We’ve all had that moment where we looked at our bank account and went, “Wait, where did all my money go?” With the Monthly Budget Calculator template, you can see exactly how your money is being spent and therefore, avoid the surprise of an empty bank account. Use this free Excel template to enter your monthly income and expenses and have it automatically calculated.
How to use the Monthly Budget Calculator
Download the Monthly Budget Calculator and it will open in Excel. In another window, open your online bank account so you can view your expenses. The template is pre-populated to help guide you, so start by entering the correct month at the top.
On the right side blue column, you will list all of your monthly income and expenses. Start by reviewing the categories – the blue “income” category will be calculated to the left side as all money that comes in. Next to income, put a description such as your monthly paycheck or a cash gift and then the amount in the next column over. You’ll notice that the left side will change according to the new number you’ve entered.
Click on the next category and choose from multiple expenses. For example, select “Groceries” and enter in what you have spent at the grocery store that month. This is where having your online bank account open comes in handy – you can scroll through and enter groceries, gas, and other expenses multiple times and not have to add them individually as the excel sheet will do this for you.
Once you have finished, the left side column will now be populated with your information. It will show the categories you spent the most and least in, along with your overall income. At the very top of the page, the green bar will show you if you are under or over your budget and by how much.
Tips on using the Monthly Budget Calculator
- Keep a separate excel file that shows your month-to-month budget under/over result. If you’re trying new habits, you can see your progress through there.
- Enter in your income and spending as often as you can. This way, you’ll see how much you have left for the month and decide if you can or should spend money on something.
- Don’t ignore small purchases. Even a $4 coffee should be added. $4 coffee, 5 days a week, for 4 weeks equals $80!
Template Courtesy of Microsoft
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