How To Budget Money On Google Sheet
If you've decided to sit down and create a monthly budget for the first fourth dimension, the process may seem overwhelming.
But making a elementary budget doesn't have to be complicated at all.
How to Create a Unproblematic Budget
Equally an experienced budgeter, I spend nigh thirty minutes a calendar month planning and tracking my spending with Google Sheets.
In this post, I'll show you how to go the task done in only five minutes.
This method is for people who are new to budgeting. It's designed to help you go started without a major time delivery.
- Level of Difficulty: Like shooting fish in a barrel
- Time Commitment: 5 to ten Minutes
- Needs: Google account, Google Sheets app
- Cost: Costless
I'yard going to walk y'all through the process step-past-footstep. To go started, sign in to your Google account or create a new one.
Then, follow this link and click "Become to Google Sheets" to get to work!
Table of Contents
- Open the 'Monthly Budget' Spreadsheet in Google Sheets
- Start With a Make clean Slate
- Plan Your Spending and Gauge Your Income
- Track Your Expenses for 30 Days
- Review Expenses and Arrange Categories for Future Months
1. Open up the 'Monthly Budget' Spreadsheet in Google Sheets
The start step to creating a simple budget is to open the 'Monthly upkeep' spreadsheet that comes with Google Sheets.
I similar this spreadsheet because no technical skills are required to use it.
Once opened, in that location are a few changes that you'll desire to make to the standard spreadsheet on the Summary folio:
- Change the name of the spreadsheet from Monthly Budget to something more specific: January 2020 Budget
- Reset the starting remainder in cell L8 to $0, not the default $1,000
2. Beginning With a Clean Slate
In that location are a couple of pre-filled cells on the Google Sheets budget template that I assume are there to help yous understand how it works.
Nonetheless, these pre-filled amounts likely don't match upwardly with your life.
To get-go your budget with a clean slate, yous have to carefully delete some entries from the Summary and Transactions pages.
I say advisedly because you don't want to mess upwards the spreadsheet formulas.
Summary
Starting on the Expenses side of the worksheet, become to cell D31 and delete the $950 amount in the Planned column of the Dwelling house category. You tin supplant it with $0 for now. Don't bear upon the $one,000 in the Bodily column that'southward immediately to the right in cell E31. We'll fix that in merely a moment.
Next, move to the Income side and navigate to jail cell J29. This is the the line for Paycheck. Delete the $1,450 amount from the Planned cavalcade, but leave the $1,500 in the Bodily column.
Transactions
At the bottom of your screen, discover the tab labeled Transactions. Click on that and here'south what you'll meet:
Like the Summary folio, the Transactions spreadsheet has two pre-filled lines. Hither'southward how to delete them both:
- Highlight the number 5 on the left side
- Right click
- Select "Clear row"
When y'all click back to the Summary page, there should be no pre-filled amounts. You should only see zeros now!
3. Program Your Spending and Estimate Your Income
At present that you lot have the monthly budget template set up, it's time to customize it based on your spending habits and earnings.
We'll exercise this from the Summary page, starting with Expenses on the left side.
Expenses
You can use the expense categories in the template or alter them to any fits your life, but don't overthink it.
Hither'south an example:
I take separate budgets for Groceries and Dining Out, so I change Food to Groceries and use another line for Dining Out.
Once you've come upwards with your major expense categories, program your spending for the entire month.
If you lot had a lot of fourth dimension, you might want to review credit carte du jour or bank statements to make up one's mind exactly how much you lot're spending.
Notwithstanding, that'due south non necessary for this footstep. An judge will practise only fine for your starting time month of budgeting. Over fourth dimension, you lot'll get better nigh planning your spending.
Income
For the income side of the spreadsheet, use data from your last paycheck and other sources to populate the fields.
Once again, you tin modify the income categories if you need to.
For those who have irregular income, this pace is more challenging. Practise your all-time to approximate your income or use an average.
Of import: If you need to add additional rows of custom categories, read this post to learn how to do it correctly.
4. Runway Your Expenses for thirty Days
Now that your expenses and income are planned, you've technically created a simple monthly budget.
Take you checked the time? Hopefully it took five minutes or less.
The side by side step is to track your expenses. That'due south how you'll see where your money is going and build a amend budget for the adjacent month.
Flip over to the Transactions tab to run across how easy this can be.
Here'south my process: When I make a buy, I open up the Google Sheets app on my phone and immediately record the transaction.
Download the Google Sheets app:
- Android: Google Play Shop
- Apple tree: App Store
It typically takes me well-nigh 10 seconds to record a transaction on my phone. I enter the date, amount, description and category.
As yous record transactions, the Summary page is automatically updated.
five. Review Expenses and Conform Categories for Hereafter Months
At the terminate of the month, take a step back to recall about the big picture by reviewing your Summary and Transactions sheets.
Here are a few questions to ask yourself:
- Are you overspending in any categories?
- Are at that place means for y'all to reduce your expenses or increment your income for the following month?
- Do you need to add or subtract any categories?
Expense tracking provides a written report card that you can use to plan your spending for the side by side month and across.
If this template works for you, but create a new one every month.
My personal budgeting strategy starts with this Google Sheets budget template, but I brand several tweaks that you tin can read most here.
The key is to stick with information technology and find your own budgeting fashion. Expert luck!
If yous have questions near creating a unproblematic budget or budgeting in general, leave them in the comments below!
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Source: https://michaelsaves.com/budgeting/simple-budget-template/
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