Personal Budget Planner Template

Personal Budget Planner Template

How to use Budget Planner Template

A budget is required if you want to control your spending and work toward your financial goals. A personal or household budget is a summary that compares and tracks your income and expenses over a set period of time, usually one month. While the term "budget" is frequently associated with limited spending, a budget does not have to be restrictive in order to be effective. A budget will show you how much money you expect to bring in, then compare that to your necessary expenses (like rent and insurance) and discretionary spending (like entertainment or eating out). Instead of seeing a budget as a hindrance, consider it a tool for achieving your financial objectives.

In this workbook of Personal Budget Planner Template, there are two sheets- (1) Summary and (2) Transactions.

(1)  Summary sheet

In this sheet you will find two types of cells, one highlighted with pink color and other are white background cells. You have to input in the highlighted cells. Other than highlighted cells are formula cells and meant to calculate values based on inputted data in highlighted cells and actual data come from Transaction’s sheet.

(2)  Transaction’s sheet

In this sheet, you have to input date-wise actual expenses and income for the given month. Under the category, column click on the drop-down list, where you will find different categories of expenses and income.

Expense sheet categories

Home, Food, Gifts, Health/Medical, Transportation, Personal, Pets, Utilities, Travel, Debt, Other,  Custom category 1, Custom category 2, Custom category 3

Income sheet categories

Salary, Savings, Bonus, Interest, Other, Custom Category

This is a two-step activity,

Step -1

The first step in creating a budget in budget planner template is determining how much money you have coming in. You are not required to calculate your net income/salary if your employer pays after deducting government taxes and/or social security payments. However, if you are self-employed, you must deduct taxes and other expenses. Net income is your final take-home pay, and it is the figure you should use when creating a budget. If you work freelance or part-time in addition to your regular job, you must estimate your net income from these sources. Begin by making a list of all of your fixed expenses. These are regular monthly bills such as rent or mortgage (monthly repayments on a house loan), utilities (electricity bill, gas bill, etc.), or car payments (if taken car loan from a bank). It's unlikely that you'll be able to reduce these but knowing how much of your monthly income they consume can be useful. Access your monthly grocery, travel, and entertainment expenses, school fees for school-aged children, and daily pocket money for children. Medical expenses such as medications and doctor/hospital fees are anticipated.

Fill the planned expenses and income for the month. In the template there are hypothetical expenses and income items that are filled against each category which can be replaced by easily by your numbers.

Step – 2

Click on the Transactions sheet and input your actual expenses and income for the month by replacing the hypothetical numbers inputted in the cells.

Results & Conclusion

In the Summary sheet, the expected planned savings (based on hypothetical income/expenses) is 845 (3,150 – 2,305). Whereas actual savings is 430 (3,300 – 2,870).

This shows actual savings are less than the planned savings, which indicates either you overestimate income projections or underestimates expenses. It will be a good starting point to reconsider estimates for the coming months. 



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Personal Budget Template

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