Budgeting with Google Sheets: A quick guide | Wrike (2024)

You’ve got Google Sheets open on your laptop, a tool you’re already familiar with, and want to use it to track your finances. What next?

We’ve got you covered. This guide will teach you all about budgeting with Google Sheets, including how to use a budget template.

Need something more advanced? Google Sheets is great for starting out, but Wrike takes you to the next level. With Wrike, you can:

• Visualize your budget with shareable dashboards
• Keep track of every dollar in real time and personalize your analytics boards to reflect your budgeting goals
• Estimate and track financials with the budgeting template

Improve project profitability from start to finish in Wrike — start your free trial now.

So, are you ready to learn all about budgeting and see your financial goals come to life? Let’s roll up our sleeves and get started.

The importance of budgeting

Have you ever faced a quarterly review where the figures didn’t align with expectations, leaving everyone around the table anxious? Or had to indefinitely postpone a potentially groundbreaking initiative simply because the budget didn’t allow it? Such moments highlight the invaluable role of budgeting. It’s moments like these where smart budgeting shines.

Whether setting aside funds for unforeseen business challenges, investing in new products, or simply ensuring operational costs are covered without strain, a budget is your roadmap. The confidence that comes from knowing precisely how your funds are allocated is invaluable. No more sleepless nights worrying if your company can sustain its operations. Instead, you rest easy knowing you’ve got a strategy in place and you’re following through with it.

Benefits of using a budget template

Using a budget template can simplify the budgeting process and make it more efficient. Google Sheets offers a range of templates that are easy to use and customizable to your needs. Here are a few key benefits of using a budget template:

• Efficiency: Predesigned frameworks eliminate the need to create a budget from scratch, saving you time and letting you focus on analyzing your finances.
• Organization: Categories for income, expenses, and savings are available for you to input your financial data into the designated cells neatly.
• Accuracy: Built-in formulas and calculations reduce the likelihood of errors in your budget calculations.
• Customization: You can add or delete categories, adjust expense amounts, and make other modifications to suit your budgeting needs.

How to start using a budget template with Google Sheets

If you’re new to Google Sheets, getting started is easy. Google Sheets is an online program for making and editing spreadsheets. It has tools for working together, making charts, and using formulas, making it an excellent choice for budgeting.

Follow these steps to get started:

1. Create a Google account by visiting the Google Account creation page.
2. Follow the instructions and provide the necessary information.
3. Choose a unique username and password for your account. Make sure your password is strong and enable two-factor authentication for added security.

Once your account is set up, you’ll have access to a range of Google services, including Google Sheets, Google Drive, Google Docs, and Gmail. You can access Google Sheets by visiting the Google Sheets website or opening the Google Sheets app on your device. Sign in with your Google account credentials, and you’ll be ready to create and edit spreadsheets.

Google Sheets budget templates

Once your Google account is set up, you can explore the wide variety of budget templates available in Google Sheets. These templates are designed to suit different financial needs and preferences. Here are a few types of budget templates you can find:

• Monthly budget
• Weekly timesheet
• Annual business budget
• Purchase order
• Expense report

How to choose the right template for your needs

First up, take a moment to think about what you’re after. Are you a startup trying to maintain a lean budget? Or an established business looking to streamline departmental spending? You have to define your objectives. Just as a construction company wouldn’t use delicate tools for heavy-duty work, don’t select a template if your budgeting process is still foundational.

Evaluate the functionalities you require. Some templates come loaded with forecasting tools, detailed expense categories, and analytical features, while others offer a straightforward approach with basic income and expense tracking. If your team gets bogged down by too much data, lean toward simplicity.

If you want to see your monthly income and expenses clearly, the monthly budget template is a good option. With this template, you can easily track your spending habits and identify areas where you can cut back. It allows you to set budget limits for different categories like supplies, transportation, and marketing. This will ensure that you stay on track with your financial goals.

Need a more advanced budget tracker that fits all your criteria and comes with the ease and efficiency of an all-in-one work management platform? We encourage you to try out Wrike’s monthly budget tracker template. This template allows you to log every detail, categorize your costs, and get multiple budget views in one place. Forget about losing sticky notes or sifting through piles of paper receipts. Every piece of expense information is uploaded to Wrike, creating a single source of financial truth.

And when it comes to visualizing your spending, this template also gives you a bird’s-eye view of all costs. You can easily switch from the month-wide Calendar view to the detailed, spreadsheet-like Table view, making it easy to assess your spending habits and stay within budget.

How to customize your Google Sheets budget template

Once you’ve selected a budget template, it’s time to customize it to your specific financial situation. Here are a few steps you can take to personalize your budget template:

Input your financial data

Start by entering your financial data. This is where your budget begins to take shape:

• Record all revenue sources, such as product sales, service fees, and project contracts.
• Next, list your expenses. Include substantial costs like employee salaries, lease payments for office space, technology upgrades, and minor expenses like stationery, team training programs, and maintenance fees.

Adjust categories and expenses

Generic categories are just a starting point. Your financial life is unique, and your budget categories should reflect that:

• If “Software subscriptions” or “Influencer marketing” are notable parts of your spending, add them.
• Estimations won’t cut it. Dial in the real numbers for your expenses to avoid surprises.

How to track and analyze your budget

Tracking and analyzing your budget helps you stay on top of your financial goals. Here are some tips to help you effectively track and analyze your budget:

Regularly update your budget

• Set aside time each week or month to review your expenses.
• Update your actual spending amounts for each category and compare them to your budgeted amounts.

Interpret your budget results

• Use your budget data to analyze your financial health and progress toward your goals.
• Look for trends, such as consistent overspending in specific categories or significant changes in spending.
• Celebrate your successes and adjust your budget as needed to stay on track.

With a Google Sheets budget template, you can easily manage your money and achieve your financial goals. The templates provided by Google Sheets simplify the budgeting process and allow customization to fit your unique needs.

Remember — budgeting is an ongoing process, so regularly update and analyze your budget to ensure you stay on track. With dedication and discipline, you’ll be well equipped to master your finances.

Use Wrike as your budget planner tool

If you need a more robust platform than Google Sheets, Wrike is the answer. First off, Wrike lets you break down your budgeting project into manageable tasks, each with its own subtasks, deadlines, and assignees.

Instant updates and automatic notifications keep stakeholders informed of budget changes, while customizable dashboards and reporting tools allow for detailed financial analysis.

But here’s where it gets even more remarkable: collaboration. With Wrike, you’re not budgeting in a vacuum. You can boost visibility on your budgeting tasks with other departments using the cross-tagging feature, or share them externally with a partner, family member, or financial adviser. That way, everyone’s on the same financial page.

Alex B, Marketing Project Manager at Moneytree says:

“Wrike kept everything organized and transparent, so it was always very easy to see the status ... because of the tagging feature, we were able to keep things moving very quickly.”

If you’re new to Wrike, consider a two-week free trial to overhaul your project management process. We’re dedicated to supporting teams to exceed client expectations while staying on time and on budget throughout the planning and delivery process.

Note: This article was created with the assistance of an AI engine. It has been reviewed and revised by our team of experts to ensure accuracy and quality.