![]() ![]() You may learn how to use Excel better in the process. If you use and customize any template for your personal budget, make sure you understand how it works and always double-check the formulas. The flexibility comes at the price of possibly deleting or messing up an important formula, or making bad assumptions. In my opinion, the #1 problem associated with using a spreadsheet for your personal budget is the chance that you'll make errors. it's just a disclosure to say that I don't ONLY use Excel any more.Ī spreadsheet may not be the best budgeting solution for everybody. I started out using Excel to do everything, but I began using Quicken after a friend showed me how easy it was to keep track of checks and credit card charges and download transactions directly from my bank. STEP 2: Entering transactions in the Transactions. Create categories & Subcategories (trust me, this helps) Set your monthly budgets. Personal Finance Management Accounts Set up. Enter Accounts (bank accounts, Credit Card Accounts and Cash Accounts) Set your starting balances of accounts. A budget is almost useless without tracking what you are spending. STEP 1: Enter information in Settings worksheet. For expense tracking, you could use my Income and Expense Worksheet, Checkbook Register, or the newer Money Manager. Tracking your income and spending comes both before and after making a budget. For example, I like to use cell comments to explain certain budgeted items in more detail (such as the fact that in May, there is Mother's Day and a couple of birthdays to remember).Ĭreating a simple personal budget (even if it is only on paper) is one of the first steps to gaining control of your spending habits. You can also check out these apps to plan Christmas gift shopping. Since this is your budget, you put it where it makes. Read now: Find out how to save 950 a year on auto insurance. This will be in the insurance category as well as the transportation category. The family budget template can be really helpful in planning major life events beforehand. It can also work as a yearly planner and allow you to see the bigger picture. It will help you keep track of your money based on income and expenses for each month. ![]() You'd be surprised how well this helps you manage and save your money. Added to that, in some of the personal budgeting categories listed below, you will see items listed in different places. You can use the Vertex42 Family Budget template. The reason I use Excel when working with my home and business budgets is that it gives me complete flexibility to keep track of the information the way I want to. This spreadsheet allows you to set a total budget, allocate it on a person-by-person basis, and use that as a guide for your gift-buying strategy. ![]() If you don't own Excel, then Google Sheets and OpenOffice are free options to consider. Microsoft Excel isn't free, but if you already own Excel, then you can create a budget without purchasing other budgeting software. 42 Effective Ways to Save Money Budgeting Tips for the New Year Why Use Excel for your Personal Budget?įirst reason: it's free. ![]()
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