If you receive an error message when entering the formula, this means that you have made an error in writing your formula.Excel has many other functions that can be used to simplify calculations. The SUM function in excel adds up the value contained within the specific cells, which can either be input individually (B2, B3, B4) or in a range (B2:B4).The whole formula should look something like this: =SUM(B3:B4). Alternately, you can type in the cell range by typing the first and last cells, separated by a colon, into the SUM function. In the example, this would be cells B3 to B4. Then, click the cell to the right of "Net Pay" and drag down to the cell to right of your last income line item cell. In the cell directly to the right of that cell (B5 in the example), you need to create a formula to calculate total income. Create this cell in the next available cell underneath your last income line items (so, if you only have "Net Pay" and "Other Income," this will be cell A5). When you've created cells for all of your types of income, you'll need one that totals up your monthly income. Home Budget - Our original selection of home budget worksheets.Make a cell that calculates total monthly income.Family Budget Planner A yearly budget planner, with the same categories as the household budget spreadsheet.Household Budget Spreadsheet (monthly) - More detailed and includes child expenses.Personal Budget Spreadsheet The 12-month version of the above spreadsheet.Money Manger - A more advanced budget management tool for Excel.After making a change, you should check the formulas to make sure they are still correct. If your Net is negative, that means you have overspent your monthly budget.Īdding or Removing categories: You need to be careful when adding or removing categories, to avoid messing up the formulas used for calculating the totals. The Monthly Budget Summary table in the upper right of the worksheet totals up all your income and expenses and calculates your Net as Income minus Expenses. So, if you spend more than you budgeted for, the value in the Difference column will be red - to help it stand out as a warning. The spreadsheet uses the accounting format where negative numbers are in parenthesis like (115.00), and conditional formatting is used to make the negative numbers red - red means bad in this case. The calculations in the "Difference" column are set up so that negative numbers are bad. Using the Personal Monthly Budget Template See our articles Make a Budget and 5 Basic Budgeting Tips if you are just getting started or new to budgeting. At the end of the month, you record in the "Actual" column how much you really spent during the month.įor a more detailed set of budget categories, see the Household Budget worksheet. This represents your goal - you're trying to keep from spending more than this amount. You record your desired budget for each category in the "Budget" column. The purpose of this type of budget worksheet is to compare your monthly budget with your actual income and expenses. Some numbers are included in the Home Expenses category as an example, but you'll want to replace those numbers with your own. To use this template, just fill in numbers that are highlighted with a light-blue background (the Budget and Actual columns).
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