Learn more about Greg here. Spending Tracker. Step 2: Give your worksheet a title and create categories for income and expenses. Type "budget" in the search box. on one sheet, you can also copy all of the boxes and paste them on a new sheet. You can save your Excel budget spreadsheet as a template to use every month. Step 1: Open a blank worksheet on Microsoft Excel. Step 1: Basic Functions of Excel Video Basic Functions of Excel with Autofill Share Watch on Add Tip Ask Question Comment Download Step 2: Create Title I. Structure Your Personal Budget Spreadsheet If you've ever tried to make a personal budget you know the basics. Compare projected costs with actual costs to hone your budgeting skills over time. Excel can be a crucial tool to transform your spending habits, so play around with it until youre comfortable. Step 5: Input your budget numbers. You simply have to add the figures that are relevant to you and youre good to go. Repeat this for each row of income. Go to the first cell below all income for the first month. To keep expenses on the same sheet, create a new area underneath the Income section and customize it how you like. In the example, this formula would be =SUM(Expenses!E24,Funds!D6,Savings!D5). 9. Remember, for the final balance you must do the total spent minus the total income to get an accurate total. This will turn the previous selection into a new, single cell. Enjoy! We select and review products independently. Navigate to the "File" tab. Learn how your comment data is processed. Your budgets will most likely turn out to be a little bit inaccurate, as there is almost always an expense that you'll forget about or have to add in later. Now, list down all your expenses under this heading. Learn much more about templates > Keeping track of your budget, whether for yourself or your entire household, is key to money management. Whether your budget is super simple or extremely complex, this step-by-step guide will teach you how to create a budget in Excel that can quickly be customized to meet your familys budgeting needs. Outstanding debt tracker. Once you like the look of your budget spreadsheet, its time to add the formulas that will automatically calculate everything for you. Let's take an example of a simple formula. If you followed the steps above, your formula should look similar to the image below and your uncertainty budget calculator will now calculate combined uncertainty. Download. Select the range with expenses and the two titles named Actual and Estimated. Enter the word Jan into cell B2. Then, label one row Total Spending and another Final Balance. This is an easy way to help you track your spending so you can compare your planned totals to your actual totals. Click on the right border of the column A header to increase the column width. However, you can add it at the bottom of however many sources of income you want to track. Because you want a clear picture of money coming in and going out, you should add totals to your income and expense sections. To make your Excel budget look a little cleaner, select the entire section. You can change your family name and budget title in this tab, but dont mess with anything that has a formula. Be sure to include all bills, loans, and miscellaneous expenses. Once both are highlighted, go to Insert and choose which type of graph you want. In the Table/Range field, click the icon at the end and and select your whole data table from your Raw Data sheet. Feel free to comment below if you have any doubts regarding creating a budget in Excel. Income vs. expenses. Greg travels the world for about 20 weeks each year and has visited over 40 countries. 2. To get the numbers to display as a percentage rather than a decimal, highlight the column and select the % to quickly change it to percentages. Budgets help you increase your savings or profits by helping you stay within the estimated costs and expenses. In the inserted chart, right click at the Actual Value series then in the context menu, click Format Data Series. Creating a budget using templates Let's create a budget automatically using templates. You can use just red for the number or place the number in parentheses and make it red. Sticking with a simple Excel budget template can work wonders for your money management, so dont feel like you have to become an Excel genius. In this case, the formula looks as follows. Enter the subtraction formula for the two total cells. 1 Open Excel. InboxDollars Review 2022: Is It Legit and Worth It? Alternatively, you can also select the last line in that column and input the formula =SUM(E4:E10). Does Excel have a monthly budget template? To automatically calculate the difference between your Planned and Actual income, input the formula =SUM(F4-E4) after each row. Press the close parenthesis key (i.e. By signing up you are agreeing to receive emails according to our privacy policy. You can review the layout configuration and adjust it as needed. 2 Click the search bar. These numbers automatically feed information to the Cash Flow tab to keep track of how much you are earning and spending. A budget template would help an individual or a company to track down their expenses on time. Type Total in the last once you have listed all your income sources. Read More Club Thrifty February Budget BreakdownContinue. You can either do this on the same sheet or start a new sheet. She learned how technology can enrich both professional and personal lives by using the right tools. Then, merge cells B3 & C3 and label them as Source to represent where your income is generated i.e. Welcome to my monthly income report- please try to contain yourself. This is a project based role. 2 Open a New Workbook. Click File, then New from Template. Now you have a fresh canvas to start with. Find one that looks clean and simple, and that will work for your individual or family budget. The household monthly budget in Excel template will download and open. As a small thank you, wed like to offer you a $30 gift card (valid at GoNift.com). Microsoft offers several budget templates already in Excel or via the Office Template website. December Budget Breakdown and Savings Updates, How to Make a Budget in Excel: Our Simple Step-by-Step Guide. Instead, you will find places to input your data on the other two tabs Monthly Income and Monthly Expense. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. Do the same for the actual spending and balance sections but instead use the actual totals.. Once you have a blank workbook, block off a chunk of columns to use as a heading for the month. Most of us probably never will, but one use Excel provides is its personal budget program. RELATED: 7 Essential Microsoft Excel Functions for Budgeting. Start by opening Excel and choosing Blank Workbook or go to File>New>Blank Workbook. The following steps will walk you through customizing a monthly budget template in Excel. Select the cell with the formula, use the fill handle to drag to the remaining columns, and release. Double-click the green X on the dock, or open the Applications folder and then the Microsoft Office folder, before clicking Excel. Using a graph on your spreadsheet budget is optional, but it can help you better visualize how much you are spending. Select a template and click Choose. Finally, after you've listed the Inflows and Outflows, you'll want to make sure you are within budget. This is where you'll be able to see the total for the month (cell C51, in the picture below). Next, select cellsA3-A11, choose Merge and Center, and write and center the word Income. If you want to get creative, feel free to choose different fonts and colors. The graph displayed below is a donut chart, and I like how it neatly breaks down spending categories. And thats the whole point to make tracking your money as easy as possible so you know where each dollar is being spent. Here's how to insert a pivot table: Go to your Dashboard sheet and on the Insert tab, click the PivotTable button. You should use a spending tracker to keep track of each of your transactions during the month. Step 1: Open a Blank Workbook Your goal here is to create a zero-based budget where you account for every dollar you spend and earn. In our case, the income consists of entry fees. Here's a list of 100 expenses to account for in your budget to get you started. Disclaimer: Comments, responses, and other user-generated content is not provided or commissioned by this site or our advertisers. unlocking this expert answer. Youll also want to merge each row of B&C individually through row 11. Inside the SUMSQ parenthesis, select or type in the range of values, 8. Before diving into building the perfect budget, they need to save this file somewhere . Excel is infinitely customizable and allows you to manipulate data in order to analyze trends, review budgeted versus actual spending, and gain insights into your finances. Of course, youll want to replace the E4 and E10 designations with the range of cells you want to add together. Part 2. Plug that into the revenue section of the Excel spreadsheet. 3) Choose Variance from the list of options and click OK. 4) Enter your input range and output range, and choose whether you wantto label your columns or rows. Your website is great, but Im looking for a way to export my B of A data into an Excel spreadsheet instead of me retyping each exp/income every time I have a transaction. 3. This is amazing! After that, we will select cell B1, click on the cells in the lower right corner, and then drag them across to cell M1. Step 1: Open a Google Sheet. You can create excel budget spreadsheet from the scratch. Although this guide explained how to make a budget in Excel, youre definitely not limited to what I showed you here. 1. If youd like to see how much extra you saved than what you planned for, feel free to leave them in. followed it step by step. We will learn to create a budget both automatically and manually, step-by-step. Next, highlight the category column and the percentage column simultaneously. If wikiHow has helped you, please consider a small contribution to support us in helping more readers like you. To format the amounts as currency, select the cells containing the amounts. Read this post for some examples. We use cookies to ensure that we give you the best experience on our website. List Monthly Income Your after-tax monthly income is the amount of money you have to work with. How to Create a Budget Template in Excel Creating a budget template in Excel is relatively simple. A pop-up box will appear. Your bottom line is how much you have leftover for fun, or tells you how much spending to cut. If you prefer to use a template, you can follow these steps to prepare a budget in Excel: 1. 1. Free Budget Spreadsheet Dont want to make your own Excel budget template? First, enter the different type of income and expenses in column A. Let us know how it went in the comments below! Visit the Font section of the Home tab for options like these. It is not the responsibility of our advertisers or this website to ensure that all comments and/or questions are answered. We will take an example of a personal monthly budget of a person. Do this for both projected and actual monthly income to manage personal finance in Excel. It helps in getting the collect figures from the rows and columns hence no exaggerated figure in whatsoever circumstances. Its been another great month in the world of web-based freelance writing. In the Difference column, rather than using the =SUM(Actual Number-Planned Number) formula, youll need to switch it around. If youd like to add to the existing template, simply select where you want to add a box and right click. > Get this personal budget template Finally, a Difference column in G3 will automatically keep track of the difference between your planned and actual income. Title the top, leftmost worksheet, "Actuals". Shift+0) twice, and. Lets get started with this step-by-step tutorial to creating a budget in Excel. Use the MAX function to see your most costly expense. Enter Excel. To achieve this, select cell B6, type an equal sign (=), enter SUM(, select the range B4:B5, close with a ")" and press Enter. Excel does the math so you can concentrate on your finances. Next, select cell B2, click the lower right corner of the cell and drag it across to cell M2. After accessing your Excel application, go to File > New and search for the word "budget.". Simply rename that sheet for a different month. This makes your task even more time-saving and allows managing data in a clean and systematic way. If you prefer a weekly budget, you can enter the week numbers or for a daily budget, enter the days of the week. To add a shape to your worksheet, in the Quick Access Ribbon go to the insert tab and then select shapes under the illustrations tab. Because weve made our budget using a spreadsheet, its super easy to see where the family overspent and under earned. In the totals row, sum all your income values using the sum function. Enter the word budget into the search box and youll see many options. Our completebudgeting guide walks you through estimating your income, determining monthly expenses, and how to reach a zero-based budget. A calendar is helpful, too, whether it is a paper or digital one. I hope this guide to creating a budget in Excel has been helpful. If you click on the 7,200, you will see =Income[[#Totals],[Projected]] pop up next to the fx input box. Enter the SUM function into cell B6. Well, apparently I replaced, Read More How to Make a Budget in Excel: Our Simple Step-by-Step GuideContinue. hopefully now I can stay on target. That will make the whole section now A1, and you can label it as you desire. Once youve created all of the sections you want to track, its important to always know your running balance. Grocery list budgeting. Learn much more about templates >. As I reported a few months ago, I lost one fairly lucrative job andinstantly wenton the hunt for something to replace it. 2. Step 1: Prepare a table, and enter its row headers and column headers as following screen shot shown: Step 2: Enter your budget data of income and expenses into the table, and calculate the total incomes of every month and every item: Then go to the Home tab and pick Currency in the Number drop-down box. Block out a section of columns to use as a heading once you have a blank workbook. Next, head back to the top and enter the months across the second row, starting in the second column. Adding a date section is optional and helpful if your income sources are varied each month. 6. 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