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Budget in Excel (Table of Contents)
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Excel functions, formula, charts, formatting creating excel dashboard & othersIntroduction to Budget in Excel
Budget in Excel or budget planning helps you to keep your finances in check, i.e. spending and earnings. The budget planner is essential to track your monthly income and expenses. In addition, it will help you to spend the right expense items at the right ratios when you are in debt-ridden or financial difficulty.
A budget estimates revenue or income and expenditure or expense for a particular set of periods. The budget planner analyzes your spending habits. Many templates are available in Excel, but it is always better to make your own. Also, it is always better to document your expenses; they may be Fixed and Variable Expenses.
Fixed Expenses: Monthly Loan amounts (car, home, personal) & mortgage remains constant month after month, whereas,
Variable Expenses: Groceries, Home & utilities, personal, medical expenses & entertainment fluctuate month on month & variation will be based on your spending.
You can create various types of Budget templates based on the criteria; we can choose any of the below-mentioned budget templates that fit your needs.
Family & Household Expense Budget
Project Budget in the organization
Home Construction Budget when you are building a house of your own
Wedding Budget Planner
Academic Club Budget
College or School Student Budget
Holiday & Shopping Budget when you are on vacation leaveHow to Create a Family Budget Planner in Excel?
Let’s check out some examples of how to create a family budget planner in Excel.
You can download this Budget Excel Template here – Budget Excel TemplateExample of Family Budget Planner
Suppose I want to create a family budget planner. The following criteria are kept in mind while creating a budget; in the below-mentioned categories, I can add to create an Excel template of it.
You Should Know or Be Aware of Your Monthly Income or Earnings
Your monthly take-home pay (monthly)
Your partner’s or spouse’s take-home pay (monthly)
Bonuses/overtime worked & payout from the company (monthly)
Income from savings and investments made (monthly or annual)
Family benefit payments you have received prior (monthly or annual)
Child support received
You should know or be aware of your monthly expenses or spending, which are categorized into various sections.
Home & Utilities
Mortgage & rent
Furniture & appliances
House Renovations & maintenance
Insurance & Financial Section
Personal & life insurance
Paying off debt if you have taken from someone
Investments & super contributions (Stock market or mutual funds)
Charity donations to save tax
Gifts are given on any wedding or other occasions
Study Loan (Taken during graduation or postgraduation studies)
Credit Card bills payment
Fruit & veg market (Veg)
Butcher or Fish shop (Non-veg)
Pet food, in case you own a pet
Personal & Medical Expenses
Cosmetics & toiletries spending
Hair & beauty products
Medicines & Pharmacy
Glasses & eye care
Doctors & medical expense
Emergency (Any accidents you met with)
A health club (Annual or monthly memberships & spending)
Clothing & shoes
Jewelry & accessories
Computers & Gadgets
Sports & gym
Online or offline course fees
Pet care & veterinary expense
Entertainment & Dine Out
Coffee & tea
Takeaway & snacks
Drinks & Alcohol
Bars & clubs
Newspapers & magazines
Theater or Movies & Music
Celebrations & gifts
Videos/DVDs taken on rent or purchased
Bus & train fare
Road tolls & parking
Registration & license
Vehicle Repairs & maintenance
Play home or babysitting fare
Sports & other activities
School tuition fees
Other school needs
Simultaneously add total income and expense in cells A2 & A3 and net income OR savings in column A4. Now, enter all the income & expense data in the respective cells.
Addition of Expenses by using the Sum Function
Press Enter so that it will result or gives you a total expense for that month.
Select cell B3 and enter “=E19” as a cell reference.
Press Enter, so the result will be as shown below.
Drag it across to cell M3. Excel copies the function and border to the other cells so that you can see all the month’s total expenses.
Press Enter, so the result will be as shown below.
Sometimes, if an expense is more than earnings or income, the negative value appears in the net income row; therefore, we should apply conditional formatting to appear green in color, and negative values cells appear in red.
I created two conditional formatting rules to highlight cells lower than 0 and greater than 0, i.e., a complete net income row.
So the result will be as shown below.
At last, you can calculate yearly income, expenses & total money saved in that year with the help of the SUM function.Things to Remember about Budget in Excel
In any organization or company, you can create the below-mentioned type of budget planner based on different criteria, which will give a complete picture of its financial activity and health.
Cash Flow Budget
Static BudgetRecommended Articles
This is a guide to Budget in Excel. Here we discuss creating a Family Budget Planner in Excel, an example, and a downloadable Excel template. You may also look at the following articles to learn more –
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