Free personal monthly budget template excel is a beautiful and complete budget plan that you can use for free. There are many budget templates online but few offer the degree of flexibility, detail, and utility that this one does.
Download free personal monthly budget template excel. This is a simple money management plan for everyday use or for people going through tough financial times. The file contains detailed information how to create a budget and keep track of your expenses.
Are you looking for a free personal monthly budget template Excel? You are in the right place. Our team is offering you a free excel budget template in a very simple design, yet it can be customized according to your taste and needs. It includes a variety of features like tracking of expenses and earnings, month-to-month comparison with previous months, and creation of recurring bills, debts and credit card payments. Today, I want to share a simple yet most effective monthly budget template Excel. If you’re looking for a simple, easy and useful personal budget template Excel then you are at the right place. Nowadays, most of people are not able to keep control on their expenses due to an increase in income. In this situation, it is essential for them to create their own monthly personal budget.
What is a Monthly Budget? A monthly budget template is used to help you create a monthly budget. This monthly budget plan usually includes typical expenses that are found in your lifestyle. For example, a budget for a married couple will be different from a single person’s budget. A budget is a crucial part of getting your finances in order. It’s the best way to set aside money for needs and wants, pay down debt, and save for the future. Below is a free personal monthly budget template in Excel, which can be used to start your own budget. This template includes categories for common expenses such as housing, debt payments, food and transportation, as well as savings goals. You can adjust these categories to suit your own needs but this template should get you started on a solid path toward financial health.
What to look for in an expense tracker
Whichever expense tracker you decide to use, you should look for one that can handle the following tasks:
Tracking income and expenses
An expense tracker app should be able to track business expenses and monitor any income. Monitoring spending is important for not only maintaining healthy cash flow but also qualifying for deductions that could reduce your taxable income. It is also highly recommended to separate your business and personal finances to most effectively track each of them.
An expense tracker app should import transactions from your accounts, mobile wallets and credit cards. It should give you a clear image of how much you are making and how much your expenses are. The app should help you determine if expenses are feasible with your income.
Capturing and organizing receipts
A good app should allow you to capture all your receipts when receiving or making payments. Each receipt should be placed under an appropriate category. These receipts are stored in the cloud and can be retrieved anytime. This feature is especially beneficial for employees who travel for business. As such, many receipt-tracking solutions are designed to function well on mobile apps, across various devices and with multiple linked accounts.
Did you know? Receipts are critical for employee expense reimbursement, which may be required by law, depending on the role an employee fills in your company.
Organizing tax deductions
An app should categorize the tax required for payment after you key in your income and expenses. Of course, it is always helpful to understand which business tax deductions you can take (and which deductions you should avoid).
Accepting payments and managing invoices
The app should accept debit cards, credit cards, net banking and bankers directly to your invoice. From the app, you should be able to track the status of invoices and credit card bills. The app should automatically match your payments to your invoice and send payment reminders. In addition, you should be able to customize a logo for all your invoices.
The right apps make it easy to manage your expenses on the go.
- Effective financial management requires the proper tracking of income and expenses.
- There are many software options to help you track all of your spendings.
- Keeping track of your expenses will help you work within your budget and make strategic investments in your business.
- This article is for business owners who want to target their spending and track their expenses over time.
Track your expenses.
This template allows you to track your most important expenses.
- Enter the name of the expense in cell A2.
- In cell B1, enter the date of your payment. Move this cell to column E and make it a title for that column by right-clicking it and selecting Format Cells > Column Title or pressing Ctrl+1 on your keyboard.
- In cell C1, enter the amount of your payment (in dollars). This can be an annual amount or a monthly one; it’s up to you! Move this cell to column F and make it a title for that column by right-clicking it and selecting Format Cells > Column Title or pressing Ctrl+1 on your keyboard.
- In cell D1, enter what category of expense this is being used for: food/gasoline/etc., etc., etc.; then move this row down so there’s one blank row between each category section (column D). Now we’re going to set up our categories based on how much money we want them broken down into—for example: “Food” could be broken down into “Groceries + Restaurants + Coffee,” with each category having its own color code so they’re easy to differentiate from one another when reviewing them later; likewise “Gasoline”—not all gas stations charge exactly $3 per gallon for regular unleaded gasoline anymore!
Analyzing your spending.
Once you have your template set up and input a few months’ worths of data, it’s time to analyze the information.
There are several ways to analyze your spending: by category, by month, or by year. I’ll show you how each of these methods work within the template so that you can choose which one is best for your situation.
Comparing current to last month.
You can also look at the numbers month to month, year to year and budget to budget. This will give you a good idea of how your spending has changed over time. If you have been tracking your expenses for a few months, then it’s very likely that you’ll see some trends.
Looking at national averages may also be helpful if there are unexpected spikes in spending or decreases in income during the month.
Localize the sales tax column.
If you want to localize your data, simply select the sales tax column in the “Data” sheet and change its reference from C19 to whatever cell number represents your country’s sales tax rate. For example, if you live in Australia, you would change it from C19 to D20 so that it reflects 10 percent instead of 8 percent.
Organize your purchases.
Now it’s time to organize your purchases. Put the most recent purchases on top of the list, in order of date. Then sort by date and then by category. For example, in our sample data set we sorted by Date, Category, then Quantity (see screenshot below).
Then add a total row at the bottom for each month to quickly summarize how much money you spent during that month.
If you want to go one step further with some conditional formatting, consider highlighting your total row so that it stands out from the rest of the rows in your table by turning it orange or yellow – whatever color works best for you!
Assign categories to your purchases.
Now that you’ve created your budget, assign categories to your purchases. This is where things get fun: the categories are pre-determined, but you can make your own.
You may not want to create a category for something like “Gas.” You might just want to input the amount of gas purchased and leave it at that. Or maybe you use multiple vehicles and don’t want to track them all separately. That’s okay! You can actually assign multiple categories per purchase, so feel free to group them together in any way that makes sense for your situation:
Create a graph showing monthly spending by category.
Now that you’ve got your numbers in order, it’s time to make a graph. You can do this by clicking on the first data cell in column B and dragging it down to the last data cell (the total). Then, press CTRL+C to copy all of those cells. Click on another blank space in your spreadsheet and press CTRL+V to paste them into that blank space.
Now it’s time for some formatting! Double-click on one of the bars at the bottom of your graph and select “Format Data Series.” From here, choose “Bar” as your chart type and then click “OK.”
Next up is labeling—in Excel this means adding titles and labels on either side of each bar so they’re easy to read at a glance. To do this:
- Click on the chart once more—this will open up its menu options again;
- Select Layout from this menu; -or- click anywhere outside of a bar within your chart
Use this template to help you budget and track your spending.
This template can help you better understand your spending habits and, in turn, develop a budget that works for you. Here are some things to keep in mind:
- The first two columns (monthly income and monthly expenses) should be updated each month. For example, if you get paid $2,000 per month then update the income column to reflect this new amount. If one of your bills is due at the end of this month but not next month (like an insurance payment), then list it under ‘Expenses’ but not ‘Income’.
- In the third column (budgeted amount), enter how much money you want to spend on each category for this month. Remember that these amounts do not include any money left over after paying all of your bills; they’re just what remains once all other obligations have been met—so keep them realistic!
- On line 6 of our example budget spreadsheet above we provide some suggestions for where these categories might come from: housing costs; transportation expenses like gas or public transport tickets; food costs including groceries as well as eating out at restaurants/takeout places; entertainment like going out with friends or attending events such as concerts/movies etc…etc…
What Is an Excel Template for Personal Budget?
An Excel template for the personal budget is essentially a spreadsheet file. It contains all the columns, rows, headers, formulas, and styles, so you don’t need to invest time in formatting. All you need to do is upload the file to your OneDrive and track your personal finances.
A template also allows you to customize the data headers, add or delete rows/columns, and format the worksheet style. You can get a template based on how granular data you want, like a bi-weekly, monthly, or yearly budget.
All the templates mentioned below will let you download an Excel file to the computer or open the template in the browser for online tracking.
Benefits of Free Excel Templates for Personal Finance and Budget
The advantages of tracking your personal budget on an Excel sheet are as follows:
Data Privacy: Excel templates are reliable and safe since you don’t need to enter your personal finances on a third-party website or app. You retain your data to yourself, so no worrying about data theft.
Anytime Access: You can keep a copy of the file on your desktop computer and upload the same to OneDrive. Excel will automatically update the online file whenever you make any changes on your desktop computer. Moreover, you can access the workbook on your Android or iOS devices since you can get an Excel mobile app for free.
The best excel template for the personal budget is a set of various spreadsheets that contains expenditure items as well as income. It consists of resources such as the latest reports and analysis on income and expenditure, tips regarding personal finances and budgeting, etc.
After looking at all the available options, the best one for a student to use is the free personal monthly budget template excel. It is the only one that provides a detailed drill down into what each category represents and helps a person to plan out their spending for both monthly and yearly expenses. This will allow for students to gain some insight into what they are paying for with their hard-earned money and hopefully make some adjustments as needed. With this personal budget template, you can create a monthly budget for your household. It has separate sections to track your income and expenditures, allowing you to see how much money is coming in each month from sources such as wages or investments compared with what is going out each month on things like rent or credit card bills. You can use this template to help find ways that might save money by looking for ways in which you spend less than other people do.