Personal Budget Template in Excel
Budget is nothing but deciding your expenditures well in advance to make you are aware of what is coming in your way; otherwise, it will lead you to cash crunch moments and will lead you to face difficult scenarios.
It does not matter whether you manage a company’s financials or manage your personal home’s expenditure; making the budget ready for your spending for the year or quarter or month is very important.
In this article, I will give you templates to work with your personal budget file template and financial budget template.
How to Create a Personal Budget Template in Excel?
To get started with creating a personal expenses budget, the excel sheet follows the below steps.
Budget is not all about your expenses; it is about your incomes too. You need to be perfectly aware of your income to plan your expenses.
Below are the steps for creating personal budget template in excel –
- First is not to list your expenses but to list your income sources. It could be from your salary, from house rent, from a loan on interest.
Creating this list in the excel spreadsheet.
- To capture the total income, apply the SUM function in the C8 cell.
Drag to all the remaining months.
- Now apply a formula to capture variance. Apply this to all the months.
- Now list all your expenditure.
- Apply the SUM formula for total expenditure in the cell C22.
- Apply a formula for the Variance column for all the months.
- Now, our result template is ready. We need to create a template for capturing daily expenditure details. Create a format as per the below image in a new sheet.
- After entering headings, create a table by pressing Ctrl + T.
- Now, we have the expenditure template ready. In order to get a month, we need to put one formula, and the formula is TEXT.
- Create a drop-down list in excel for Expenses Head from Result Sheet. I am creating a drop-down list of all the expenses list from the result sheet.
- By applying the SUMIFS function in excelSUMIFS Function In ExcelThe SUMIF Function is a conditional sum function that calculates the sum of given numbers based on a condition. It only uses one condition, and the syntax for using this function is =SUMIF (Range, Criteria, Sum range)., we need to link the total expenses to result in a sheet.
Apply the formula for all the months.
- Now, manually enter your income & expenditure numbers for all the months under the Budget column.
- Enter your monthly income in the actual column according to the monthly earnings. If your income is as per the budget, a variance will be zero.
- Now, start entering your daily expenditure on the expenditure list according to the headings formula will show the results in the result sheet.
It is the Final results of income and expenditure.
For the demo, I have entered a few numbers.
Download the attachment and start entering your numbers.
Download Personal Budget Excel Template
- Now we have learned the personal budget creation techniques. Similarly, we can create a simple corporate budget file.
- I have already created a template and download both personal and financial budget templates using the below link.
You can Download this Personal Budget Excel template here – Budget Excel Template
Things to Remember
- Always use table format for capturing data from another sheet to the main sheet. Excel tablesExcel TablesIn excel, tables are a range with data in rows and columns, and they expand when new data is inserted in the range in any new row or column in the table. To use a table, click on the table and select the data range. do not require auto-updating of numbers when the data increases.
- You need to be aware of SUMIF, SUMIFS, and SUM formula in excel to link the entry sheet data to the main sheet.
- A financial template needs regular updating costs every month.
- According to your requirement, you can alter the template; similarly, update the formula cells.
This has been a guide to Personal Budget Template in Excel. Here we discuss how to Create a Personal Budget Template in Excel along with practical examples and a downloadable template. You may learn more about excel from the following articles –