![]() If you are using the averaging approach, I strongly recommend that you use a special savings account as a holding place for these larger expenses. Include Irregular Expenses (non-monthly large lump payments) in the months in which they will likely occur, or use the approach of averaging the cost across each month. For example, enter the names of Birthdays in comments for the Gifts Given category. This is one of the benefits of using a spreadsheet. Cell comments show up as little red triangles, like the one to the left. Add cell comments as needed to help explain costs. So yes, you could probably get away with a single category for all "Entertainment", but I certainly wouldn't lump regular expenses in with variable expenses. Breaking out your expenses into specific categories will help give you a better idea of where you are spending and therefore where you may be able to cut back. If you have multiple savings goals, add a sub-category for each one. If you have a negative NET, then you'll need to cut back somewhere or earn more money. If you have extra (a Positive NET value), then you could allocate that to savings or paying off debt for example. When creating your budget, you would generally want to make the NET (Income-Expenses) equal to zero. There is a lot of information about this step inside the budget calculator Instructions worksheet, including the following:īudget Guideline #1 - Total Allocation or "It All Goes Somewhere" Step 3: Modify the Month labels as needed, depending on when you are starting your budget. Remember the note about copying/inserting entire rows. Step 2: Edit, Add, or Delete sub-categories as needed. This will usually be the sum of the balances in your spending account(s). Step 1: Enter your Current Balance as of Month 1. Please read through the instructions before asking me questions about how to use the budget calculator. Instructions: I've included a fairly extensive set of instructions and tips in the Instructions worksheet. Easy to edit/add/remove budget sub-categories (major categories not so easy, but doable).Fairly comprehensive list of budget categories.Calculates the Percentage (%) of Income for each major expense category.Actual spending for each month and each major budget category. Calculates the difference between Budgeted and Actual expenses on a monthly basis.You cannot fill out all those columns altogether. If the expense is a one-time thing, like dining out in a specific restaurant, then you should just write the date the spending occurred. ![]() Because you can choose the type and category of the spending from the dropdown menus.įinally, you should fill out the Frequency and Term columns if an expense is recurring. So, filling the necessary places is effortless. The Records page is basically the sheet for your spending inputs in the 50/30/20 budget template. ![]() You can select the month you are reviewing from the dropdown menus. The charts show monthly distributions accordingly. The other aspect of the Dashboard is that it has a summary for you to analyze your personal budget.įor example, you can see where your monthly income goes to and your total yearly income. They are colored grey to represent the formulas they include. Also, we would like to warn you that you shouldn’t write anything in grey cells in this template. The 50/30/20 budget template will calculate the Amount section according to the Records sheet. But first, you should start using this Excel budget calculator by writing your categories of needs, wants, and income sections.Īt first, you only need to input the categories. The dashboard sheet in this spending tracker has visual charts and summary sections for your budget. The Excel budget planner for the 50/30/20 method has two main sheets that you will use. With the 50/30/20 budget spreadsheet, you can easily see where you spend your money and you can use this information to make better decisions in the future. If you are interested, we recommend you our 50/30/20 Budget Template in Excel! 50/30/20 means that you spend 50% of your budget on your needs and 30% on wants. If you want to make a budget and increase your savings account in daily life, you should definitely use 50/30/20 method.
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