Personal Budget Template

A personal budget spreadsheet template helps individuals track their earnings, expenses, and savings. It indicates the net position of an individual. It also shows the spending pattern of an individual, which helps in budgeting future expenses. Therefore, we can say this workbook helps individuals keep track of their finances.

To understand it better, let us go through the below personal budget planner template of Mr. X:

The above example shows the receipts from salary, business, and various expenses. Of course, the chart is not exclusive, but a person can always make changes and include the multiple heads of expenses they incur.

Now, if we look at the chart, it shows the monthly expenses from Jan to June. The Excel template attached here shows January to December, but for convenience, the table in word shows from January to June for six months. Any person using this personal budget spreadsheet template can only enter the expense and income amount and adjust the formulas given in the Excel template. It will show the total and average of the income and expenses. They can also change the range to see the average of any period they want to see and analyze.

In this case, the person earns an average of $8,892 per month, has a target savings of $3,000, and an average monthly expense is $5,681. This template helps track monthly expenses and shows the months where one did not meet the target savings. For example, if we see the April and May data, the target saving is short by $73 and $51, respectively. It shows that in those two months, the person has less business income, which is why he fell short of savings. One can utilize this data to calculate the monthly expenses by taking an average. For example, in July, the person can say that my monthly expenditure is close to $5.7K, and next time if they want to meet the savings target, they might have to adjust or cut down on some of the expenses. This chart also helps calculate month-over-month variance analysis and year-over-year analysis, which will help in accurately tracking the expenses and meeting any sudden expenditure by accumulating the saving amount over time.

Individuals can use this template to track their day-to-day and small business expenses and receipts. In the template row, 5 to 9 have various incomes and receipts. You can change the type of receipt in column A, and row 10 has a formula that adds to total receipts. From rows 12 to 42, we have various expenses that you can modify per your needs. Row 44 shows the total expenses, and it is formula based. You can always add the total columns for various expense heads, also. Then, we have savings on row 42, which shows the difference between income and expenses. In other words, row 46, which is also formula based, shows the money left in a person's hands after incurring all the expenses. Row 47 has target savings, which is $3,000 in this case, but a person using the template can amend it to a savings amount of their choice. Row 49 is again the formula based, which shows the money left after meeting the savings target. If it is in red, which is negative, the person has not met their saving target in that month.

Also, there is one more column, P, which shows month-over-month variance, which is again formula based and shows the increase or decrease from last month. The negative amount in red shows a decrease, and the positive shows an increase. The below extract is for reference where it shows the month-over-month variance and complete data in the template: -