Money is, without a doubt, necessary for survival. Basic living expenses must be met to maintain a reasonable quality of life, which most people can achieve if their finances are properly managed. Making a budget is one of the most effective ways to manage personal finances.
Making a budget can help you keep your finances organized while also limiting the amount of debt you may need to live the way you want. Budgets aid in the planning of monthly expenses, activities, needs, and even your financial future.
Personal finance management may appear to be a daunting task, but it does not have to be—budgeting and personal finance spreadsheets are widely available online. For 2022, here are 20 personal finance excel templates.
Personal finance excel template
In 1979, Dan Bricklin and Bob Frankston developed the first financial spreadsheet program.
Since then, the technology has been adopted by businesses, banks, and governments, who use spreadsheets to create budgets, track spending, and create financial reports.
A spreadsheet, like a business, benefits a person’s finances by putting all of the information in one easy-to-read location.
This allows you to see how much money you have and how it is spent, allowing you to budget your money appropriately for your needs.
Read Also: Budget Manager: Jobs, Salary, Education
Why manage Budget?
Let’s face it, money drives the world we live in. We go to school to obtain a good job, and we engage in business and other related activities to make money. All of our efforts will be for naught if we do not properly manage our finances.
The majority of people spend more money than they earn. To be financially successful, one must develop the habit of spending less than one earns and investing the difference in business ventures that will multiply the money invested.
Major components of a personal finance system
This is a basic personal finance system so we will consider the following components;
Projected income – this is the money that you expect to earn now and in the future.
Budget – this is a list of the items that you expect to buy, quantities, and their respective prices
Actual income – this is the actual money that you earn as time progresses
Actual expenditure – this is the money that you spend buying things
The variance between the projected income and actual income gives us the performance indicator of how accurate our estimates are or how hard we are working.
The variance between the budget and the actual expenditure gives us the performance indicator of how disciplined we are when it comes to sticking to a budget.
Read Also: Best Budget Apps For Couples
Top 10 Behavioral Interview Questions and Answers
Since saving is a part of the goal of having a personal finance system, the actual income vs. the actual expenditure say monthly gives us an idea of how much we would save over a year.
Best personal finance excel template
The Federal Trade Commission is the best personal finance excel template offers a website to educate consumers about money, including how to budget.
20 Personal Finance Excel Templates
1. The Federal Trade Commission’s budget worksheet
How it works: The Federal Trade Commission has a website dedicated to educating consumers about money and budgeting. Consult the “Make a Budget” worksheet to get started.
Fill in the fields on the PDF to see if you’re making more money than you spend or spending more money than you make.
What we like: Numbers and formulas can be intimidating when it comes to budgeting, but this simple worksheet is anything but. If you’ve never budgeted before, this is a great place to start.
Where to get it: On Consumer.gov, download the PDF from the “Toolbox” tab.
2. NerdWallet’s budget worksheet
How it works: Enter your monthly income and expenses into this online form.
The worksheet uses this information to show how your finances compare to the 50/30/20 budget breakdown, which recommends allocating 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment. These worksheets are also available in Excel format.
What we like: This thorough worksheet prompts you to consider a wide range of expenses — from life insurance premiums to travel expenses to credit card payments — so you don’t miss anything. You can also see worksheets specific to your situation, whether you’re a college student, parent, homeowner, senior, or none of those.
Where to get it: Find it on NerdWallet, of course: budget worksheet.
Check Also; Top 10 Free Budgeting Apps In 2022
3. Microsoft Office budget templates
How it works: Keeping a spreadsheet up to date takes discipline, and creating one from scratch takes time. By using a pre-made Excel template from Office, you can avoid the hassle of setting up rows, columns, and formulas.
A household expense budget, a holiday budget planner, and an event budget are among the templates available.
What we like: There’s a budget template for almost any situation, from simple to complex. Access Excel online and work on the same document with others at the same time.
Where to get it: Visit templates.office.com and click “Budgets” to find an Excel file to download. Or sign in to Microsoft and edit in your desktop browser.
4. Google Drive budget spreadsheets
Google Drive is a cloud-based file storage service that allows users to create, upload, and share files. If 15GB isn’t enough, you can upgrade to a higher storage plan. Pre-made templates, such as an annual budget and a monthly budget, are available in the Sheets app for Drive.
What we like: You can bring your budget with you by logging in to your Google Drive account from your smartphone, tablet, or computer. You can also share access to a household budget with other members of your family.
5. Mint lifestyle templates
How it works: In addition to Mint’s well-known app, the money manager offers budget templates, too. Choose your desired budget, then use the pre-made format to guide your categorization of spending.
What we like: There are demographic-specific options that fit a variety of life stages. Students will benefit from the college template, while parents of young kids will appreciate the daycare template.
Where to get it: Download an Excel file from Mint.
This site provides several free monthly budget templates for Excel users. Choose from a variety of spreadsheets, including ones for tracking income and expenses, personal monthly budgets, wedding budgets, and more.
The Budget Calendar Template is for those who need help managing their spending daily. It allows you to track expenses using a calendar format and shows you when monthly bills need to be paid.
It includes daily account balances to keep you from going overdrawn.
Before you download any template, you can click on the link to the budgeting worksheet for a full description and screenshot of the layout to see if it will work for you.
7. Tiller Money
Entering your financial data into a budget spreadsheet can be time-consuming and discourage you from keeping track of your finances, but Tiller Money can help.
The site organizes your finances and automatically updates your spending, income, and balances in a budget template in Google Sheets or Microsoft Excel each day.
This reduces the amount of time it takes to track your finances, which is a barrier many people face when it comes to taking control of their finances, according to Wang.
You have the option of creating your budget spreadsheet or using an existing template, which gives you more flexibility in formatting the budget to meet your specific requirements.
After a free 30-day trial, Tiller Money is $79 a year.
8. Personal Capital
A basic budgeting template may not be enough to optimize your money management when your finances become a little more complicated and you have multiple investment accounts and income sources.
Personal Capital may be a better fit for your budgeting needs in this case. To get a snapshot of your total financial picture, connect all of your financial accounts through its personalized dashboard.
You can use this dashboard to track your net worth in addition to keeping track of your spending, investments, savings, and other goals.
Budgeting may feel overwhelming at first, but it’s an easy financial skill to master once you get started.
You just need to find a template that fits your money needs – and stick with it until it becomes a habit.
9. Money Management Template
When you’ve got a mortgage, children, a car payment, and other expenses to keep track of, it’s hard to balance the budget and avoid overspending. You need a level of financial awareness that perhaps even Paul Krugman doesn’t possess. Or, you could just fire up Excel.
This home finance spreadsheet can give even You Need A Budget software a run for its money. It allows you to create a yearly budget to make projections about income and expenses while taking care of variable expenditures and changes in income.
10. Personal Monthly Budget Worksheet
If you do not have a family and wish to take control of your finances, you may want to check out this personal monthly budget spreadsheet.
This personal expense tracker for Excel lets you create a budget just for you, and then compare it against what you spend. There are fields for daily expenditures, as well as entertainment and discretionary spending. It’s easy to use too.
The spreadsheet only spans a single page and can be printed on one sheet of paper in portrait orientation.
11. College Budget Template
The transition to university is difficult. You’re away from your parents for the first time, and you have to deal with everything they did for you beforehand—washing, cooking, and cleaning.
You’ve got to pay attention to your finances and avoid overdrafts and credit cards. What’s the best way to do that? With this college budget spreadsheet, of course.
This allows you to plan for the cost of studying for months, semesters, and years. It will help you to maintain a positive balance in your bank account.
12. Christmas Gift / Holiday Spending Budget
It’s the most wonderful time of the year, as the song goes. Christmas is also one of the most expensive times of the year when families dig deep into their pockets to buy extravagant presents.
But, it doesn’t have to be this way. This spreadsheet allows you to set a total budget, allocate it on a person-by-person basis, and use that as a guide for your gift-buying strategy.
14. Travel Budget Worksheet
If you love to travel, you need to be meticulous in planning your costs.
With this beautiful travel budget worksheet, it is easy. The spreadsheet lets you set a total budget, subtract accommodation and transportation, and then factor in discretionary spending.
15. Money Manager for Kids
Many parents give their children an allowance. It’s a great way for them to learn about the inherent value of money and buy the things they want.
It’s also a great way to teach them about budgeting and saving.
So, why not also allow them to visualize their progress with this money manager for kids? It’s a budgeting template but packaged to appeal to young minds.
16. Income Statement Template
An income statement is a document that declares how much you earned, and how much you spent. They’re used in businesses and households alike to give a picture of financial health.
This spreadsheet is designed for small business owners. It allows you to thoroughly and meticulously take control of your business’s finances.
17. Savings Goal Tracker
Saving money is hard. Especially when you don’t have a solid goal, other than to “have savings”. And let’s face it, there are a lot of shiny things on sale, that can easily pry your money from your wallet.
How do you deal with this? By visualizing your goals and charting your progress towards them. And what better way to do that than with this savings spreadsheet?
For additional help with saving money and reducing spending, take a look at these helpful apps and sites.
20. Credit Repair Spreadsheet
Times are tough. Many people are struggling. They may be unable to make their car and credit card payments on time, and they may discover their credit has been severely damaged.
But you can do something about it. Repairing one’s credit is not only possible, but it’s also relatively painless. With this spreadsheet, you can work towards rehabilitating yourself in the eyes of the credit reporting agencies.
21. Extra Payment Mortgage Calculator
Mortgages are a bit like house guests. The sooner you’re rid of them, the better. The best and quickest way to get rid of a mortgage is to make extra payments.
So, why not check out this extra payment calculator, which can show you the benefits of reduced interest when you pay off your mortgage in extra chunks. Brilliant!
22. Credit Account Register Template
Lots of people do all their spending on a credit card. If you pay off your balance in full each month, it’s a great strategy.
You’ll see faster resolution times if someone steals money from your account, and you can rack up thousands of points that you can spend on free goodies like hotel rooms and flights.
To make sure you’ve got a firm grasp on how much money you’re spending on credit, use this credit account register template.
23. Money Tracker
We’ll leave you with a budgeting app that’s been specially designed for use on the smartphone version of Excel. Columns are narrow and less cluttered, so it’s much easier to update on a small screen while you’re on the go.
Each column also has a drop-down list. You can use it to easily add the date or select one of your most common payees.
FAQs on Personal Finance Excel Template
How do I create a financial plan in Excel?
Step1: Open a Blank Workbook. …
Step 2: Set Up Your Income Tab. …
Step3: Add Formulas to Automate. …
Step 4: Add Your Expenses. …
Step5: Add More Sections. …
Step 6.0: The Final Balance. …
Step 6.1: Totaling Numbers from Other Sheets. …
Step7: Insert a Graph (Optional)
Creating a budget
Step 1: Note your net income. The first step in creating a budget is to identify the amount of money you have coming in.
Step2: Track your spending. …
Step3: Set your goals. …
Step 4: Make a plan. …
Step5: Adjust your habits if necessary. …
Step 6: Keep checking in.
If you already have Microsoft 365, I strongly encourage you to give Money in Excel a look. It’s a free download and, on its own, it is a solid piece of financial software that doesn’t push you with ads. However, unless you already have a use for Microsoft 365, it’s not worth subscribing to Microsoft 365 for this alone.
Define Your “Why” Maybe you want to pay off debt or save up enough for a big trip. …
Set Financial Goals. …
Make Sure Your Goals Are Realistic. …
Keeping Track Of Paychecks. …
Analyze Where You Are Spending Money. …
Divvy Up Your Paycheck. …
Incorporate Sinking Funds. …
Take Away Temptation To Overspend.
An Excel budget template makes it easier than ever to manage your finances. Simple in design, this personal budget template shows your income, expenses, savings, and cash balance at a glance to help you track how you’re doing from month to month.
Budgeting can be intimidating, but knowing where to start and how to do it can help.
Staying on top of your spending and fixed expenses is a crucial part of building wealth and being financially secure, regardless of your financial goals or how much money you have in your bank account.
If you use some of the personal-finance excel templates we’ve recommended, you’ll notice a significant improvement in your overall financial situation very quickly.