Doing this helps you pinpoint what you’re spending most of your money on and where it’s easy to cut back on. Monitoring your spending and categorizing these is very helpful when you need to make some adjustments. It is also helpful to have an extra income source, more especially so if you ever end up losing your job. If you have a hobby to sustain, find another way to add to your income. Net Income refers to your final take-home pay and this is the value you must use when creating your budget. Always remember that it’s very easy to overestimate what you can afford when you think that your entire salary as the amount you can spend.Īlways take into consideration when creating your Excel budget spreadsheet to subtract deductions and other flexible spending allocations. This is the first step when creating your budget – to identify how much money you have coming in. Here are steps to consider when creating your template:
When creating your own personal finances template, you should find a way to keep track of your finances to suit your objectives. Having a personal budget spreadsheet helps you feel in control of your finances, allowing you to save money for your personal goals. Personal budget spreadsheet 30 (26 KB) How do I create a personal budget spreadsheet? Additionally, a personal budget helps you make better decisions when it comes to your expenditures and savings.
#Personal budget template excel plus
You can perform an analysis each month to help you obtain an estimated image of the total savings target you aim to achieve plus the amounts that you can potentially set aside towards your savings.
To achieve successful budgeting, you might want to include in your personal expenses template a savings goal that you set for every month. The most common sources of income include the following: Though a monthly budget is generally the most reasonable timeframe for which to set up an initial personal or household budget, there are many sources of income and expenses that do not perfectly follow a monthly schedule.Personal budget spreadsheet 20 (45 KB) What is included in a personal budget?Ī personal budget spreadsheet contains the details of your possible income sources as amounts received from various sources.
You may even find that some months are different than others, but you should find through going through this exercise you are better prepared for those changes and even accounting for unanticipated personal expenses. As everyone’s financial situation is different, you may find that not every category is applicable to your income or spending.
#Personal budget template excel how to
How to Use Your Free Personal Budget Templateīelow is a free excel monthly budget worksheet template for a personal budget that attempts to list possible sources of monthly income as well as expenses. An accurate budget will also help you to answer that ever elusive question, “Can I afford it?” Though the word budget has taken on a more negative connotation over the years invoking an image of pinching pennies or limited spending, a budget is really just a tool-and a great tool at that-to gain better and more accurate insight into your spending habits.īy listing all of your sources of income against all of your monthly expenditures (from required expenses like mortgage or rent payments to discretionary spending like eating out or going to the movies), you get a true picture of your personal cash flow, which will allow you to make better and more informed financial decisions. A personal or household budget is an itemized list of expected income and expenses that helps you to plan for how your money will be spent or saved as well as track your actual spending habits.