Use it to follow along with the steps outlined below to make sure you are learning how to create a budget in Excel that works for you.Īs an overview, here are the steps necessary to create a budget in Excel: 1. You can sign up in the box below and quickly receive the budget template in your inbox. To make this easier on you, we have created a free budget template. How to Create a Budget Spreadsheet in Excel And you’ll be more likely to be able to retire in the fashion you desire. You will be less likely to run up more debt than you can afford to repay. However, if you make a budget and review it regularly, you’ll make better financial decisions and have more confidence in your finances. And if you don’t do it regularly, you can end up with a problem that’s really difficult to overcome. Most people don’t find creating and sticking to a budget to be a lot of fun.īut the longer you put it off, the harder it is to do. 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 different types of saving: emergencies, specific large purchases, and long-term/retirement. Income typically includes your wages, though it can also include things such as investment returns.Įxpenses include every dollar you spend, from housing costs and income taxes to food and fun stuff like vacations, sporting events, and going out for a nice dinner and drinks. Just be sure to allocate money from your income to cover that expense when it happens.What is a budget? A budget is a listing of your actual income and the amount you can afford to spend on your expenses and put into savings. For example, if an item occurs only once a year, divide the amount by twelve to get the monthly amount. When filling out this free budget worksheet, if an expense is incurred less often than monthly, convert it to a monthly amount when calculating the monthly budget amount. Total Gross Income ( minus) Total Deductions Salary and wages Bonuses and Fringe Benefits Child Support Alimony Social Security Retirement Income Disability Payments Unemployment Worker’s Comp AFDC Dividends Interest Income Business Income Rental Income Other income
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