Preparing a monthly budget is essential for anyone looking to gain more control of their personal finances. For that reason, you won’t have a true representation of your financial health and you could be missing valuable information that can help you make better-informed decisions. Without a budget template, minor or variable expenses may fall through the cracks and not be accounted for. By tracking your expenses and income in a professional template, it’s a lot easier to keep track of minor details. Helps you track minor detailsĪ budget is only as good as the data it contains. Now that you’ve got a handle on what a budget template is, let’s look at a few of the benefits of using one. Expenses: Food, transportation, medical, utility, debt, pet, and variable expensesīudget templates also add these individual amounts together, showing you what you’re spending and earning in each individual category.ĭownload Excel template Why use a personal monthly budget template?.Income: Wages, tips, capital gains, bonuses.Generally, a personal budget template splits your income and expenses into categories like: In other words, a done-for-you template takes the guesswork out of creating a budget. While you can create your own budget planner, using a ready-made template guarantees that you’re not neglecting important financial information. And most importantly, a monthly budgeting template provides a bird’s eye view of your current financial situation. It lets you compare your budgeted expenses and income versus your actual expenses and income. Get the template What is a personal monthly budget template?Ī personal monthly budget template helps you plan your spending. We’ll also take a look at ’s personal monthly budget template. In this article, we’ll introduce you to a variety of monthly budgeting spreadsheets, worksheets, and planners that can help you in your budgeting journey. Drafting Your Budget at entrepreneur.Much of the anxiety around budgeting your money can be reduced with a little proactivity, persistence, and the right budgeting template.Small Business Budgeting Tips and Techniques at.You would typically look at your Net Income to determine whether you will be able to expand your business, make large asset purchases, etc. However, this budget spreadsheet is mainly for comparing your operating income and expenses to make sure that in your normal business activities you are earning more than you are spending. One of the reasons for budgeting is of course to help you determine whether you will be able to afford upgrades, new construction, asset purchases, etc. If you have any taxable expenses make sure to subtract those values from the Net Income Before Taxes before estimating your income tax budget. This helps you make a simple estimate of the income taxes, assuming all the Expenses are tax deductible. Income TaxesĪ separate section under business expenses calculates the Net Income Before Taxes by subtracting the Total Expenses from Total Income. If you want to perform a more detailed analysis for multiple products, you can insert additional rows and separate the sales and costs according to product, or you can use the bonus spreadsheet that is designed for performing a detailed analysis for multiple products. The Goods spreadsheet is set up initially to record total net sales for each quarter. A careful study of these costs can help you determine pricing for your products, which products are more profitable, etc. These costs are usually compared to the total sales. The costs associated with producing and purchasing goods are variable costs that increase or decrease with the volume of production and sales, such as wages for direct labor required to produce the goods, packaging, inventory purchases, shipping, and commissions. In other words, a red value means you ought to take a closer look at it. Conditional formatting is used to highlight the Difference red if income is less than the budget amount or if business expenses are more than the budget. The Difference is calculated as Actual - Budget. If you add or move categories around, make sure to double-check the calculations, especially the SUM() formulas that calculate the totals and subtotals, to make sure that the right cells are summed. However, here are some things you should know and keep in mind as you use these templates: Double-Check the Formulas These business budget templates are pretty simple to modify and customize.
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