![]() 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 (25.50 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. 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: TIP: It is MUCH easier to keep savings separate from spending if you are using separate bank accounts for each.Personal budget spreadsheet 20 (45.03 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. On the other hand, minimum payments on credit card balance(s) are included as "Credit Card Payments" in the Debt section of the outflows. The transfer of money from your checking account to your credit card account would NOT show up in the cash flow statement in this case. You would monitor your credit card statement and allocate each transaction to specific expense categories. Is a credit card account a spending account? If you are paying the balance off each month, then yes. Note again that this is meant to show how much cushion your spending account has. If you included your Retirement Fund in the cash balance, then it wouldn't make sense to include "Retirement Fund" as an Outflow. ![]() Why? Because we are treating transfers to these types of savings as Outflows from cash accounts. Do NOT include the balance in any of the categories listed under "Allocations" in the Outflows section. What is NOT a spending account? Your Retirement Fund, Emergency Fund, College Fund, etc. A checking account, your wallet, and/or savings account might be considered a "spending account" if money leaves your possession from that account (like paying bills from a savings account or paying a cab driver with money from your purse). The purpose of the beginning/ending cash balance section at the top of this spreadsheet is to show how much cushion you have in your spending account.įor the Beginning Balance, enter the sum of the amounts in your spending accounts on the chosen start date. Keep in mind that spreadsheets allow you to make more mistakes than software like Quicken, because spreadsheets use formulas and calculations that you may mess up by accident. If you want to use a free spreadsheet with the ability to enter transactions in account registers like you do in Quicken, you can try the Money Management Template. Quicken was my personal tool of choice when it comes to personal money management (before they switched to a subscription fee). It's mainly for people who don't already use Quicken (you can generate a report like this from Quicken very easily via the Reports menu).Īlthough there are some really cool things that can be done with Excel to make this worksheet more useful, I have intentionally kept this template simple. It includes a fairly comprehensive set of expense categories and was designed to be easy to understand and simple to customize. This worksheet was created to be used as an educational resource for personal finance classes.
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