How to Make a Budget Spreadsheet

To make a budget spreadsheet, you will need to find a program, like Excel or Google Sheets, to create your budget in, then figure out your income and organize your expenses into categories on the sheet. After that, create columns for your budgeted spending limits, the amounts you actually spend, and the difference. You can enter the amounts in the rows. Once you have your spreadsheet set up, do the math to figure out if you are staying within your budget.

A budget spreadsheet is a tool you can use to track and organize your expenses so you can stay on top of your finances. The spreadsheet gives you an overview of your finances, listing your income and your expenses over a set period of time, usually monthly or weekly. We’ll run down the steps of how to make one below.

1. Find a Spreadsheet to Use

There are many tools available, including Google Sheets, Microsoft Office and more, that offer budget spreadsheet templates that can help you organize your spending. The templates are usually available online, and many are free to download. Below are some noteworthy companies that have budget templates.

Microsoft Office

Microsoft Office has many customizable Excel-based templates available. You can create a budget for things like holiday shopping, wedding planning, and college expenses.

Google Sheets

Google Sheets is web-based and the spreadsheets are stored on the cloud, so you can access them from multiple devices anywhere you are.

Federal Trade Commission (FTC)

The FTC website has a simple budget spreadsheet that you can download and print. This can help you track how much money you spend in a month and plan for the next month’s budget.

WalletHub

WalletHub’s budget tool allows you to choose from four different types of budget templates. You can manually add in your income and expenses or sign up for a WalletHub Premium account to sync your financial accounts and automatically have your transactions added to your budget. You can also access your budget on your computer or through the WalletHub app on your mobile device.

For more options, check out WalletHub’s picks for the best free budget templates.

2. Figure Out Your Income

Add up all the money you earn from any sources of income you have, including your paycheck, money from side jobs, and rental income. You should also include things such as alimony payments and any government assistance, like disability or Social Security, that you receive. If your income fluctuates every month, use the average of the past three to six months.

3. Categorize Your Expenses

List your expenses and group them into categories. The number of categories and subcategories will be based on your preferences and the budgeting strategy you plan on using. The most common categories include:

4. Finish Laying Out Your Spreadsheet

Create three separate columns on your spreadsheet. One column will be for the portion of your income you are allocating for a specific category. This will be your spending limit. The second column will be for the actual amount you spend on your expenses. The third column will be for the difference between your spending limit and expenses, or the remaining amounts you have in your budget. You will list the amounts for each in the rows.

5. Determine How Often to Update Your Budget

The more often you review and update your budget, the more quickly you can identify any spending problems and adjust. The frequency you choose also affects the numbers you enter into your budget spreadsheet. For example, the amount you put for groceries each month will be different than the amount you’d put if you were doing your budget weekly.

You can plan to update your budget every week or month or every couple of months. It’s really based on your preference and how closely you need to follow your budget.

6. Enter the Data and Crunch the Numbers

Once you have your spreadsheet set up, you can input your budgeted spending limits for each category and the actual cost of your expenses. Every time you add an expense, subtract the amount from your spending limit either manually or by setting up formulas in the spreadsheet to do it automatically.

Below is an example of what your final spreadsheet might look like.

Example Budget Spreadsheet for a $5,000 Monthly Income

Here are some key things to note about the above spreadsheet.

• Income: $5,000 per month
• Monthly expenses: $4,965
• Money added to savings: $400
• Remaining amount in overall budget after expenses: $825
• Categories that went overbudget: electric, dining out, and concert/sport tickets

One of the benefits of creating a budget spreadsheet is that it can give you insight into your finances and help you identify overspending quickly. For example, even though you still have some funds left in your overall budget in the above spreadsheet, you may want to reduce your spending on unnecessary items to make up for going over budget in some of the categories. This would ensure you still have money left for important expenses, like your car payment and insurance, that have not been paid yet.

7. Maintain Your Budget

You should monitor your budget to make sure you are meeting your money goals and not spending more than your income. You can do this by scheduling time every week or every month to review your expenses and make adjustments if needed.

You can also use budget apps that can make it easier and less time-consuming to create a budget. Budget apps, like the WalletHub app, allow you to create a budget right from your phone that you can take with you anywhere you go. A premium account also lets you sync your financial accounts, so your transactions are automatically entered into your budget, saving you time versus having to enter them manually.

Learn more about how to stick to a budget.