Personal Budget Template

Personal Budget Spreadsheet: Track Your Earnings, Expenses, and Savings

Personal Budget Spreadsheet Template helps an individual in tracking their earnings, expenses, savings and indicates the net position of an individual. It also shows the spending pattern of an individual, which helps in budgeting their future expenses. We can say this workbook helps an individual to keep track of his/her finances.

To understand it better let us go through the below personal budget planner template of Mr. X –

Personal Budget Template

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About the Template

In the above example, we see the receipts from salary and business and various types of expenses. The chart is not exclusive, but a person can always make changes and include the multiple heads of expenses that they incur.

Now, if we look at the chart, it shows the monthly expenses from Jan to June, the excel template attached here shows January to December, but for convenience, the table in word shows from January to June for six months. Any person using this personal budget spreadsheet template has to, only, enter the expense and income amount and adjust the formulas given in the excel template, and it will show the total and average of the income and expenses. They can also change the range to see the average of any period they want to see and analyze.

In this case, the person earns an average of $8,892 per month, had a target savings of $3,000, and an average monthly expense is $5,681. This template helps in tracking monthly expenses and also shows the months where the target savings were not met. If we see the April and May months data, the target saving is short by $73 & $51, respectively. It shows that in those two months, the person has less income from business and that why he fell short of savings. This data can be utilized to calculate the monthly expenses by taking an average. For example, in the month of July, the person can say that my monthly expenditure is close to $5.7K, and next time if he/she definitely wants to meet the savings target, they might have to adjust or cut down on some of the expenses. This chart also helps in calculation of month over month variance analysisVariance AnalysisVariance analysis is the process of identifying and analyzing the difference between the standard numbers that a company expects to accomplish and the actual numbers that they achieve, in order to help the firm analyze positive or negative more and year over year analysis, which will help in accurately tracking down the expenses and meet any sudden expenditure by accumulating the saving amount over a period of time.

How to use this Personal Budget Planner Template?

This template can be used by Individuals for tracking their day to day expenses and also by small businesses to track their expenses and receipts. In the template row, 5 to 9 has various types of Incomes and receipts. You can change the type of receipt in column A and row 10 has a formula that adds up to Total receipts. Starting row 12 to 42, we have various kind of expenses which you can modify as per your needs. Row 44 shows the total expenses, and it is formula based. You can always add the total columns for various expense heads also. Then we have savings on row 42, which shows the difference between income and expenses. In other words, row 46, which is also formula based shows the money left in the hands of a person after incurring all the expenses. Row 47 has target savings, which $3,000 in this case, but a person using the template can amend it to a savings amount of their choice. Row 49 is again formula based which shows the money left after meeting the savings target, and if it is in red, which is negative, it means that the person has not met his/her saving target in that month.

Also, there is one more column P, which shows month over month variance, which is again formula based and shows the increase or decrease from last month. The negative amount in red shows decrease, and positive shows increase. The below extract is for reference where it shows the month over month variance and complete data in the template –

Personal Budget Template (monthly variance)

This has been a guide to Personal Budget Template. Here we provide you with a free downloadable personal budget spreadsheet that is used by individuals and small businesses to track their day-to-day expenses, income, savings, and receipts. Also, you can download and use this template in Excel, Google Sheets, or in PDF format.

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