How to Develop a Budget in Excel 2007
Budgets are essential for a healthy financial future. Many people would be shocked if they actually sat down and calculated where all their money goes. By creating a budget with Excel, you get a clear picture of your finances and can plan for the future. One benefit to Excel is the use of templates. These are preformatted documents that take the work out of designing your budget. By using the personal monthly budget template, you can focus on developing your budget information.
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Instructions
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Open Microsoft Excel 2007. Click the "Microsoft Office" button in the top left corner. Choose the "New" option from the list.
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Click "Installed Templates" in the left pane. Select the "Personal Monthly Budget" template. Click the "Create" button. Before you begin to develop your budget, click the "Save" icon on the "Quick Access" toolbar. Name your file and save it.
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Right-click the tab for the worksheet at the bottom that says "Personal Monthly Budget." Change the name to the current month and year. Enter your projected monthly income into the first box. Go through each table of expenses and enter the projected amount you expect to spend on each item. Save the file.
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Calculate your actual monthly expenses at the end of the month. Divide your check register entries and receipts into categories. You then add each category.
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Open your Excel budget. Enter your actual expenses and income into the tables. Evaluate how you did that month. The "Difference" box shows you how much different you were than your projected budget.
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Press the "Ctrl" button and the "A" button together to select the entire worksheet. Right-click the worksheet and select "Copy." Create a new worksheet by pressing "Shift" and "F11" together. Name this worksheet for the upcoming month and year.
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Open the new worksheet. Select the entire worksheet using "Ctrl" and "A." Right-click and choose "Paste." Develop a new budget for the upcoming month. Use your current month's expenses to create a realistic view of your goals for the upcoming month.
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Tips & Warnings
To add additional expenses, select the cells in a row of the table. Right-click the cells, click "Insert" and then "Table Rows Above."
The easy way to calculate your actual monthly expenses is to use a personal finance website such as Mint that scans your bank account and calculates the expenses for you. You can export the information from Mint to Excel.
