accepting a new job, going on a trip or making a large purchase such as a car or home.

Kipling offers a free interactive budget planning worksheet on its website that allows users to perform financial planning projections for a 12-month period. A user can create entries for different incomes from different people, including the frequency of that income, along with deductions for categories such as loans, bills, insurance payments, savings plans and miscellaneous costs, including groceries, vacations, transportation, clothing and charitable contributions. Once the user fills out the worksheet, she has the ability to download the competed sheet.

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