Food: Groceries Eating out Other food expenses.Housing: mortgage or rent Utilities (power, gas, water) Internet, cable, satellite Insurance Other (taxes, HELOC payments, etc.).Here are some ideas for expense line items and categories, in case you miss any: Skip a line after this category and move on to Food, following the same pattern. In the cells below this one, fill in different housing expenses that you have each month, like mortgage or rent payments, utilities, and insurance, using one cell for each expense. Start by skipping a line after your "Total Income" cell in column A and write in "Expenses." In the next cell down, write in "Housing." This is the largest expense for most people, so create space for this category of expenses first. Because of this, it's easiest to split your expenses up into general categories. Odds are that there will be considerably more individual line item expenses than there are income items. Next, you need to input expense in the same way that you put in income. Recheck it to make sure that it matches the formula above.įill in expense titles. If you receive an error message when entering the formula, this means that you have made an error in writing your formula.Excel has many other functions that can be used to simplify calculations. The SUM function in excel adds up the value contained within the specific cells, which can either be input individually (B2, B3, B4) or in a range (B2:B4).The whole formula should look something like this: =SUM(B3:B4). Alternately, you can type in the cell range by typing the first and last cells, separated by a colon, into the SUM function. In the example, this would be cells B3 to B4. Then, click the cell to the right of "Net Pay" and drag down to the cell to right of your last income line item cell. In the cell directly to the right of that cell (B5 in the example), you need to create a formula to calculate total income. Create this cell in the next available cell underneath your last income line items (so, if you only have "Net Pay" and "Other Income," this will be cell A5). When you've created cells for all of your types of income, you'll need one that totals up your monthly income. You just need to find the one that works best for you.Make a cell that calculates total monthly income. There are plenty of other budgeting strategies available. If you aren't ready to commit to the chore of taking a deep dive into your accounts each month, that's OK. You might have specialized categories for things like "fishing" or "knitting." Don't be afraid to drill down into your specific spending patterns to build a spreadsheet that will reflect your real spending choices, including your desires and hobbies. If you decide to move forward with a budgeting spreadsheet, you can craft one with categories that suit your needs. As you look at each expense, you'll be forced to consider whether or not each purchase was worth it. In the very first month, you'll quickly see where you are overspending. You'll need to be willing to commit around 30 minutes a month to pore over your expenses. Is a budget spreadsheet right for you?Ī budget spreadsheet is a bit more time-consuming than a budgeting app. Plus, we've even been able to set aside funds for big money goals like retirement.īut we haven't had to stop spending on things that we value, thanks to the monthly reminder of our spending choices. We've built savings for a down payment on our first home and built a $35,000 emergency fund. Since using a spreadsheet to budget, we've been able to tackle big financial goals by identifying areas where we can cut spending and save more. I'm the first to admit that it felt a bit tedious at first, but this habit has become a critical part of our solid financial foundation.Īn example of the author's budget spreadsheet. We record each expense in the appropriate column it takes about 30 minutes to complete the process. ![]() Once a month, I sit down with my husband and we comb through our spending. The beauty of a budget spreadsheet is that you can create any number of categories to help you drill into the details of your spending. ![]() Although there are more convenient apps out there that would do this for me automatically, my spreadsheet habit works best for me.Ī few of the categories in our spreadsheet include travel, housing, transportation, pet, groceries, eating out, fun splurges, and miscellaneous items. I use a simple spreadsheet to track and add up my expenses in each spending category. ![]() ![]() However, a simple spreadsheet has worked wonders for my family's budget to help us achieve our money goals. But I've come to see a lot of value in my monthly budget-spreadsheet session.Ī spreadsheet might not be the right budgeting tool for everyone.
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