How can I use Excel to track my expenses?

You can use Excel to track your expenses with either a pre-built template or a spreadsheet you make yourself. You will have to manually input your transactions into Excel, where you can then categorize and analyze them to track how much you spend on each type of expense.

How to Use Excel to Track Expenses

1. Pick a pre-built template or create your own spreadsheet.

In Excel, under “File,” select “New” and choose to either open a blank spreadsheet or search for expense tracker templates. If you prefer to design your own layout, a blank spreadsheet will work better for you. However, a pre-built template can save you time, since you won’t have to do as much setup and the template may already have formulas embedded for easy calculations. You can also find Excel-based templates from third-party sites. To compare your options, check out WalletHub’s list of the best free budget templates.

2. Set up your columns.

You should organize your spreadsheet by creating columns for the date, a description of the expense, the category, and the amount of the expense. You will use the rows to input your transactions.

3. Input your expenses.

As you make purchases, add the details of the transactions under the corresponding columns. You should update this spreadsheet regularly, such as every day or every week, to keep track of the purchases you make. Alternatively, you can use the Power Query feature in Excel to import transaction data from your bank or credit card accounts. To use Power Query, your data will need to be in a spreadsheet-like format (CSV, XLS, or OFX).

4. Analyze your spending.

Use formulas in Excel to calculate the total amount you spend in each category and how much you spend overall per month. If you’re new to Excel, you can watch a tutorial online on how to add formulas. If you find adding the formulas too complicated, you can do the calculations yourself or use a pre-built template that already has formulas embedded. Once you have the calculations done, you can use that information to determine whether you need to cut back on some expenses.

A Better Alternative to Excel  

Expense tracker apps, such as WalletHub, make it more convenient to track your expenses than using an Excel spreadsheet. Many expense tracker apps provide a feature that allows you to sync your financial accounts, such as bank accounts and credit cards, so you don’t have to spend time manually inputting your transactions. WalletHub will also automatically categorize your expenses and use AI to clean up your transaction data to make it easier to understand where your money is going.

To learn more, check out WalletHub’s picks for the best expense tracker apps.