Crafting a Budget in Excel or Google Sheets for Financial Wellness
Discover how to create a budget in Excel or Google Sheets to effectively manage your finances. Learn budget guidelines, steps to set up a budget, allocation principles, and tools for tracking expenses and savings. Empower yourself with the knowledge to achieve financial freedom and security.
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Presentation Transcript
CREATING A BUDGET How to Create a Budget in Excel or Google Sheets Cindie Horton April 28, 2021
What is a budget? NEED TO KNOW Budget guidelines Steps to set up a budget in Excel or Google Sheets
A BUDGET IS A PLAN FOR SPENDING & SAVING IS A TOOL FOR CREATING WEALTH IS A TOOL FOR ACHIEVING FREEDOM REQUIRES A VISION FOR THE FUTURE AND DISCIPLINE
BUDGET GUIDELINES A budget is a way to balance income, expenses and financial goals for a specific length of time. Necessities = 50% Wants = 30% Savings/Debt Repayment = 20%
My Money Paycheck 1 Paycheck 2 Other TOTAL Plan $ $ Actual 1,450.00 $ 1,550.00 $ Difference (50.00) $ 50.00 $ 1,500.00 1,500.00 3,000.00 $ 3,000.00 $ $ - Freedom/Better Life (aka retirement, education) Plan Beach house retirement Better job (education) Other TOTAL Actual $ $ Difference $ $ $ $ $ $ 300.00 300.00 300.00 300.00 - - - - $ 600.00 20% $ 600.00 20% Want to's Give to church/charity Eat out; go to movies Pay off debt Car downpayment Take a vacation Other TOTAL Plan $ $ $ $ $ Actual $ $ $ $ $ Difference $ $ $ $ $ $ $ 300.00 200.00 150.00 100.00 150.00 300.00 200.00 150.00 100.00 150.00 - - - - - - - HOW TO SET UP A BUDGET IN EXCEL $ 900.00 30% $ 900.00 30% Build your own Excel budget or Google for budget templates. Have to's Eat (groceries) Pay rent Pay utilities Electricity Gas Water/trash Communicate Phone WiFi Go | Car: Gas Go | Car: Insurance Savings (car maintenance, emergency, etc.) Other TOTAL Plan $ $ $ $ $ $ $ $ $ $ $ $ $ 1,495.00 $ Actual $ $ $ $ $ $ $ $ $ $ $ $ $ 1,520.00 $ Difference $ $ (20.00) $ (10.00) $ (10.00) $ $ $ $ $ 50.00 $ $ 25.00 $ 400.00 500.00 70.00 40.00 20.00 10.00 150.00 75.00 75.00 100.00 150.00 75.00 50.00 400.00 500.00 50.00 30.00 10.00 10.00 150.00 75.00 75.00 150.00 150.00 100.00 20.00 - - Budget Apps - - Income = Freedom + Wants + Needs - - - $ 25.00 50% 51% GRAND TOTAL $ 5.00 100% $ (20.00) 101%
HOW TO SET UP A BUDGET IN GOOGLE SHEETS 1. 2. 3. 4. Open a Google Sheet Create Income and Expense Categories Decide What Budget Period to Use Use Simple Formulas to Minimize Your Time Commitment Input Your Budget Numbers Update Your Budget 5. 6. Source: Tiller Money | How to Make a Budget in Google Sheets (Step by Step)
