Download Personal Budget Excel Template

Personal Budget Template is a ready-to-use template in Excel, Google Sheet, and Open Office that helps you manage and plan individual budgets effectively.

This article contains the Personal Budget Excel Template with graphs and predefined formulas. For a Corporate Budget please click here.

What is Personal Budget?

A personal budget is a financial plan that allocates your income towards routine expenses eventually helping to do savings or debt repayments.

Budgeting is similar to dieting. During dieting, we make a schedule of what we eat and try to reduce the extra pounds that we have put on.

Similarly while Budgeting, we track our incomes and expenditures to decrease/cut-down unnecessary or unwanted expenses.

Why Personal Budgeting Is Important?

Usually, people neglect budgeting in personal financing. As a result, we even don’t know when we cross the borderline. Our spending increases more than our incomes and we start to accumulate debt.

Here are a few things budgeting helps in:

• The first and foremost thing is that it helps us to keep an eye on our spending.
• In case we don’t have a deficit, budgeting helps in achieving our financial goals. Be it buying assets like cars, home, gadgets, or luxuries.
• Moreover, budgeting helps you to plan a better retirement.
• Proper personal budgeting can help us get rid of our debts. These include loans, mortgages, credit card debts, etc.
• As budgeting helps grow our savings, you can use that money for developing skills in this competitive job markets.
• Accidents, severe illness, disability, or job loss don’t inform us before coming. These things are sudden. In case you don’t have proper money planning you will have to suffer or else increase debt. With personal budgeting, you can have money for such unexpected emergencies.
• Planning and monitoring your budget helps you identify the wasteful expenditures.
• Creating a budget will decrease your stress levels because you will be ready for your upcoming expenses in advance. You will not have any surprises.
• It provides you with financial freedom.
• Retire early. You start thorough planning, management, and investing money from your savings you can plan your retirement.
• You can manage your money and make early repayments of your loans and save on interests.

A personal Budget is nothing but efficient management of your money in such a way that you have enough savings and less or no debts.

Thus, budgeting is very helpful and should be an important part of our financial management.

Components of a Personal Budget

A personal budget consists of 3 main components: Income, Expenditure, and Savings.

The income part includes income from every source like salary, pension, reimbursements, dividends from invest meant in the stock market, income from rental property, etc.

The expenditure part includes both fixed and variable expenses. Fixed expenses are of the same amount and recurring in nature. For example, loan EMIs, mortgage payments, 401K payments, insurance payments, etc.

Whereas variable expenses are of the different amounts each month. For example, groceries, fuel, transportation, entertainment, gifts, shopping, etc.

The saving part includes money allocation for our financial goals. For example, retirement plans, saving for emergencies, investment, or education.

Personal Budget Template (Excel, Google Sheet, OpenOffice)

We have created a Personal Budget Template with predefined formulas and a graphical overview of the financials.

Excel Google Sheets Open Office Calc

Click here to Download All Personal Finance Excel Templates for ₹299.

You can also download personal finance templates like Debt Reduction Calculator, Monthly Household Budget, and Loan Amortization Template from our website.

Note: To edit and customize the Google Sheet, save the file on your Google Drive by using the “Make a Copy” option from the File menu.

This template is useful to everyone but especially for working individuals and students.

Let us discuss the contents of the Personal Budget Template in detail.

Contents of Personal Budget Template

This template consists of 5 sections: Header Section, Income Section, Savings Section, Expenditure Section, and Graphical Overview Section.

Header Section

The header section consists of the heading of the Personal Budget template and the month for which the personal budget is prepared.

Income Section

In this section, you need to input all the different income generating sources of an individual. Income-generating sources include Salary, dividends, income from interest, rental income, etc.

Savings Section

Saving Section consists of general saving, money for any emergency, saving for retirement policies, etc. This section can be customized as per your needs.

Expenses Section

This section consists of subcategories of expenses like general expenses, Travel, family expenses, recreation expenses, health expenses, and holiday expenses, etc.

General Expenses include rent, insurance, utility bills, ISP bills, maintenance, etc.

While travel expenses include car EMI, Auto Insurance, fuel, public transport, and maintenance of personal vehicles.

Family expenses consist of groceries, childcare items, laundry, clothing, etc.

Recreation expenses will include movies, DVDs, concerts other outdoor activities.

Health expenses include health insurance, gym fees, doctor’s fee, medicines, etc.

Holiday expenses include airfare, hotel, food rent a car, etc.

Graphical Overview

The graphical Overview section consists of the difference between incomes and expenses along with savings and how much more one can save additionally.

This overview will give you an idea to plan for early loan repayment or debt clearance. you can also plan for the purchase of an asset-based on these savings.

Both income and expenditure are shown graphically. The percentage-wise share of income, expenditure, and savings is also shown in the pie chart format.

Personal Budget Results

There are three kinds of budget results, Surplus, Balanced, and Deficit. The surplus budget means Actual expenditure is less than the estimated. Balanced Budget means that the estimated and actual expenditure is equal. A deficit Budget means that the actual expenditure is higher than the estimates.

If your budget is a surplus budget, then profits can be anticipated. Whereas if your budget is balanced, then we need to improve the execution. But if our budget is a deficit budget, then high debts and losses can be expected. This eventually leads to bankruptcy.

Thus, we need to prepare, plan, and execute a budget plan that helps us to acquire a surplus budget.

Other Budget Templates

Business Budget Templates

Personal Budget Templates

Personal Budgeting Tips

Few personal budgeting tips that can help you simplify budgeting:

• Find your purpose. A predefined purpose keeps us motivated. It can be controlling your overspending, repayment of the debt, planning a wedding or a baby, etc.
• For some people, the word budget often gives a sense of scarcity. Use appropriate positive language. You can call it a spending plan or a saving project etc.
• Moreover, choose your budgeting method. There are 7 types of budgeting methods. Choose that best suits you.
• Additionally, differentiate between your needs and wants. Prioritize expenses that are suitable to your needs.
• Always prepare for emergencies to avoid panic. Hence, it saves you from unnecessary debt or loans.
• You need to automate payments for recurring expenses to avoid penalties.
• Review your subscriptions regularly. Eliminate multiple subscriptions for a similar purpose.
• Revise the budget and check if you can add more to your savings as well as debt clearance.

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