Don’t restrict yourself further than what you need to! You allocated a certain amount to your budget for a reason. If you find that you are consistently under budget in one area, then consider adjusting your allocation. This way you can see if your budget is realistic or not. Then with your other expenses, refer to your budget to see how much you can spend.įor example, if you have a brunch invitation for Sunday, check your budget beforehand to see how much you can spend.įor the first few months of a new budget it is useful to track your actual spending versus your planned spending. On your first payday after making your budget in excel, set up the automatic payments to your savings account, your investment account, and your debt repayments. The last step is to actually apply this budget. Track your planned budget versus your actual spendingĬongrats! You have a personal excel budget! Therefore, not only does a budget give you control over your finances, it is a key part of achieving your financial goals.įollow these five simple steps and make your own personal budget in excel. Creating a personal budget in excel is great for this. Moreover, to make your financial goals reality they need to be quantified and measurable. To avoid going into overdraft on your account or falling into debt, you need to have a good grasp over your finances. The key function that your budget performs is aiding you in achieving the first goal of financial wealth, namely to spend less than you earn. You can map your path to wealth by keeping track of your income and your expenses. The goal of a budget is to gain control over where your money is going. This also counts for your financial goals.

To convert wishes into goals, define them in a measurable way, and then track your progress towards attaining them.

Goals without a plan to attain them are just wishes. Making a personal budget in excel is the first key step to taking control of your financial future.

How do i set up bill budget on excel