How To Create A Budget Template

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 A drop-down list in excel is a pre-defined list of inputs that allows users to select an option. read more 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 excel The SUMIF Excel function calculates the sum of a range of cells based on given criteria. The criteria can include dates, numbers, and text. For example, the formula "=SUMIF(B1:B5, "<=12")" adds the values in the cell range B1:B5, which are less than or equal to 12. read more , 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 tables In 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. read more do not require auto-updating of numbers when the data increases.
You need to be aware of SUMIF, SUMIFS, and SUM formula in excel The SUM function in excel adds the numerical values in a range of cells. Being categorized under the Math and Trigonometry function, it is entered by typing "=SUM" followed by the values to be summed. The values supplied to the function can be numbers, cell references or ranges. read more 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.