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Simple Budget Spreadsheet – Shows Periodic Income and Expenses
Simple budget template refers to the budget which is prepared in order to handle the finances by a person where the budget starts with entering all the sources of income for the period under consideration like monthly, weekly, yearly, etc and then listing down the bill against which payments are due along with all the other expenses incurred during the period and lastly deriving at the savings during the period by deducting total expenses from the total income.
About the Simple Budget Template
- It is the simple Worksheet of generally one page which shows the periodic income and expenses. These income and the expenses are not listed in detail transaction wise rather they are grouped into some of the handful of categories which can highlight the important types of the income and expenses of the individual broadly.
- This is so because bifurcating and listing down all the expenses is a time-consuming process and will not make the budget simple any longer. The Budget which is simple in the real terms will let the person know its budget in a very few time span.
Elements
Following are the different details that are present generally in the template:
#1 – Heading:
At the topmost area of the template of the simple budget, the heading simple budget template will be written. Such heading will provide a clear understanding to the user of the template that the template pertains to the simple budget. This heading as mentioned will remain intact and will not be changed from individual to individual.
#2 – Summary:
This summary contains the details of the total income and details of the total income. These details will be taken automatically from the value arrived in the below-mentioned steps.
#3 – Income:
Under this, all the income of the individual will be mentioned. This is further divided into the following categories:
- Net Salary or Wages received in Hand
- Additional income received from other sources like side business income etc.
The total of both the above income will give the figure of the total income of the person during a particular period of time.
#4 – Expenses:
Under this, all the expenses of the individual will be mentioned by categorizing them in the specific groups. This is further divided into the following categories:
- Rent paid on the Property: This includes a total of rent paid by the individual during the period.
- Grocery Expenses: This includes a total of grocery expenses paid by the individual during the period.
- Utility Expenses: Utility Expenses include the total bill of utilities paid by the individual during the period.
- Transportation Expenses: This includes transportation expenses paid by the individual during the period.
- Medical Expenses: This includes a total of medical expenses paid by the individual during the period.
- Education or Knowledge up-gradation Expenses: This includes total expenses paid by the individual in his education-related areas.
- Entertainment Expenses: Total expenses incurred on entertainment.
- Travel Expenses: Total expenses incurred on travel.
- Interest Payments: Total expenses incurred on interest payments.
- Debt Repayments: Total debt amount repaid during the period.
- Credit Card Expenses: Total bill of credit card paid.
- Shopping Expenses: This includes a total of expenses paid by the individual during the period of shopping.
- Miscellaneous Expenses: This includes any other miscellaneous expenses paid.
The total of all the above expenses will give the figure of the total expenses of the person during a particular period of time.
#5 – Savings:
The savings of the individual will be calculated by subtracting the total of the expenses from the total of the income.
#6 – Allocation from Savings:
Under this the savings calculated will be allocated for different purposes. These areas where the savings are to be allocated along with the percentage of such allocation can also be modified by the individual as per their particular situation. The amount will be automatically calculated using the specified percentages.
How to Use this Simple Budget Template?
Following are the steps that have to be followed in order to use the template:
- Individuals using this template will have to enter all the details as required in the fields that are not already pre-filled.
- For this first detail of the income that includes Net Salary or Wages received in Hand and any additional income received from other sources has to be entered.
- Along with the details of income, all the expenses incurred has to be entered by grouping them into the categories such as rent paid on the property, Grocery expenses, Utilities expenses, Transportation expenses, Medical expenses, Education or Knowledge, up-gradation expenses, Entertainment Expenses, Travel Expenses, Interest Payments, Debt repayments, Credit Card Expenses, Shopping Expenses, and Miscellaneous Expenses. However, if the individual thinks that there is some other category that counts for an important portion of its expenses, then it can be added additionally in the template.
- After that, the total of all the expenses will be deducted from the total income earned in order to know the total amount left as saving for the person
- Now the template will automatically provide the summary details as well as the allocation of the savings of the person. This area of allocation or percentage of allocation can also be modified by the individual according to their requirements.
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This has been a guide to Simple Budget Template. Here we provide you with a free downloadable simple budget spreadsheet that is prepared in order to handle the finances by a person. Also, you can download and use this template in Excel, Google Sheets or in PDF format.
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