Koch lost his job as a chef at the end of February. Given the high cost of child care, she felt her time was better spent at home. Koch decided to give up her job as a restaurant server after the couple had the first of their two children. Koch, a chef earning $51,000, often worked 50 hours or more a week. Their stories help illustrate how a middle-class existence has fundamentally shifted over a generation.įor Lauren and Trevor Koch of Sheboygan, making their finances work on one salary was a struggle. It defined being middle class as having an annual household income from about two-thirds to double the national median, which translates to roughly $48,000 to $145,000 for a family of three (in 2018 dollars).įour families, from Sheboygan, Wis., to San Francisco, gave us a glimpse at their monthly budgets. Most people believe that they belong somewhere in the middle class, but its boundaries and markers are subject to interpretation.īased on income alone, about half of all adults in the United States fall in this category, according to a 2018 report from the Pew Research Center, a nonpartisan research group. They’re also making different kinds of tradeoffs. Today’s middle-class families are working longer, managing new kinds of stress and shouldering greater financial risks than previous generations did. The costs of housing, health care and education are consuming ever larger shares of household budgets, and have risen faster than incomes. But what it takes to achieve all that has become more challenging. What it means to be middle class hasn’t changed much - there’s a steady job, the ability to comfortably raise a family if you choose to, a home to call your own, an annual vacation. Home Budget Worksheet - Our original selection of home budget worksheets.Examine the typical American family’s monthly budget, line by line, and a larger story emerges about how the middle class has evolved.Personal Budget Spreadsheet The 12-month version of the personal budget version. ![]() Personal Monthly Budget - Like the one above, but less detailed, and designed to fit on a single page.Family Budget Planner - This is the 12-month version of the household budget spreadsheet listed above.Money Management Template - Record transactions to automatically populate the budget vs.If you add or remove any categories, just make sure that the formulas used for the totals don't get messed up. If your Net is negative, that means you have overspent your monthly budget.Īdding or Removing categories: The household budget template contains a very detailed list of categories, which you may or may not need. The Monthly Budget Summary table totals up all your income and expenses and calculates the Net as Income minus Expenses. If you spend more than you budgeted, the Difference between the Projected and Actual values will be negative, and if your Actual income is less than your Projected income, the Difference will be a negative number. In this spreadsheet, the calculations are set up so that negative numbers are bad. The cells in the "Difference" column use conditional formatting to make negative numbers red. At the end of the month, you record in the "Actual" column how much you really spent during the month. This represents your goal - you're trying to keep from spending more than this amount. You record your desired budget for each category in the "Budget" column. The purpose of this worksheet is to help you compare your monthly budget with your actual income and expenses. You may also want to read the article " How to Budget". Our article " How to Make a Budget" explains how to use these spreadsheets to create your budget. You'll want to replace the values in the Home Expenses category with your own. To use this template, fill in the cells highlighted with a light-blue background (the "Budget" and "Actual" columns). 42 Effective Ways to Save Money Budgeting Tips for the New Year Using the Household Budget Worksheet
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