Creating a Monthly Budget Template in Google Sheets: Everything You Need to KnowJan 10, 2023
What is a Monthly Budget?
A personal monthly budget template is a fantastic document for anyone that wants to get a grasp on their finances and establish how much they are earning and spending each month.
The right free monthly budget template will provide you with an oversight into your total earnings and costs and will allow you to budget accordingly for future plans, purchases, or holidays.
Simple Sheets offer a wide range of free budget templates for you to choose from to use on Google Sheets or Microsoft Excel. Whether you require an intuitive budget template or a basic budgeting template, we've got you covered!
How To Start Your Budget
Creating a Google Sheets budget spreadsheet is quite simple once you understand the process.
Tally up your overall monthly income.
Tally up your overall monthly expenses.
Take away your expenses from your budget.
If done correctly, your monthly budget planner will highlight your actual spending habits and cash flow.
Tally Up Your Monthly Income
Firstly, you need to establish every source of income you have. That might include your salary, freelance payments, inheritance from family, benefits, and other monthly incomings.
Make a list containing all of these sources of income and tally up what the overall total is each month. This number should factor in taxes, and any payments that fluctuate each month should be averaged out.
Tally Up Monthly Expenses
Secondly, establish a list of all of your monthly expenses. That list will include non-negotiable expenses, like rent, utilities, and other essential outgoings. It will also include other expenses such as food, gym memberships, TV memberships, and other variable and negotiable costs.
Take Away Expenses From Income
Once you have established those two figures, subtract your expenses from your income, and see what number you end up with. The higher the number, the more profit you are making each month.
If you are not happy with your end number, revisit your expenses and see if any of those can be removed.
To do this, you can create expense categories, and create a specific budget category for unnecessary expenses, such as a Netflix account or a gym membership. Essentially this category of your monthly budget can include anything other than utilities and other necessary payments.
How To Stick To Your Budget
Creating a budget is the first step and one that many people are capable of completing. However, sticking to a budget is much trickier, and requires you to stick to several rules:
Continue to regularly track your expenses
Execute weekly budget check-ins so you remain on track with your budget goals
Constantly review your budget to factor in changes to expenses or income
Advantages of Budget Templates
Gives control over spending and saving: Setting a budget allows you to categorize your spending and saving into clear categories, which allows you to control where your money is going, and dictate your spending on a deeper level.
Helps track expenses: If you often notice you overspend frequently, a budget allows you to keep an eye on your money, and prevent this from happening as often.
Can reduce financial stress: Breaking down your income and spending into budget categories allows you to better understand your money better and removes some of the stress that finances can cause.
Why You Need a Budget
Having a monthly budget is essential for taking charge of your money. Understanding your current balance, identifying irregular expenses, and following a budgeting process are essential for learning your actual expenses, achieving savings goals, and achieving financial stability.
Whether it is a wedding budget or an everyday budget, you can access Simple Sheets budget templates in Google Sheets, all you need is a Google Sheets account, and access to our three-day free trial.
Frequently Asked Questions about an Annual Budget Template
Can I get a free Google Sheets budget template?
Simple Sheets offer a range of monthly budget templates that you can use to create your perfect spending plan and save money. You can access these for free with a three-day free trial.
Is a budget spreadsheet worthwhile?
Absolutely! A Google Sheets budget template is much more effective than most budgeting apps and can be used for a zero-based budget, or many other forms of budget.
Are all budget spreadsheets built the same?
Unfortunately, not every provider of Google Sheets budget templates offers the same quality for you to rely on. Some won't allow you to categorize expenses, whereas others are not formatted for the Google Sheets app. Rest assured that this is not the case for Simple Slides.
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