Looking to get a handle on your finances this year? Say no more!
After over a year of manipulating my own personal budget, I think I finally have a design that can help the basic excel user navigate and track their own expenses with confidence. This budget assumes the user has the following:
- A Savings Account goal for the end of the year
- A separate investment account to contribute to monthly
- Willingness to put extra cash at month end to this account (and Savings Account if you’re a big saver) – see ‘Jan-20’ cell G39 and I39 for clarification
- 401K account and monthly contribution (not necessary, but shown here)
- Company Match availability (not necessary, but shown here)
How to use this budget:
Step 0.5: Understand what type of budget I’m using. It may not be for everyone. I modeled this after a 50-30-20 budget meaning 50% is spent on Needs, 30% on Wants, and 20% on Saving. View the following article by Investopdeia to understand what qualifies as a Need, Want, and Saving item.
Step 1: Download the budget:
Step 2: Fill out the numbers specific to your financial situation in the ‘Budget’ tab. If you are paid monthly, enter your income in D3 and set E3 ‘=D3/2’. If you don’t have a consistent Bi-Weekly paycheck, use your average paycheck amount. If you don’t fit one of the categories I’ve created, you can leave it blank, delete it, or rename it to something you do have. I set the values in ‘Budget’ column H equal to the values in ‘Budget’ column B and likewise throughout the monthly tracking tabs in column B.
Step 3: Track your expenses starting 01/01/2020 (‘Jan-20’ tab) and see how you do! It’s that simple. I’ve created comments in most fields to explain what each value is intended to do.
Note: I hid the remaining months. Right click on a tab and select ‘Unhide…’ to view the remaining months.
Step 4 (optional): Play around with it! See where the numbers come from. I know this spreadsheet like the back of my hand because I created it (duh) and tailored it to my needs. You should do the same!