Consider using the free Excel budget template provided in the email signup above. Begin Creating Your Excel Budgetīuild a personal budget worksheet for tracking your expenses. W-2 can result in different tax situations). Calculate Your Total Incomeįigure out how much Form W-2 or Form 1099 income you’re going to earn during your budgeting period ( 1099 vs. If you budget for a month, it is critical to remember to add expenses that you don’t pay every month as you’ll need to set aside money in short-term savings to have the money when those expenses become due. The most common time periods for a budget include a monthly or annual view. Determine the Period Your Budget Will Cover For many of you, your goals will include down payments on houses, refinancing student loans, college for your children and funding retirement. In my case, my primary financial goal is to make sure I enjoy my retirement.
#BUDGET PLANNING CHART HOW TO#
Use it to follow along with the steps outlined below to make sure you are learning how to create a budget in Excel which works for you.Īs an overview, here are the steps necessary to create a budget in Excel: 1.
#BUDGET PLANNING CHART DOWNLOAD#
I have a free budget spreadsheet template for you to download and use. How to Create a Budget Spreadsheet in Excel You will be less likely to run up more debt than you can afford to re-pay and will be more likely to be able to retire in the fashion you desire. However, if you make a budget, you’ll be much more confident in your financial decisions. If you don’t clean your bathroom or make a budget, you can end up with physical or financial illness that can be really hard to overcome. The longer you put it off, though, the harder it is to do. Most people don’t find creating and sticking to a budget to be a lot of fun. To be clear, the budgeting process is to your financial health what cleaning your bathroom is to your physical health. You’ll also want to include line items in your budget for the different types of savings – emergency, designated for specific large purchases and long-term/retirement. Income includes your wages and returns you get from your investments.Įxpenses include every dollar you spend, from income taxes to housing costs to food to fun stuff like vacations, sporting events and going out for a nice dinner and drinks. What is a budget? A budget is a listing of your income and the amount you can afford to spend on your expenses and put into savings.
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