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Budget in Excel (Table of Contents)
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Introduction to Budget in ExcelBudget 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
Retirement Budget
Holiday & Shopping Budget when you are on vacation leave
How 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 Template
Example of Family Budget PlannerSuppose 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)
Interest Income
Dividends
Gifts Received
Refunds/Reimbursements received
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
Cleaning Services
Electricity
Gas
Water
Internet
Cable
Home phone
Mobile
Lawn/Garden maintenance
Insurance & Financial Section
Car insurance
Home Insurance
Personal & life insurance
Health insurance
Paying off debt if you have taken from someone
Savings
Investments & super contributions (Stock market or mutual funds)
Charity donations to save tax
Gifts are given on any wedding or other occasions
Obligations
Car loan
Study Loan (Taken during graduation or postgraduation studies)
Credit Card bills payment
Alimony/Child Support
Federal Taxes
State/Local Taxes
Legal Fees
Groceries
Supermarket
Fruit & veg market (Veg)
Butcher or Fish shop (Non-veg)
Bakery products
Pet food, in case you own a pet
Personal & Medical Expenses
Cosmetics & toiletries spending
Hair & beauty products
Medicines & Pharmacy
Glasses & eye care
Dental
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
Education
Online or offline course fees
Pet care & veterinary expense
Entertainment & Dine Out
Coffee & tea
Lunch
Takeaway & snacks
Cigarettes
Drinks & Alcohol
Bars & clubs
Restaurants
Books
Newspapers & magazines
Theater or Movies & Music
Concerts/Plays
Film/Photos
Sports
Outdoor Recreation
Celebrations & gifts
Club Memberships
Videos/DVDs taken on rent or purchased
Music
Games
Toys/Gadgets
Transportation Fares
Bus & train fare
Taxi fare
Airfares
Petrol
Road tolls & parking
Registration & license
Vehicle Repairs & maintenance
Fines Paid
Child Care
Baby products
Toys
Play home or babysitting fare
Childcare
Sports & other activities
School tuition fees
Excursions
School uniforms
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 ExcelIn 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.
Operating Budget
Financial Budget
Cash Flow Budget
Static Budget
Recommended ArticlesThis 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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