Make a Personal Budget on Excel

You can learn how to keep track of your yearly or monthly expenses and income by knowing how to make a personal budget on Excel. A budget spreadsheet is a simple way to find out how you spend your money without buying budgeting software. Using a spreadsheet also allows you customize your budget based on your particular situation.

Steps

  1. Keep track of your income and spending for 1 or 2 months before creating your Excel budget.
  2. Evaluate your income at the end of the first or second month to determine your average monthly earnings. Unless you are self-employed, it may be easier to use your take-home pay instead of your gross income.
  3. Look at what you have spent money on during the 1 or 2 month period, and make categories for your budget based on that. You may want to set up broad categories, such as housing, food, and debt repayment, and then set up sub-categories within them, such as mortgage or rent, utilities, and repairs under the housing category.
  4. Open Excel, and create a new spreadsheet.
  5. Save the spreadsheet. Name it "Budget" or something similar.
  6. Type the name of each month in the top row of the budget spreadsheet, and start in column B.
  7. Type the word "Income" in column A of the second row.
    • Under the word "Income," list all your sources of income for each month, including your paycheck, your spouse's paycheck, any bonuses or commissions you receive, interest or dividends, and any other sources of income.
    • Under the list of income, type the words "Total Income."
  8. Type =sum(B#:B#2) in the box next to the box containing "Total Income." The # sign represents the first row of income, and #2 represents the final row of income. "B" is the column you are totaling. It should be for January.
  9. Type =sum(letter#:letter#2) for the remaining columns of months. The formula will automatically add up your income for each month. Instead of "letter," type the corresponding letter of the column (C, D, E, etc.).
  10. Add a final column to total your income for the year. Type this next to the column for December. Type the =sum formula into each box in that column to total your entire income for the year.
  11. Type the word "Expenses" in the next row underneath the Income section in column A.
  12. Choose a category to insert underneath expenses. For example, type the word "Housing" in the row under "Expenses" in column A.
  13. List any expenses for housing in the rows below. Include items such as repairs, the cost or rent of your mortgage, utilities, telephone and Internet service, furnishings, and landscaping.
  14. Type "Total" in the final row of the "Housing" category, then type the =sum formula in each column for each month. The formula will calculate how much you've spent for housing during each month.
  15. Type "Anticipated" or "Estimated" in column A of the row below "Total," and then type in what you expect to spend on housing during each month based on your previous tracking.
    • You'll be able to compare your spending with what you would like to spend by looking at the "Total" number compared to the "Estimated." Adjust the "Estimated" number as needed.
  16. Continue to set up sections on the Excel spreadsheet for each category of your personal budget. Use the =sum formula to total the amount of each category and compare it to your estimated amounts.
  17. Type "Total Expenses" in column A in the row beneath all your budget sections. In the next column over, type =sum(B#:B#2), where # is the first row number of the list of expenses and #2 is the final row number of the list of expenses. Repeat in the remaining columns.
  18. Type "Over/Short" in the row beneath "Total Expenses" in column A. In column B, type =sum(B#-B#2), where # is the row number of your total income and #2 is the row number of "Total Expenses."
    • The formula will subtract your expenses from your income and allow you to see whether you've spent more than you've earned. Repeat with the remaining columns.

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Sources and Citations

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