Much like carrying a wad of cash in your pocket and at the end of the week wondering where it all went, big projects can be black holes for money. I shared most of my general tips in this post about saving money during a remodel, but I wanted to get down to details today with the simple worksheet I use when planning a big project. How I Learned Remodel BudgetingĪfter flipping several houses, I’ve learned a few things about budgeting. While I’m planning our master bathroom remodel (see the before pics here so you can share in my motivation), I thought I’d share my budgeting process with you.
You need to understand all the moving parts so you can control costs along the way, rather than just waiting for the bill at the end. If your purchase involves several smaller parts, such as a remodeling project that stretches out for weeks and involves multiple contractors and suppliers, a budget is absolutely essential.
And if you don’t have one to start with, the sky’s the limit. If you’re planning a large purchase it’s wise to have a budget in mind before you talk to a salesperson because their job is to increase your budget. It comes with most large purchases, and takes some of the fun out of your new toy, car, or well, bathroom.
Sample home budget spreadsheet free#
Sample home budget spreadsheet pdf#
How do I calculate my "actual balance"? What you include in the balance is up to you, but I usually just add up the balance of my checking accounts and then subtract the balance from credit card accounts. If the actual balance is much different from the prediction, try to figure out why, and you may want to adjust your worksheet to reflect your actual income and expenses for the month. That makes it easier to compare the spreadsheet to Quicken reports.Īfter each month passes, enter your actual balance in the summary section of the worksheet. Make sure that you set up the Quicken categories the same as in your spreadsheet, or vice versa. I recommend using Quicken to keep track of your expenses, or your budget projections will end up being only wild guesses.
For example, I like to use cell comments to explain certain budgeted items in more detail (such as the fact that in May, there is Mother's Day and a couple of birthdays to remember). Why Use Excel for your Family or Personal Budget? I use Excel when working with my budget because that it gives me the flexibility to keep track of the information the way I want to.
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