Creating a budget in Google Sheets is an effective way to organize and track your income and expenses. Follow the steps below to use Google Sheets for budgeting.
1. Name the Spreadsheet 'Monthly Budget'
Name your spreadsheet. Click on "Untitled spreadsheet" and type in "Monthly Budget."
2. Create Columns for 'Income' and 'Expenses'
Create two sections: one for Income (Column A and B) and one for Expenses (Column A and C). Label the columns appropriately.
3. List and Enter Monthly Income Sources and Amounts
List your income sources under Column A and enter the amounts in Column B. Include items like part-time job, allowance, and freelance work.
4. Add and Quantify Monthly Expenses in Separate Rows
Under the same Column A, list your expenses, starting a few rows down. In Column C, enter the corresponding amounts for expenses like food, entertainment, phone bill, etc.
5. Calculate the Total Income Using SUM Function
At the end of your income items in Column B, use the SUM function to calculate total income. Type "=SUM(B2:B4)" assuming B2 to B4 contains your income figures.
Similarly, calculate total expenses in Column C. Use "=SUM(C8:C13)" for example, depending on your expense rows.
7. Compute Net Budget by Subtracting Expenses from Income
Calculate your net budget by subtracting total expenses from total income. Create a cell in Column C (under your expenses total) for the net budget and use a formula like "=B5-C14".
8. Analyze and Adjust Budget to Avoid Overspending
Examine your budget. If expenses are more than income, identify areas for reduction. Make adjustments to align your spending with your income.
9. Regularly Update Actual Spending to Track Budget
Regularly update your spreadsheet with actual spending figures. This will help you stay on track with your budget.
We hope that you now have a better understanding of how to use Google Sheets for budgeting.If you enjoyed this article, you might also like our article on how to set up the Google Sheets modulo function or our article on how to set up the Google Sheets FORECAST function.
Google Sheets offers a powerful and flexible platform for building and maintaining your personal budget. You can create your own free budget template in less than an hour. And by building your own budget, you'll gain insights about your money mindset, and the financial goals important to you.
Google Sheets offers a powerful and flexible platform for building and maintaining your personal budget. You can create your own free budget template in less than an hour. And by building your own budget, you'll gain insights about your money mindset, and the financial goals important to you.
Budget Tracker - Google Workspace Marketplace. Create and track your budget in Google Sheets. Adds tools to track your expenditures throughout the year. This free add-on allows you to use Google Sheets as a budgeting application.
Start by determining your take-home (net) income, then take a pulse on your current spending. Finally, apply the 50/30/20 budget principles: 50% toward needs, 30% toward wants and 20% toward savings and debt repayment.
Choose Your Software and Template. Excel and Google Sheets are the most commonly used spreadsheet programs, but if you have a MacBook, you can also use the Numbers app. ...
Zoho Sheet – AI-powered spreadsheet software. Jotform Tables – Offers powerful tools to collect information and manage databases. Airtable – An easy-to-use alternative to Google Sheets. OpenOffice Calc – Open-source spreadsheet software.
Sheets is also better for collaboration. It's easy for multiple people to work on the same document and use Sheets' chat feature to communicate. Unfortunately, Sheets starts struggling the more data you add to it. Large spreadsheets can be very slow to load and edit.
Open Google Sheets and select the cell where you want to add the checklist. Click the "Insert" button on the top navigation menu and select "Checkbox" from the drop-down menu. A checkbox will appear in the selected cell. Repeat this step for each item you want to add to the checklist.
To sort your column data by date, click on the inverted triangle icon within the cell.Then select Sort A→Z to organize the data under the column from the earliest to the latest date. To turn off the filter, choose Data and then Remove filter. It's that simple.
In basic terms, a budget spreadsheet works by tracking expenses and breaking them down into individual categories. It also monitors incoming cash to show where it goes within a certain period. Professionals typically use Microsoft Excel but other programs also allow you to make budget spreadsheets.
The 50-30-20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should dedicate 20% to savings, leaving 30% to be spent on things you want but don't necessarily need.
A Google Sheets™ add-in that imports your bank transactions automatically. BankToSheets has transformed how I manage my family budget seamlessly within Google Sheets. With a straightforward setup process, this add-on connects my bank accounts through Plaid, allowing real-time updates directly into my spreadsheet.
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