Alternatively, if the balance is growing from month to month, you are on the right track and you should probably look for good investment opportunities with the potential to increase your income further. If the end balance is lower than the starting balance, you need to look for more ways to save or increase your income. Additionally, you can see the End Balance, specifically the difference between the amount in the Starting Balance and the End Balance of the actual expenses column for the month. The Monthly Budget Total section at the top provides the difference in the overall income and the quick overview of your budget. Of course, this may not always be the case and some expenses can sometimes be unavoidable, in which case you can always look for other expenses that can be limited or eliminated. It helps to spot expenses in various categories where you might have overspent and potentially help you to prevent doing this again. Household Budget Planner lets you see the estimated and actual income and expenses side-by-side, which is very convenient, especially when you update your spreadsheet regularly. At the end of the month, when all actual Income and Expenses are recorded, the Household Budget Planner provides a detailed summary of where you stand financially. Updating the actual income and expense section regularly as incurred throughout a month ensures the accuracy of your budget and prevents from overspending. For example, this could be your accumulated savings during previous months. The starting balance is the money that you have at the beginning of your budget before you factor in any current or future income. In this section you should also enter your starting balance, whether it is positive or a negative amount. Predefined formulas in the "Monthly Budget Total" section are responsible for summarizing your budgeted and actual income and expenses. Categories are equipped with a row that calculates the "Total" for the group. In the income section you will need to enter your monthly income expected from each of your income sources. This Excel template is compatible with Excel 2003 and later versions.How to use the Household Monthly Budget Spreadsheetīegin by entering values in the Budget column of each category. You can also highlight expenses above certain pre-defined amount. Sovan uses the circular reference formula technique we described in that post. As you enter the expense, the time stamp is automatically generated (read automatic timestamps in excel ). This also lets you allocate adequate amounts to your most important expense to your least important. Using this spreadsheet, you can track your expenses.
Because this template shows the difference or variance, you can also keep track of your losses or of how much you have deviated from your projected amounts, or your budget.
SKU: XL005 Categories: Excel Tools, Personal Tags: ecommerce excel templates, excel, management, personal excel templates, template. This reminds you of your plan and prevents you from overspending. Simple Monthly Household Budget Planner Excel Google Sheets Spreadsheet, Income, Expenses, Savings, Projected vs Actual Expenses Tracking. Regularly reviewing your budget allows you to track your spending habits. To ensure that your budget remains effective and in line with your financial goals, its essential to regularly review and adjust it as necessary. In addition, this template also automatically computes the total difference between your projected cost and actual cost, as well as projected income and actual income. Creating a household budget spreadsheet is just the first step in managing your finances. This template auto-computes subtotals for each expense category and for monthly incomes. This Household Budget Template Worksheet for Excel lets you plan or project your financial activities, and also fill in your actual ones so you can keep track of how much you are actually spending. Monthly budgets tend to work best because most recurring household bills come monthly. Most budgets align to a monthly plan for simplicity’s sake, but you can create a weekly budget, a twice-a-month budget, a quarterly budget, or an annual budget. Compares Projected to Actual Incomes and Expenses Budgets are simply plans for how you would prefer to spend your money.
These expenses fall into clearly defined categories, namely: Housing, Transportation, Insurance, Food, Children, Personal Care, Taxes, Savings and Insurance, Legal, Gifts and Donations, and such. This way, you can easily plan and allocate your spending towards necessities like utilities, food, taxes and savings.