How do I create a monthly expense spreadsheet? Some of the latest ones allow you to keep track of your investments too. If you have a more comprehensive financial portfolio, you may opt for a budgeting app instead. You can find many of these templates online and download them for free. There is a lot you can discover when you go through this process. Some credit cards tag your purchases automatically in categories making things easier for you. Through this, you get a sense of your cash flow each month.Īfter going through your accounts, group these into categories. Looking through these accounts helps you pinpoint your spending habits. Identify all of your money habits then create an inventory of all your accounts including all of your credit cards and your checking account. Here are pointers to consider on how to start tracking through your monthly expenses template: It is a good practice to keep track of your expenses regularly through a bill tracker template as this gives you an accurate overview of where you’re spending your money. When making your monthly bills template, here are some examples of monthly expenses to include: These are expenses that you cannot do without as these keep you warm, alive, and safe. Before you make a budget, you should first have a list of your individual expenses.įor instance, take your needs. In general, a budget contains spending guidelines for specific expense categories. The negative amount in red shows a decrease, and the positive shows an increase.Identifying recurring and common expenses like mortgage or rent payments, helps you plan your expenditures and make a monthly expenses template. If it is in red, which is negative, the person has not met their saving target in that month.Īlso, there is one more column, P, which shows month-over-month variance, which is again formula based and shows the increase or decrease from last month. Row 49 is again the formula based, which shows the money left after meeting the savings target. Row 47 has target savings, which is $3,000 in this case, but a person using the template can amend it to a savings amount of their choice. In other words, row 46, which is also formula based, shows the money left in a person’s hands after incurring all the expenses. Then, we have savings on row 42, which shows the difference between income and expenses. You can always add the total columns for various expense heads, also. Row 44 shows the total expenses, and it is formula based. From rows 12 to 42, we have various expenses that you can modify per your needs. You can change the type of receipt in column A, and row 10 has a formula that adds to total receipts. ![]() In the template row, 5 to 9 have various incomes and receipts. Individuals can use this template to track their day-to-day and small business expenses and receipts. How to use this Personal Budget Planner Template? read more and year-over-year analysis, which will help in accurately tracking the expenses and meeting any sudden expenditure by accumulating the saving amount over time. ![]() This chart also helps calculate month-over-month variance analysis Variance Analysis Variance analysis is the process of identifying and analyzing the difference between the standard numbers that a company expects to accomplish and the actual numbers that they achieve, in order to help the firm analyze positive or negative consequences. For example, in July, the person can say that my monthly expenditure is close to $5.7K, and next time if they want to meet the savings target, they might have to adjust or cut down on some of the expenses. One can utilize this data to calculate the monthly expenses by taking an average. It shows that in those two months, the person has less business income, which is why he fell short of savings. For example, if we see the April and May data, the target saving is short by $73 and $51, respectively. This template helps track monthly expenses and shows the months where one did not meet the target savings. ![]() In this case, the person earns an average of $8,892 per month, has a target savings of $3,000, and an average monthly expense is $5,681. They can also change the range to see the average of any period they want to see and analyze. It will show the total and average of the income and expenses. Any person using this personal budget spreadsheet template can only enter the expense and income amount and adjust the formulas given in the Excel template. The Excel template attached here shows January to December, but for convenience, the table in word shows from January to June for six months. Now, if we look at the chart, it shows the monthly expenses from Jan to June. ![]() Of course, the chart is not exclusive, but a person can always make changes and include the multiple heads of expenses they incur. The above example shows the receipts from salary, business, and various expenses.
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