Create a Monthly Budget in Excel (Tutorial – Under 10 Minutes!), by Next Level Budget on YouTube. 7 min 22 s.
- Video length
- 7 min 22 s
- Time to do it
- 20 minutes
- Difficulty
- Easy
- Steps
- 10
What you need
Steps
Open a blank workbook and type a title in cell A1, such as Monthly Budget. Add the month and year in A2 so you can tell copies apart.
In row 4, add column headers: Category in A4, Planned in B4, Actual in C4 and Difference in D4. Bold the header row.
List your income sources under the Category column, such as salary and side work. Put the expected amount in Planned and the real amount in Actual.
Below the income, add a Total Income row. In the Planned cell type =SUM(B5:B8), changing the range to match your income rows. Copy the formula across to Actual.
Add a blank row, then list your expense categories like rent, groceries, transport and subscriptions. Fill in Planned and Actual amounts for each.
Add a Total Expenses row with =SUM() over your expense rows, then a Balance row that subtracts expenses from income, like =B10-B20.
In the Difference column, subtract Planned from Actual, for example =C5-B5. A positive number means you spent more than planned.
Select the money columns, open the Number Format dropdown on the Home tab and choose Currency. Set the decimal places to 2.
Add a light fill colour to header rows and a bold border around totals so the sheet is easy to read at a glance.
Save the file as an Excel template or copy the sheet each month, then clear the Actual column and enter new figures.
Tips and common mistakes
Use a separate row for every expense so you can see exactly where money goes.
Keep the Planned column realistic based on last month's Actual figures.
Lock the formula cells so you do not overwrite them by accident.
Check the Balance row each month and adjust categories that regularly go over.
Questions
Do I need to know Excel formulas to do this?
No. You only need basic SUM and subtraction formulas, and you can copy them down the column once they work.
Can I reuse the same budget every month?
Yes. Save a blank copy as a template, then clear the Actual column and enter new figures each month.
What if my income changes each month?
Leave the Planned figure as an estimate and update the Actual column with the real amount when you are paid.
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.
