Have you heard of people learning how to budget in Excel and would you like to get a simple budget yourself?
Creating a budget can be a little overwhelming, but we know how to simplify it for you!
I created this guide to creating a household finances in an Excel spreadsheet and helped me create a monthly budget plan that I can easily follow.
Let’s help you make it A simple budget spreadsheet To get your finances back on track and help you on your journey for financial independence!
Why use spreadsheets and printable ones?
Now we are fans of Pen and Paper Method. It is the fastest and easiest way to get started when you are a beginner.
But we also look at why people prefer the ease of spreadsheets.
It’s great Use a spreadsheet To organize your budget, once your setup is created and the formula is created, you can use your budget again and again.
Spreadsheets allow you to use a variety of formulas or features that will help you organize your data into useful information if you are over month or budget.
What’s more, spreadsheets like Excel mean that it’s easier to find expenses and income within your budget. For example, if you want to track your healthcare budget, you can filter costs by category and find everything easily.
Why use Excel?
Excel It’s a powerful and flexible program, making it a great program for creating budgets. First class for personal financial use!
It is also easy to use and helps organize information and signify financial planning.
You can create budgets with some simple formulas and adjust the spreadsheet to your specific needs as they change over time.
Another great option in Excel is the budget templates available online. If you don’t want to follow the steps on how to create a budget in Excel, you can find the one that suits your needs and you can insert numbers each month.
How to create a budget in Excel
Now that we’ve given you why you want to build a budget in Excel, let’s show you how it’s done!
You can easily create new sheets and separate the records you want, but run through our budget in a sensible home.
1. Identify your financial goals
It is essential to remember that budgets are all about spending planning, so the first step is to identify your financial goals. With all your goals in mind, creating a monthly budget can be much easier.
What are your current financial goals? Do you save money every month or do you have something to save? Are you paying off your credit card or student loan?
These are all questions you can use to help you decide your financial health and the best budget plan for you.
The answers to these questions can help you set short-term and long-term goals. Setting specific, measurable goals makes it easier to track your spending habits throughout the month.
2. Open a blank Excel document
To create your own budget spreadsheet, you need to open a new blank workbook in Excel for your budget spreadsheet.
If you already have Excel downloaded to your computer, go ahead and open it. Once you have opened the program, click on the blank workbook in the top left corner or in the center area of ​​Excel.
If you don’t want to create your own Excel budget template to use, you can use an Excel template. When opening an Excel program, select “New” in the main screen and use the middle search bar to search for “Budget” in the template.
3. Create a table for income streams
With a blank sheet open, the first step to budgeting in Excel is to organize your income streams.
The first section of the spreadsheet creates columns for your main and secondary income sources. This section uses column AE.
If you want a border like me, you can highlight the section you want to use and click on the box under the font size to get the border options.
First, label the columns. In column A1, enter “Income Stream.” Next, enter Date in column b1.
In column c1, enter Estimate. You could also call it “planned income.” Enter “Real” in column d1.
In the last column, enter “Difference” for E1.
In this example, let’s say you’ve paid your planned income twice a month from your regular job and twice a month from your side gig.
Under the column label, enter the name of the income for column A. In the example, we use “pay” for people who do typical jobs every week.
If you have some jobs, or if you’re self-employed as a freelancer, you can use “Income 1”, “Income 2”, “Side Gig 1”, “Side Gig 2”, and more.
It is easiest to place or organize it as numbers in the client or job name.
Enter “=sum(c2-d2)” in E2 to get the total difference and repeat all boxes (d3-c3, d4-c4, etc.) up to the difference.
Get the full total of these in step 5. Don’t worry yet!
4. Create a cost table
Skip column F to begin the next section.
For the cost column, you can highlight the entire income stream table and then click Ctrl + C (at the same time) to copy it. Once you have copied the table, go to column G1 and paste it using “Ctrl + V”.
Now, change your income flow to expenses and start filling out expenses in the table.
We used some fees that most people have every month for rent, car insurance, or childcare costs. There may be more on your budget. If you do so, go to the top of the Excel bar and use the Insert section to add other rows.
1/30/2022 has been added. Track how much you spend monthly expenses in that category for a month. I thought I would spend about $200 on Take Out, but in January it didn’t actually get much take out.
You can estimate the month like I do. Alternatively, you could use the invoice due dates, like I did for rent and car insurance.
Now let’s prepare the totals in the next step.
5. Total formula
Now, to do this quickly, you’ll get the total amount and the difference. Add the formula to the spreadsheet.
This requires the total revenue for each column in the entire bottom column.
To do this, use the sum function: “=sum(c2:c10)” for the estimate, d2:d7 for the actual column, and e2:d7 for the difference column.
Second, each column needs a total expenditure. In this case, enter “=sum(i2:i6)” if estimated, j2:j6 for the actual column, and k2:k6 for the difference column.
Finally, I create monthly totals in columns f and m. That way you can sum up how much money you made in January and how much money you spent each month.
6. Monthly Total (Are you spending too much money?)
Now, you say, “How can I track how I do it each month?”
Well, you can create a new cell to see the totals of these. To make it easier for me, I put the total monthly income in column F between the tables.
To do this, just like any other total, you can type “=sum(” and highlight all cells of all salary for that month. You can see above what you did for all salary in January.
Next, do the same for the cost of column M (shown in the photo below).
The last thing I do is create a section labeled “Oversupply or underding?” Really That month did it.
This is completely optional if you want to see the numbers laid out for you, but it’s cool just looking at the totals you want to compare.
Check out my screenshots and you can see that it actually has over-pervasive in January.
Nowadays, some people prefer this kind of budget. It’s an ongoing list of costs and income flows, but this is not the only way to set a budget.
You can also create these tables for separate months and start with a new blank workbook each month.
Copy your entire budget to the month and paste it so that you’re ready and set up in the same way.
Try our methods and see how it fits your style – you’re familiar with Excel so feel free to adapt and change.
7. Keep it!
And now you’ve just created your own Excel budget spreadsheet from a blank workbook!
But your work isn’t finished yet…
After adding formulas and starting the budget frame, Keep filling it!
Most budgets are planned and then There is no warning. And that’s the problem!
Every time you start each month, come in that spreadsheet and estimate what you’ll make and what you’ll use.
Next, get your pay stub, bank account statement, and card statement to show you your true income and expenses.
Enter the amount of income and expenses in the corresponding column and add the formula to maintain the total.
The total balance of the spreadsheet should change with the addition of an amount that reflects the total revenue and total expenses
Now you have the entire setup to copy and paste multiple times into the new budget you need, which automatically sets the values ​​quickly and simply.
8. Do you need to make some changes?
If all the actual totals are in one place, you might be surprised to see what the actual totals are!
If the total at the bottom of the column is positive, you may be red and shy for the month if the cash is over or remaining in the monthly total.
But if it’s negative, you need to go beyond your budget, increase your income and reduce costs!
It’s completely normal that you can spend more on bills than you would expect, or other expenses will appear that month.
Don’t let you down! It may be just time for some changes to your spending habits.
The best way to keep your budget black is to adjust your planned items regularly vs. Actual spending is tweaked based on what has happened since the last time you saw it.
This will help prevent things from getting off track and keep your spending up. Also, making adjustments gives you the opportunity to try new things, leading to some great savings!
If you need inspiration when your budget turns red, ask yourself these three questions.
- How can I increase my monthly income? (Maybe a new source of income, Side hustle? )
- How can I reduce the actual costs?
- Do you need to start saving money?
Budget preparation help
Are you tired of trying to manage your finances on your own? In addition to pre-templates and empty spreadsheets, there are many budgeting tips!
Check out the tutorial!
There are many tutorials on YouTube. Lots of budgeting videos YouTube Channel. Some of our favorites are:
If you can’t find what you’re looking for on your channel, use YouTube search to find more budget info.
Create a graph
Graphing where your money is heading can be a simple way to see how your family budget is moving forward.
Creating a graph can be extremely helpful in seeing the various expenses you have and how much you spend each month. You can use a variety of graphs, including line graphs, bar graphs, and pie charts.
There are several different ways to create a graph, but one of the easiest ways is to use Excel. Excel has a variety of chart options that can be customized to suit your needs.
Debt Spreadsheets and Planning
If you are working on paying off your debt, it is important to track your progress in an Excel spreadsheet. Keeping all your information in one place will allow you to be responsible for the money you are using for your debt.
Make sure to include each invoice or payment category. If you are planning to borrow an additional $5 or $10 per month, you can also include a savings category.
The next steps are: Set a budget In a spreadsheet. The main categories you want to see are fixed monthly bills (home, groceries, transportation), variable costs (entertainment, gas), and savings on money goals.
If you’re looking for more guidance on this topic, you can read about how to create a budget.
Use budget templates
Instead of using an Excel budget template, I would like to have a printed personal budget template. That’s fine too.
You can find budget templates online for a zero-based budget, or create them yourself using Excel or Google Docs.
Cell-style key
One thing to use in Microsoft Excel budget spreadsheets is cell formatting and formula. Below are some examples.
- Autosum – Uses the sum function to add a set of numbers to a column or row. Enter the equal symbol sum (= sum) and enter the string character and line number to be added. Use this to earn your total income and total expenses.
- Multiplication Symbol – When entering a cell, press “alt *” (the same key as 8) to add a multiplication symbol. The multiplication formula is as follows – a4*b6. Next, press Enter.
- Split Symbol – When entering a cell, press “alt /” to add a split symbol (same key as the symbol). It will look like a split type – A4/B6. Next, press Enter.
If you need more help, This is a great cheat sheet Please check out!
Final thoughts
Excel is one of them The best budgeting tool To track your spending. Creating an Excel budget is not difficult. Learn how to create a budget in Excel by following this step-by-step guide.
The best part is that you can use Excel online for free using Google Sheets. You have the right tools at your fingertips, so you don’t have to pay for expensive programs or other alternatives.
If you don’t want to create your own budget templates, you can also check out the Personal Finance software to see if it’s right for you. Many options are available, like today mint and Gives strength,Everyone can easily find the best one for their needs!
Now that you’ve learned how to make a budget in Excel, why not give it a try? Good luck planning your dream budget!