Making a budget in Excel can seem like a daunting job, particularly if you don ’ metric ton use the program regularly. thankfully, you don ’ t need to be an accountant to set up an Excel budget template .
Whether your budget is extremely simple or extremely complex, this bit-by-bit usher will teach you how to create a budget in Excel that can quickly be customized to meet your family ’ second budget needs. here ’ s how to start building your identical own budget spreadsheet right aside !
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How to Make a Budget in Excel Using Premade Templates
Let ’ s confront it : The COVID-19 pandemic has turned into a fiscal nightmare for many of us. With many people losing jobs and others taking a boastfully hit to their monthly income, creating a solid budget has never been more crucial .
Using technology can be a huge avail. These days, there are dozens of budgeting apps and software programs on the market. however, finding a course of study that fits your unique needs can be challenging .
Enter Excel. The Microsoft program has long been an excellent way to create a budget spreadsheet. Best of all, if you ’ re already a Microsoft customer, it won ’ deoxythymidine monophosphate cost you an arm and a peg to get started .
The easiest and fastest way to build an Excel budget is by using the library of premade budget templates included in Excel. If you aren ’ triiodothyronine certain where to begin, I powerfully suggest starting with one of the software ’ s budget templates to get a feel for what you might want to include in your own budget .
When you open up the course of study, just go to File > New, then search for the terminus “ budget. ” respective Excel budget templates will pop up, such as a family budget, personal expense calculator, vacation budget, and more .
For model, if I went with the family budget spreadsheet, I would get a premade spreadsheet with a Cash Flow graph on the first tab. You can change your class appoint and budget deed in this tab key, but don ’ thyroxine mess with anything that has a convention. If you click on the “ 7,200, ” you will see “ =Income [ [ # Totals ], [ Projected ] ] ” pop up adjacent to the fx stimulation box. Play with the formulas and you will mess with the automatic calculations that make Excel such a breeze to use .
rather, you will find places to input your data on the other two tabs – monthly Income and Monthly Expense. These numbers automatically feed data to the Cash Flow tab to keep track of how much you are earning and spend .
Customizing a Premade Template
If you ’ d like to add to the existing template, merely select where you want to add a box and right pawl. Scroll down to “ Insert ” and choose to add either “ Table Columns to the Left ” or “ Table Rows Above. ” This should automatically sync the newly data with the existing pill. If it doesn ’ triiodothyronine, select the humble down arrow next to the “ Projected ” column, and you will be able to include your fresh column to the calculations .
You can besides delete sections you don ’ t need. For exemplar, if you don ’ t need the loans row in your monthly Expenses pill, simply right snap the pill, blue-ribbon “ Delete ” and “ Table Rows. ”
It ’ second in truth american samoa simpleton as that !
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How to Make a Budget in Excel from Scratch
need to customize your budget even more ? You can besides create an Excel budget spreadsheet from the anchor up ! here ’ s how to make a budget in Excel from boodle, including some of my favorite tips and tricks for customizing your raw budget .
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. It ’ s a bang-up way to keep lead of your money because it is so mend accurate. Honestly, once you start using this character of budget, I don ’ metric ton think you ’ ll always use a different expressive style of budget again .
Start by opening Excel and choosing “ Blank Workbook ” or go to File > New > Blank Workbook. immediately you have a bracing analyze to start with .
Step 2: Set Up Your Income Tab
once you have a blank workbook, block off a ball of column to use as a steer for the calendar month. To do this, select the first two rows in column A-G and blue-ribbon “ Merge and Center ” from the workbook ’ s “ Home ” menu. That will make the whole section now A1, and you can label it as you desire .
adjacent, blue-ribbon cells A3-A11, choose “ Merge and Center, ” and spell and center the son “ Income. ” If you want to get creative, feel free to choose different fonts and colors .
then, blend cells B3 & C3 and label them as “ Source ” to represent where your income is generated – i.e. your main paycheck, your side gig, etc. You ’ ll besides want to merge each row of B & C individually through quarrel 11 .
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Label cell D3 as “ Date ” to help keep track of when this payment came in. Adding a date section is optional and helpful if your income sources are varied each month. It may not be useful if your paychecks are predictable .
future, label section E3 as “ Planned ” or “ Budgeted. ” This is the amount of income that you ’ ra plan on coming in. section F3 is your “ actual ” column, and this represents the actual sum of money that hits the bank account – hopefully more than you planned for. Finally, a “ Difference ” column in G3 will mechanically keep racetrack of the dispute between your planned and actual income .
Step 3: Add Formulas to Automate
To make your Excel budget look a fiddling blank, select the entire section. then, use the borders tool on the workbook ’ s “ Home ” pill ( looks like a squarely divided into four ) and choose “ All Borders. ” To make it evening easier to read, you can besides shade a few areas .
once you like the look of your budget spreadsheet, it ’ s time to add the formula that will automatically calculate everything for you. In the case below, I added “ Total ” to the B11 cell. however, you can add it at the bottom of however many sources of income you want to track .
After you have your “ total ” pronounce, select everything in the “ Planned ” column and use the “ AutoSum ” feature to get your entire for the calendar month. alternatively, you can besides select the last cable in that column and input the formula “ =SUM ( E4 : E10 ) ”. Of path, you ’ ll want to replace the E4 and E10 designations with the range of cells you want to add in concert. Repeat this serve for your “ Actual ” and “ Difference ” column .
To automatically calculate the remainder between your “ Planned ” and “ Actual ” income, input the formula “ =SUM ( F4-E4 ) ” after each row. Again, replace the F4 and E4 with the cells corresponding to your “ Actual ” and “ Planned ” sections. Repeat this for each row of income .
Step 4: Add Your Expenses
once your income section is figured out, it ’ randomness clock to calculate your expenses. You can either do this on the lapp sheet or start a new sheet. To keep expenses on the same sheet, create a new area underneath the “ Income ” section and customize it how you like. then, use the same column headings – due Date, Planned, Actual, and Difference – as you did earlier .
Create the formulas the like as you did earlier, with one major exception. In the “ Difference ” column, rather than using the “ =SUM ( Actual Number-Planned Number ) ” formula, you ’ ll indigence to switch it around. For calculating your expenses, you want to use the rule, “ =SUM ( Planned Number-Actual Number ) ” to calculate how much you overspend.
If you ’ vitamin d preferably list your expenses on a separate sheet, just click the + sign of the zodiac at the bottom by “ Sheet 1. ” You can then rename each sheet by right cluck and selecting “ Rename. ”
When listing your expenses, you can customize the categories to your like. Make it as specific or dim as you want. The cardinal is to make tracking your regular spend easy. Some people might want to track their natural natural gas, rubbish, and electric individually while others may want to lump it together as “ utilities. ” It ’ s wholly up to you !
Step 5: Add More Sections
now it is starting to get fun ! Add as many sections or sheets to your Excel budget as you want. In the exercise, I added a “ Funds ” and “ Savings ” part. You may notice that I removed the “ Difference ” column from these sections since we aren ’ thyroxine concerned about over-saving. If you ’ d like to see how much extra you saved than what you planned for, feel dislodge to leave them in .
Step 6.0: The Final Balance
once you ’ ve created all of the sections you want to track, it ’ second authoritative to constantly know your running balance. thankfully, you can leave your calculator buried in your drawer and track it automatically in Excel .
If you ’ re keeping everything on one plane, this is extremely easy. Simply create another incision at the bottom of the sail. then, label one quarrel “ Total Spending ” and another “ Final Balance. ” This is an easy direction to help you track your spending so you can compare your plan totals to your actual totals .
To calculate the total planned budget, input the formula “ =SUM ( Planned Expenses Total, Planned Funds Total, Planned Savings Total ) ”. then, to calculate your planned libra use the formula “ =SUM ( Total Planned Spending – Total Planned Income ) ”. Do the same for the actual spending and balance sections but alternatively use the actual totals .
Remember, for the final balance you must do the full spend minus the entire income to get an accurate full .
In my fabricated case below, the budget is over by $ 115. Because we ’ ve made our budget using a spreadsheet, it ’ second super easily to see where the kin overspend and under earned. And that ’ s the solid luff – to make tracking your money a easy as possible so you know where each dollar is being spent .
Step 6.1: Totaling Numbers from Other Sheets
If you created disjoined sheets for your spend, savings, and other funds, choose which plane you want to put the total on. You can either add the total to the first sheet or create a new sail just for the sum balances .
For the case above, I labeled my sheets and added a new full sheet at the very end. The full sheet will calculate the total planned spending and planned final balance, angstrom well as the totals for the actual spend and final balance wheel .
To calculate the totals from unlike sheets, chink on the cell you want the sum to appear and input the formula “ =SUM ( SheetName ! Cell, SheetName ! Cell, SheetName ! Cell ) ”. In the example, this formula would be “ =SUM ( Expenses ! E24, Funds ! D6, Savings ! D5 ) ”. Repeat this for your plan sum and your actual sum .
To calculate the difference between your income and full spend, select the cell where you want the counterweight to display. then, input the formula “ =SUM ( SheetName ! Cell-Spending Cell ) ”. In the exemplar, this is “ =SUM ( Income ! F11-D2 ) ”. This cell will show a minus number if you spent more than your earned .
Step 7: Insert a Graph (Optional)
Using a graph on your spreadsheet budget is optional, but it can help you better visualize how much you are spending. To create a proto-indo european chart or barricade graph that displays your spend, you beginning need to create a column for percentages .
As you can see by the model, I barely added another column. To total percentages mechanically, the rule is “ =Category Total Cell/Actual Total Cell ”. In our exercise, the formula would read “ =F2/F24 ” .
stimulation this rule for each category you want displayed as a share. To get the numbers to display as a share preferably than a decimal, highlight the column and select the “ % ” to quickly change it to percentages. Your total percentage should add up to 100 percentage .
following, highlight the category column and the percentage column simultaneously. Once both are highlighted, go to “ Insert ” and choose which type of graph you want. If you don ’ triiodothyronine like the style you chose, you can always change it afterwards by right clicking your graph and selecting “ Change Chart Type. ”
The graph displayed below is a doughnut chart, and I like how it neatly breaks down spend categories .
Creating a Budget Spreadsheet: Helpful Hints
You can save your Excel budget spreadsheet as a template to use every calendar month. If you kept your income, expenses, savings, etc. on one sail, you can besides copy all of the boxes and paste them on a new sheet. Simply rename that sheet for a different calendar month. This is a great way to save an stallion year ’ s worth of outgo in one Excel workbook. At the end of the class, you can then create a new rule to add up your annual savings, spending, and earnings .
excel can mechanically do the mathematics for you. I covered addition and subtraction, but here are the formulas for generation and division besides :
- Multiplication: In the desired cell, type “=” followed by the cell for a number you want to multiply. Then, type “*” and end with the cell for the other number you want to multiply. Finally, hit enter. For example, “=F5*H50”.
- Division: In the desired cell, type “=” followed by the cell for a number you want to divide. Then, type “/”, and end with the cell for the other number you want to divide by. Finally, hit enter. For example, “=E15/A10”.
Let ’ s say you want the bottom row to add all the sums. Rather than type the rule in each cell, you can speed up the process by dragging the like convention across an integral row. To do this, enter the convention into one cell, click the cellular telephone after the total appears, and drag the k box across the area you want that convention to be applied. It ’ mho angstrom bare as that .
What If You Don’t Have Excel?
If you love the theme of using a budget spreadsheet but your calculator doesn ’ t come with Excel, don ’ metric ton concern. Google offers a free version spreadsheet course of study called Sheets. The two programs look and work similarly. Plus, Google Sheets works ( about ) seamlessly with Excel, meaning you can well import an Excel budget template you created into Sheets .
Make Excel Your Own
Although this lead explained how to make a budget in Excel, you ’ re decidedly not limited to what I showed you hera. Excel is highly customizable, and you can create a plane to fit any area of your finances. Don ’ thymine be afraid to create a whole new budget spreadsheet for tracking your vacation budget, holiday spend, debt repayment, and more .
Excel can be a all-important cock to transform your spend habits, so play around with it until you ’ re comfortable. once you get it set up, the automatic recipe in an Excel budget template can even trump a pen and newspaper for budget – at least in terms of convenience. Just enter the information correctly, and everything will populate mechanically for you. Plus, you can easily view several months ( or years ) of budgeting data with equitable a few clicks .
hera ’ s the best separate : You never need to learn more than what is in this scout if you don ’ triiodothyronine want to. Sticking with a simpleton Excel budget template can work wonders for your money management, so don ’ metric ton feel like you have to become an excel flair. If you never learn the other functions and options in Excel but merely follow these steps, you ’ ll be barely fine .
still not certain how to get started budgeting ? Our complete budgeting guide walks you through estimating your income, determining monthly expenses, and how to reach a zero-based budget. Check it out using the liaison above .
I hope this lead to creating a budget in Excel has been helpful. Thanks so much for read, and good luck !
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Have you created your own budgeting spreadsheet in Excel? Let us know how it went in the comments below!