Create a Personal Budgeting Spreadsheet Template to Save Time
A personal budgeting spreadsheet template is just a generic word used by the financial experts for making a financial plan. It contains a list of the expenses which the individual is going to spend on each month.
To create a personal budgeting spreadsheet template you can use Excel, Microsoft Access or Google Docs. You can easily find such templates online and download them.
The first step in creating a budgeting spreadsheet template is to choose a different income or expenditure category. For example, you can choose from expenses, savings, credit card charges or investments. After you have made the selection, the next step is to develop the income category.
In the income category you can enter your yearly income and subtract the amount you are going to spend on travel, entertainment, house rent, car expenses, food and tobacco. To add up the income you need to add your salary and any other supplemental income, for example, overtime payments.
The next step is to choose the saving category. For example, if you have other regular savings such as income from your investment and business investment, then select this category. This category needs to be added according to the bank account balance.
The next step is to select the expenditures category. In this category you need to list all the basic and non-basic expenses.
These basic expenses include housing, food, transport, clothing, personal expenses, household utilities, fuel for transportation and household utility bills. Other basic expenses such as child care, babysitting, cleaning and laundry are not included in the basic expenses.
To further simplify the procedure, let us assume that you have nothing to do during the weekend but you want to enjoy the weekend activities by watching television and you want to enjoy the weekend for your entertainment expenses. In this case you need to combine the entertainment expenses to include the vacation day and personal time in the expenses category.
It is now time to check the savings category to make sure that the savings category is not big enough to cover all the expenses. If it is not enough, you can change it by adding another category with a smaller savings amount.
Last step is to check the expenditures category to see if you can eliminate all the extra expenses. If there are some unneeded expenses you can eliminate them by eliminating them from the category.
In my opinion, creating a personal budgeting spreadsheet template is just a simple task, but requires much work. But the creation process is an exciting experience as it saves you from having to make financial plans every month. PLEASE READ : Personal Budgeting Spreadsheet Excel