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The potential to save is the amount of money a person can save in a month either by an increased income or a decreased spending. What does the "Potential to Save" value mean? The following groups are reflected in this chart: The line chart depicts the status of the various categories, such as income and expenses for each month relative to the previous month.
![excel spreadsheet personal budget and spending excel spreadsheet personal budget and spending](https://www.smartsheet.com/sites/default/files/IC-Family-Budget-Template.png)
The chart enables you to determine categories with most and least expenditures, which can help you to analyze your budget farther and possibly identify some categories with partly or altogether avoidable expenses. This pie chart shows the percentage share of the summarized expenses incurred throughout the year.
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Potential savings made by an individual are calculated by simple subtraction of the sum of the Total Savings Goal and the Total Expenses from the Total Income. It also helps with making better savings and expenditures decisions. The monthly analysis helps to obtain a projected image of the overall savings targets that individuals aim to achieve and the amounts they can potentially allocate towards their savings. The net value of the savings goal is calculated monthly, as well as on the basis of an aggregated annual amount of savings. The savings goal can be a single goal or a set of projected goals. The worksheet also includes a savings goal set for each month that one should aim to achieve through successful budgeting. There are various sources of income included by default in this template:
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The first worksheet is the personal budget worksheet that will hold the details of the possible sources of income, as well as amounts received through each of the sources. Check out a list of money saving products I use, in order to drive your costs lower on things like cell phones, internet, energy, water, insurance, and much more.Start by downloading the template and recording into the spreadsheet your income, followed by expenses. It will be a lot of hard work and a challenge, but completely worth it. Now that you know what your budget looks like, the fun work begins – optimizing your monthly budget. Ideally, this personal finance budget planner will allow you to predict how much cash flow you have available to spend during a given month so that you can plan throughout the year. You should really only need to update your sheet periodically as an income or expense item changes in amount, or at the end of every month as you you receive your statements. Next, you will want to fill out your one-time items:įinally, add your totals on the corresponding rows (12 and 45 in the original) on the ‘Total Budget’ sheet: First, grab your W2 so that you can input all of your income rows, in the section as shown below: Here is a step-by-step process for filling out your budget.ġ. However, make sure that the formulas in the ‘Total’ rows compensate for your alterations. How to Use your Free Personal Budget Planner SpreadsheetĮveryone’s personal income and expense lines are going to vary slightly from what you will find in this personal budget planner. csv spreadsheet file, you can also select ‘File’ and ‘Download’ to download the spreadsheet in the format of your choice. If you prefer an offline Excel (.xlsx) file or. Do not request to share as that will not do anything – just make a copy and use the copy for your personal use. Now you should be able to edit your own version in Google Docs. If you do not have a Google account, create one here. In order to save and edit your own version of this spreadsheet, you’ll need to first log in to your Google account, select ‘File’, and ‘Make a Copy’. You’ll notice that you cannot edit this spreadsheet. Select ‘File’ and ‘Make a Copy’, or ‘File’ and ‘Download’.Sign in to your Google account (if you aren’t already).Follow this link: personal budget planner (Google Drive).Free Budgeting Spreadsheet – Excel or Google Sheetsįor the free Google Drive personal budget planner spreadsheet: I have also included an easy-to-follow tutorial on how to use these spreadsheets. The spreadsheets included in this post have brought theory full circle and will give you the functional tool to do it. Recently, I posted an article about how to create a personal budget, which gave the theory behind creating an easy to use personal budget.