I haven’t been this excited about a template for a while, but this Monthly Personal Budget Template for Excel is one that I am really stoked about. For starters, I want to start by saying that I have since migrated my personal finances to this template so I can track spending and budgeting to a greater level of detail. With that said, this personal monthly budget will allow you to track, forecast, and manage several layers of your finances. In addition, this budget will work for a household budget, family budget, and multiple account budget. Thus making it now my personal favorite, and in my eye, the best monthly personal budget template in Excel.

Monthly Personal Budget Template for Excel

Availability: Tested in Microsoft Excel 2010, 2013
Features: Budget categories including Housing, Living, Transportation, Entertainment, Bills, and of course Income! Predict major budget items such as recurring bills and set placeholders for upcoming expenses, along with the ability to track miscellaneous spending back to a budget. In addition, the ability to do all of this for up to 12 months!
Functionality: This template was designed in Excel 2013, and has had testing in Excel 2010. I have not tested in 2007 yet, so if any bugs for Excel 2007 or Excel 2010 please let me know. The workbook contains no macros, and is based largely on Excel tables, formulas, and charts.

Excel Monthly Budget Worksheet 271.76 KB 41304 downloads

Use this excel template to manage your monthly personal budget. ...

About This Template

This Excel Template can be broken down in to three categories. Budgets, Transactions, and Registers. I’ll give a brief explanation on each of these core areas.

Budget Tracking & Management

The budgeting portion to me is one of the best pieces to this template. From here, you can go through and setup all of your budget items both credits (income) and debits (expenses). When setting these budgets you only need to enter in the first two columns, using ‘Income’ as an example. In this table, you can simply add and remove items to the tables and they will automatically update to the categories in the transaction lists I’ll talk to in a moment.

In the budget section, here you can allocate how much you expect to get for income, along with planning expenses during the month. Sure we all know bills and due date, but what about that extra saving to do some remodeling? Or how about you just want the ability to easily track your multiple transactions back to a planned single budget, like groceries? In this template, whether it is planned expense or unplanned, they all map back to a budgeted item and are easily monitored from there with a status icon. Green, Yellow, and Red. Easy right?

Transaction Forecasting & Actuals

The transaction areas is set into three areas so you don’t get confused in a massive list.

The first, budgeted credits. This section is to plan out distinct dates and amounts for an expected deposit or credit. For instance, you can budget on the left that you expect $3,000 in a month, but that amount may be split over multiple transactions. By adding items to the income section, you can budget credits to a transaction level thus allowing the forecast of the register section. After the transaction becomes reality, you can enter the final amount and set the status to ‘cleared’. NOTE: DO NOT ENTER DEBITS IN THE CREDITS SECTION (the math will get skewed)

Next we have the budgeted debits section, which operates just like the budgeted credits section except for known large debits. Here you will most likely use items like bills, or large budget hitters that you are planning for. For example, and auto payment or groceries. Enter in your expected debit information to help build your forecast. After the transaction becomes reality, you can enter the final amount and set the status to ‘cleared’. NOTE: DO NOT ENTER DEBITS IN THE CREDITS SECTION (the math will get skewed)

Lastly, we have the miscellaneous transaction section. This works for BOTH credits and debits, and should be used in theory of ‘transactions along the way’. Here is what I mean by this…Let’s say you budget $400 a month for groceries (set in your budget/allocation), the idea is that you don’t go to the grocery store only once a month and spend $400, at least I don’t. So let’s guess that maybe you go once a month for big spending, and then go back a couple of times for little stuff (milk, eggs, etc.). You would budget a large debit transaction in the above section, and use this transaction section to pick up all the little stuff as you go. NOTE: YOU CAN ENTER ANY TIME OF TRANSACTION HERE (CREDIT/DEBIT)

Acount Register & Balance Monitoring

Perhaps this is my favorite section. It takes all the work you have done to build your monthly budget and maps it out as an account balance over the course of the month. Show both credits and debits as total sums, it will give you an idea when the account will be tight, or when you got a little extra breathing room.

I personally love this feature because I don’t have to do anything to it, it just populates itself based on input to the other sections…like magic. One other note is that since this is a 12 month budget, you can see if that extra $500 you blow on something silly will be a problem in the future. To me, that really shows the power of being in control of your finances.

And there you have it…

My apologies for the lengthy thread on this template, but I feel this budget template is completely worth it to at least download and give it a try. After all, it’s free so there isn’t much to think about right? So as always, if you have any questions or suggestions for improvement, please submit them in the comments section below. I’ll be monitoring this one closely.