How to Make a Monthly Budget Excel Spreadsheet | Cashflow, Income, Fixed and Variable Expenses

Introduction

In this tutorial, you will learn how to create a monthly budget spreadsheet in Excel. This guide will help you track your income, fixed expenses, variable expenses, and bills all in one place. By following these steps, you will develop a useful tool for managing your finances effectively, allowing you to see both projected and actual income and expenses.

Step 1: Set Up Your Excel Spreadsheet

• Open Excel and create a new spreadsheet.

Label the first row with the following headers

• Income
• Fixed Expenses
• Variable Expenses
• Bills
• Total Income
• Total Expenses
• Balance
• Remaining Value

Step 2: Input Income

• In the Income section, list all your sources of income. This could include:

  • Salary
  • Freelance work
  • Passive income

• In the cell below your income sources, use the SUM function to calculate the total:

  =SUM(A2:A[n])
  

  Replace A[n] with the last cell of your income entries.

Step 3: List Fixed Expenses

• In the Fixed Expenses section, enter all your regular monthly expenses such as:

  • Rent or mortgage
  • Insurance
  • Subscriptions

• Similar to the income section, sum these expenses at the bottom using:

  =SUM(B2:B[n])
  

Step 4: List Variable Expenses

• In the Variable Expenses section, include items that may fluctuate each month. Examples are:

  • Groceries
  • Dining out
  • Entertainment

• Again, sum these expenses with:

  =SUM(C2:C[n])
  

Step 5: Input Bills

• In the Bills section, document any bills that are due monthly, such as:

  • Utilities
  • Phone bills
  • Internet

• Calculate the total for bills using:

  =SUM(D2:D[n])
  

Step 6: Calculate Total Income and Total Expenses

• In the Total Income cell, reference the total income from the Income section:

  =A[n+1]
  

• In the Total Expenses cell, reference the total from Fixed, Variable Expenses, and Bills:

  =B[n+1] + C[n+1] + D[n+1]
  

Step 7: Calculate Balance and Remaining Value

• To find your Balance, subtract Total Expenses from Total Income:

  =E[n+1] - F[n+1]
  

• For the Remaining Value, you can set aside a portion for savings or investments:

  =G[n+1] - (desired savings amount)
  

Conclusion

You've now created a comprehensive monthly budget spreadsheet in Excel. This tool will help you manage your finances by tracking your income and expenses. Remember to update your spreadsheet regularly with actual figures to maintain an accurate view of your financial situation. Consider exploring additional features in Excel, such as charts or conditional formatting, to enhance your budgeting experience further.