Budget Worksheet Excel How To Use The

Then you can rename the tabs (like Jan, Feb, etc.) by right-clicking on the tab.

At the end of the worksheet, if your budget is fully balanced, you should have ZERO budget left over.

Some of your income will be going into savings, some will be going towards expenses, some might even be invested.

Budget Worksheet Excel How To Use The

Continue reading below to learn how to use the worksheet to create a zero-based budget.

If you actually get paid biweekly, you may want to base your budget on just two weeks of pay, then use your extra paycheck twice per year to do something special.

If your income varies a lot, you can base your budget on what you expect the minimum for the month will be.

But, I personally follow the principal that everything I have is a gift given to me by God.

However, I believe in putting trust in the law and blessings that come from tithing ( Malachi 3:10 ), so I pay God first.

If you pay a tithe (the pay God first principle), then you can multiply by a percent in excel using a formula such as 10B9 where B9 is the Total Income.

This would also be a place to pull out priority savings to apply the pay yourself first principle.

So, plan for them.

Things like medical bills, home repairs, and car repairs can be budgeted ahead of time so that you have the money when you need it.

For a monthly budget, divide the total average yearly cost of a large bill by 12.

The point is that you have a place called BIG BILLS to remind you to budget for the big important stuff, the stuff that if you dont plan for, could break you.

If you are using a debt snowball, only include the MINIMUM monthly payments in this section The debt snowball is included in the Savings section.

Whether you list your mortgage as a big bill or a debt is up to you.

Some of these could be envelope categories, but in general, these are for bills that you can set on AutoPay.

Many people like to use an envelope system to control the spending in these areas more closely.

Then, if you happen to have 30 left over in Groceries at the end of August, you can reduce your budget by 30 when you plan for September (unless the reason you came in under budget is because you just delayed spending and the cupboards are bare).

Keep in mind that if you have already paid yourself first by putting some money into savings automatically from your paycheck, and if you are already budgeting for the big bills, then this section is where you get to apply anything extra towards goals you feel like tackling.

Or, if you already have a decent emergency fund, put it all towards a debt payoff snowball.

You can easily change values in any part of the worksheet to try to get the Budget Remaining at the bottom of the Savings category to equal ZERO.

Maybe its time to see if your car insurance bill could be reduced.

But, to make a new budget for the following month, you should be tracking those account balances so that you can know what adjustments you can make in your plan for next month.

Free Budget Worksheet Excel For Mac