0

Devising a Budget Spreadsheet

PUBLISHED May 12, 2022, 12:44:57 PM        SHARE

img
imgGlenda Wagner

Managing personal finance is not as daunting as it may seem. There is no argument about the need for money. For a well-grounded quality of life, maintenance of living expenses is essential. It is attained by managing finances properly.

Among the best methods of doing so is creating a budget that can help keep finances organized and control the amount of debt needed to live in the manner you prefer. Budgets help plan for expenses, needs, activities, and your financial future.

A budget spreadsheet offers a way to determine the state of your finances and help plan spending over a month or year. It can be the most helpful tool for organizing finances to avoid falling into debt that is difficult to overcome. With a spreadsheet, you manage money by allotting every expense an amount that fits within the available money.

Like a business, people benefit from using spreadsheets for their finances—all the information you need is in one easy-to-read place. A spreadsheet helps see how much income a person has and how much money is spent. It is a means of budgeting money appropriately for your needs.

How to Use a Spreadsheet

There are many ways to use a spreadsheet. Some people like to track expenditures, while others do not. The easiest way to use it begins with a three-step process.

  • Putting together all sources of income and expenses
  • Creating savings goals
  • Coming up with budget amounts.

A personal budget spreadsheet is different from a household spreadsheet. Couples can combine their individual income sources to determine the final income amount and use the same process for expenses. If there is money left after subtracting expenses from income, make plans for what to do with that money, rather than spend it on random things. You may want to set it aside for an emergency fund or travel.

You can also allocate money left over for expenses. Many expenses, such as a mortgage, rent, and insurance payments, are fixed. For others, such as groceries and utilities, you may have a pretty good idea of how much you spend each month. You will determine other expenses, like savings and entertainment, when you know what amount remains after paying necessities. Couples need to discuss what they would like to spend on incidentals honestly.

Creating the Spreadsheet

Budget spreadsheets help track spending and plan for future expenses. Here are the steps to creating a simple spreadsheet. You will need a laptop or desktop computer that has Microsoft Excel installed, or you can use Google Sheets.

Excel is not a free program, but when you learn to use it, there is no limit to its record-keeping, chart-building, and number-crunching abilities. If you have Excel 2003 later version on your computer, there are some free downloadable spreadsheets on this website, Excel Worksheets.

Run the program and open a new spreadsheet or file. Enter the details so that the program can calculate the figures in the file. Basic spreadsheets are labeled with Income and Expenses that the program will total. Click on this hyperlink, Make a Monthly Budget in Google Sheet, for an illustration of a simple budget spreadsheet. There are other videos available that go into more detail if you prefer.

Other Budget Spreadsheet Sources

There are many personal finance and budgeting spreadsheet available online. The number and simplicity of premade spreadsheets make using them easy. Follow the directions above or use one that is suggested below. Household budgeting spreadsheets are user-friendly and can be used by first-timers and beginners.

The features are not terribly complicated and help put a budget in order. Willams Budgeting spreadsheets are helpful for monthly budget items. This link, Budget Spreadsheet — Words of Williams, takes you to the website that contains tips for customizing the free spreadsheet and a video to help you understand the program better.

This link, Personal monthly budget is for a free monthly budget template that is simple and easy to use. You can compare estimated monthly income and expenses to what you actually receive and spend. You can use it for tracking expenses, such as transportation, entertainment, and food. You customize the categories to fit your income and expenses. There is a button on the website to use for downloading the template.

Google Sheets are among the most popular budgeting tools. They are incredibly collaborative, powerful, and flexible. Besides the one demonstrated above, there are thousands of others. Information about some of them can be found on this link, 20+ Best Free Google Sheets Budget Templates of 2022. Some you may want to explore are Simple Budget Planner, Best-Personal-Budget-Planner, and Yearly Budget Template.

Vertex42 offers free Excel templates, which are an excellent way to increase productivity. They let you do incredible things, even if you have only a basic understanding of spreadsheets.

Recap

With the availability of downloadable and online budget spreadsheets, it is simple to manage finances. The tools are not only helpful for budgeting routine daily expenses and income, but they also help save for future goals, such as a college education, starting a new business, or a family vacation.

As you become familiar with using a spreadsheet, you can generate graphs illustrating your earning, saving, and spending habits. Spreadsheets offer control over finances and make planning, tracking, and viewing personal finances much more straightforward.



Sound investments
don't happen alone

Find your crew, build teams, compete in VS MODE, and identify investment trends in our evergrowing investment ecosystem. You aren't on an island anymore, and our community is here to help you make informed decisions in a complex world.

More Reads
Terra LUNA Crashes 98%: Here's is Everything you need to know
Image

This crash has brought about a lot of backlash from the Terra LUNA community. In this article, we will be giving insights into everything about the crash.

Investing Mistakes Beginning Investors Make
Image

Congratulations on making the step to find out about investing in the stock market. A bigger congratulations if you’ve started investing. As with most new things that you decide to try, investing has a learning curve. A beginner can make mistakes that will cost him or her money and time. However, learning about common mistakes and how to avoid them can save time, money, and undue stress.

Is Astra Space Inc. (ASTR) a Buy Right Now?
Image

Astra Space Inc. is a space stock that could potentially be a big player as the space industry matures. But with the market falling, is it a good stock to consider right now?

Why Should New Investors Join BetterInvesting?
Image

Starting to invest early is important, but starting with BetterInvesting may help you to double your portfolio every 5 years.

Building a Low Base
Image

Market Commentary

Explaining Economic Indicators
Image

Knowing These Indicators Will Empower You As An Investor!

Market Musings - 5-3-2022 - FED Watch
Image

George Crawford gives his Market Musings for this 1st week of May 2022

Recession-Proof Investments
Image

Know Which Industries Always Remain in Demand

Creating Financial Goals
Image

A plan to alleviate and vanquish debt and save for retirement are two of the top financial goals for adults. The information contained here can help set goals, budget, and save.

Always Be Investing (Don't Let the News Scare You)
Image

You Can't "Buy Low, Sell High" if You Sell Into a Recession

Lockheed Martin is a Great Dividend and Space Stock
Image

Lockheed Martin has a dividend yield of 2.5% as of Q2 2022. Let's discuss how LMT has kept a healthy dividend as a leader in space and military technologies.

StockBossUp 'Dark Mode' is looking Fly!
Image

Love how these charts and user content are popping out now on the dark theme. More improvements are coming soon!

ApeCoin's Otherside: Everything you need to know
Image

On the 19th of March, the creators of ApeCoin, Yuga Labs released a teaser trailer of their Metaverse on Twitter–Otherside.

Metamask: Here is Everything you need to know
Image

This guide will explain what Metamask is, how to set up a Metamask account and compare Metamask and Trustwallet.

Biggest Cryptocurrency Heists Ever
Image

This article will explore the Biggest Cryptocurrency Heists recorded ever in history. Let's begin…

Market Musing 4-26-2022, Big Tech Earnings, Prepping for a Bearish Market
Image

Market musings from George Crawford on Big Tech Earnings and Prepping for a Bearish Market

Where to Start with Personal Finance
Image

Dedication to managing money and understanding personal finance begins with the proper mentality.

Is Roblox Still a Buy in Q2 2022?
Image

Is Roblox (RBLX) still a buy, a hold, or a sell? Let's take a look at Q1 2022 to see what's changed for Roblox.