A personal expense report template is a summarized list of expenses that a person, employee, student or worker made on themselves in a specific time period. The reason for making such a report is to keep a track of all the expenses that a person makes and manage their monthly or weekly budget accordingly. By making an itemized list of all the purchases, the person the can understand where they spent unnecessary money and all the expenses that can be skipped to maintain their budget. Every person has their own way of managing their monthly or weekly budget. Some people prefer to keep a specific amount for each of their expenses that they will make in the coming week, and keep some extra amount for any crisis or unpredictable expenses. So, if the person is having trouble trying to manage their expenses of the past month or week, they can overview their monthly expenses. The unnecessary and extra expenses can be eradicated, this way the next month’s budget can be planned accordingly.
How to Prepare a Personal Expense Report?
Now, the main problem that arises when a person sits down to make an expense report is where to initiate the list from and where to conclude it? This step can be very confusing and time-consuming for people who are making an expense report for the first time. The first step to making an expense report is to note down all the expenses that you want to include on a rough notebook with their prices. This can accelerate the whole process because you just have to make a list and choose the appropriate format for an expense report. A basic guide on making an expense report is provided below:
1. Small introduction and contact information of the person making the expense report.
2. The date on which the expenses are being summarized.
3. The total amount allotted for each purchase at the beginning of the month.
4. A list of all the expenses (for example: rent, bills, internet expense and travelling expenses) one by one with their respective prices and brief descriptions.
5. If any unpredicted purchases were made (money spent on gifts, amusements, medical emergency).
6. The total amount used in the whole month/week.
7. If receipts are available they should be added at the end of the report.
A personal expense report can be saved as a file on your personal computer or printed out and used as a formal document. This document can also be used as reminder of all purchases that a person made.
Benefits of Personal Expense Report:
• If a person is looking forward to saving their money, their first step should be to track their expenses through an expense report. Then they can reduce the extra and unnecessary expenses. Thus, the goal can be achieved.
• It is even helpful for students or citizens that are having a hard time managing their budget and taxes along with their daily necessities.
• Employees can make personal expense reports to manage their pay checks.
Template For Personal Expense Report
