Family Bi-Weekly Budget Template

Managing family finances can be a daunting task, but a well-structured budget template can make it much easier. The Family Bi-weekly Budget Template in Excel is an excellent tool designed to help you track and manage your family’s financial activities every two weeks. This guide will provide a comprehensive overview of the template’s structure and how to use it effectively.

Structure of this Bi-Weekly Family Budget Template

Bi-weekly Budget Template” is a financial planning document designed to track income, expenses, and the remaining balance over a bi-weekly period. Here’s a detailed explanation of its structure:

Header

• Title: “Bi Weekly Budget Template”
• Logo/Branding: A logo in the top right corner labeled “Z Budget Templates.”

Income Section

• Columns: This section is divided into the following columns:
  • Income Source: Lists different sources of income.
  • Date: A placeholder for the date (currently empty).
  • Expected Amount: The projected income amount for each source.
  • Actual Amount: The actual income received from each source.
  • Difference: The variance between the expected and actual amounts.
• Rows:
  • Income Source 1: Expected: $70,000, Actual: $45,000, Difference: $25,000
  • Income Source 2: Expected: $50,000, Actual: $30,000, Difference: $20,000
  • Income Source 3: Expected: $40,000, Actual: $21,000, Difference: $19,000
  • Total Income: Sum of all income sources, Expected: $160,000, Actual: $96,000, Difference: $64,000
  • Total of bills + expenses: The sum of all expenses, is listed as $16,250.
  • Ending balance (income – expenses): After subtracting expenses from total income, the remaining balance is $143,750.

Graph Section

• Bar Chart: Visual representation of:
  • Total Income: Bars indicating expected vs actual income.
  • Total of bills + expenses: Bars showing expenses.
  • Ending balance (income – expenses): Bars representing the net balance.

Bills Expenses Section

• Columns: This section is divided into the following columns:
  • Bills Expenses: Categories of expenses.
  • Due Date: Placeholder for the due date (currently empty).
  • Bill Amount: The projected amount for each bill.
  • Amount Paid: The actual amount paid for each bill.
  • Difference: The variance between the bill amount and the amount paid.
• Rows:
  • Bills: Bill Amount: $100, Amount Paid: $50, Difference: $50
  • Groceries: Bill Amount: $150, Amount Paid: $100, Difference: $50

Other Expenses Section

• Columns: This section is divided into the following columns:
  • Other Expenses: Lists different categories of additional expenses.
  • Budgeted Cost: The planned amount to be spent for each expense category.
  • Actual Amount: The actual amount spent on each category.
  • Difference: The variance between the budgeted cost and the actual amount spent.
• Rows:
  • Wages & Tips: Budgeted Cost: $400.00, Actual Amount: $350.00, Difference: $50.00
  • Prev. Balance: Budgeted Cost: $450.00, Actual Amount: $400.00, Difference: $50.00
  • Gifts Received: Budgeted Cost: $500.00, Actual Amount: $450.00, Difference: $50.00
  • Refunds/Reimbursements: Budgeted Cost: $550.00, Actual Amount: $500.00, Difference: $50.00
  • Total expenses: Sum of all expenses, Budgeted Cost: $1,900.00, Actual Amount: $1,700.00, Difference: $200.00

Graph Section

• Bar Chart: Visual representation of the budgeted cost, actual amount, and difference for each category of other expenses.
  • Categories on the X-axis: Wages & Tips, Prev. Balance, Gifts Received, Refunds/Reimbursements, Total Expenses.
  • Values on the Y-axis: Monetary amounts ranging from $0 to $2,000.
  • Bars:
    • Gray Bars: Represent the budgeted cost for each expense category.
    • Black Bars: Represent the actual amount spent for each expense category.
    • Blue Bars: Represent the difference between the budgeted cost and the actual amount for each category.

This template section helps in tracking additional expenses, highlighting discrepancies between budgeted and actual expenditures, and provides a visual comparison for easier analysis.