How to Create Your Own Payday Budget Spreadsheet | Step By Step Guide Excel | Simple Budget Tracker, by Laura on YouTube. 28 min 34 s.
- Video length
- 28 min 34 s
- Time to do it
- 30 minutes
- Difficulty
- Easy
- Steps
- 9
What you need
Steps
Open a blank spreadsheet and name the first tab Budget. In cell A1 type Month and in B1 type the first month you are budgeting for.
Set up an income block. In A3 type Income, then list each source in column A and the amount in column B. Add a total with =SUM(B4:B8) in the row below.
Create a bills section starting a few rows down. Type Bill in column A, Amount in B and Due date in C. List rent, energy, phone, subscriptions and any loan payments.
Total the bills with =SUM under the amount column. Subtract the bill total from the income total to get your leftover money for the month.
Add a spending section for variable costs like food, fuel and fun. Give each category a planned amount in column B and leave a column for what you actually spend.
Add a savings row. Set a fixed amount you move on payday and treat it like a bill so it gets paid first.
Format the money columns. Select them, right click, choose Format Cells, then Currency, and pick your symbol with two decimal places.
Copy the sheet for each month. Right click the tab, choose Move or Copy, tick Create a copy, then rename it with the new month.
On payday, update the actual spending column and check the leftover figure. Adjust next month's planned amounts if a category keeps going over.
Tips and common mistakes
Round every amount to the nearest pound or dollar so the sheet stays quick to update.
Put savings at the top, not the bottom, or it will be the first thing you skip.
Keep one column for planned spending and one for actual spending so you can spot where the money leaks.
Save a backup copy in cloud storage in case your computer fails.
Questions
Do I need Excel to do this?
No. The same layout works in Google Sheets, LibreOffice Calc or Numbers. The formulas are the same.
How often should I update the sheet?
Update it on payday when you set the month up, then add actual spending once a week so it stays accurate.
Can I track savings in the same sheet?
Yes. Add a savings row in the bills section and treat the transfer as a fixed cost each payday.
This guide was drafted from the video's details and general task knowledge. It has not been checked against the full video. Check the video and relevant product instructions before following a procedure. Report a correction.
