If you aren’t sure where to begin, I strongly suggest starting with one of the software’s budget templates to get a feel for what you might want to include in your own budget. The easiest and fastest way to build an Excel budget is by using the library of premade budget templates included in Excel. Best of all, if you’re already a Microsoft customer, it won’t cost you an arm and a leg to get started. The Microsoft program has long been an excellent way to create a budget spreadsheet.
However, finding a program that fits your unique needs can be challenging.Įnter Excel. These days, there are dozens of budgeting apps and software programs on the market. With many people losing jobs and others taking a big hit to their monthly income, creating a solid budget has never been more important. Let’s face it: The COVID-19 pandemic has turned into a financial nightmare for many of us. How to Make a Budget in Excel Using Premade Templates Here’s a free spreadsheet template you can use to seize control of your money! Get it here. Here’s how to start building your very own budget spreadsheet right away!įree Budget Spreadsheet – Don’t want to make your own Excel budget template? No worries, we got you covered. Whether your budget is super simple or extremely complex, this step-by-step guide will teach you how to create a budget in Excel that can quickly be customized to meet your family’s budgeting needs. Thankfully, you don’t need to be an accountant to set up an Excel budget template. Making a budget in Excel can seem like a daunting task, especially if you don’t use the program regularly. For more about our advertising policies, read our full disclosure statement here. Should you click on these links, we may be compensated. Helpful information from the Consumer Literacy Consortium.This article may contain references to some of our advertising partners. Living On A Budget - Tips and Resources.Your budget will likely change over time depending on your salary and financial goals.īudget worksheet from the Federal Trade Commission. It is important for you to track your progress and review your budget frequently. Using whatever system works for you (online app or website, envelope system, excel spreadsheet, paper budget), create a budget.įind areas where you can cut back and find areas where you can fund your short term and long term goals. Long-term goals, such as saving for retirement or your child's college education, are goals that will take years to accomplish. Short-term goals, like saving up for a vacation, should take a year or less. You should make a list of both short- and long-term financial goals you want to accomplish. Setting your goals will determine your success in planning and keeping a budget. Then, list your variable expenses, such as dining, entertainment, travel, groceries and other expenses that vary from month to month.įinally, add in other expenses, such as taxes and insurance, which may be billed annually, semi-annually or quarterly. These are expenses that stay the same each month. You should include your full-time job and any other income sources, like income from rental properties or dividends.īegin by listing all of your fixed expenses, such as mortgage or rent, car payments and student loan payments. The first step in starting a budget is finding out how much money you make in a month.Ĭalculate your net income, which is your final, after-tax take-home pay. A budget is a planning tool to help you determine how you will spend your money.
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