![]() You may learn how to use Excel better in the process. A successful budget planner helps you decide how to best spend your money while avoiding or reducing debt. If you use and customize any template for your personal budget, make sure you understand how it works and always double-check the formulas. A budget planner is a tool, such as a worksheet, that you can use to design your budget. The flexibility comes at the price of possibly deleting or messing up an important formula, or making bad assumptions. In my opinion, the #1 problem associated with using a spreadsheet for your personal budget is the chance that you'll make errors. Needs, which are 50 of your income, should include payouts for housing, food, utilities, transportation, minimum loan and credit card payments, and child care. it's just a disclosure to say that I don't ONLY use Excel any more.Ī spreadsheet may not be the best budgeting solution for everybody. One sample budget divides your after-tax income into three categories: Needs, wants, and savings and debt repayment. I started out using Excel to do everything, but I began using Quicken after a friend showed me how easy it was to keep track of checks and credit card charges and download transactions directly from my bank. A budget is almost useless without tracking what you are spending. For expense tracking, you could use my Income and Expense Worksheet, Checkbook Register, or the newer Money Manager. If you are having trouble finding the best template for you, start browsing our website and discover various ready-made stencils fitting for both business and personal needs. Tracking your income and spending comes both before and after making a budget. The best way to make a personal budget is with the help of a template. ![]() You can easily change the categories as needed. For example, I like to use cell comments to explain certain budgeted items in more detail (such as the fact that in May, there is Mother's Day and a couple of birthdays to remember).Ĭreating a simple personal budget (even if it is only on paper) is one of the first steps to gaining control of your spending habits. To get started, you can use my free personal budget spreadsheet template in Excel or Google Sheets to track your income and expenses using a common set of budget categories. The reason I use Excel when working with my home and business budgets is that it gives me complete flexibility to keep track of the information the way I want to. Expenses: Bills, Housing, Health, Car, Food, Utilities, School and Work, Travel, Personal Expenses, Pets, Donation/Charity, Miscellaneous Expenses. If you don't own Excel, then Google Sheets and OpenOffice are free options to consider. Your monthly budget planning will be much easier with this printable template. Microsoft Excel isn't free, but if you already own Excel, then you can create a budget without purchasing other budgeting software. Remember that net income is the money you have for a. 42 Effective Ways to Save Money Budgeting Tips for the New Year Why Use Excel for your Personal Budget?įirst reason: it's free. Using the steps outlined above, let’s consider how someone might make a budget for a net income of 4,000 a month.
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