Personal Budget Excel Sheet from Scratch: Personal Finance, Accounting & Productivity | Cal Hyslop MBA, University Instructor | Skillshare

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Personal Budget Excel Sheet from Scratch: Personal Finance, Accounting & Productivity

teacher avatar Cal Hyslop MBA, University Instructor, Be Free to Do the Work You Want

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

5 Lessons (37m)
    • 1. Welcome to Class

    • 2. Let's Get Your Income Set Up

    • 3. Let's Get Your Expenses Entered

    • 4. Put Together Your Summary

    • 5. Finalize and Test Your Budget

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About This Class

Are You Keeping Track of Your Income and Expenses Each Month?

If not, then this lesson is crucial for you. Get a budget today!

Budgeting is the process of creating a plan for your finances. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough to do the things you need to do or would like to do.

Budgeting is simply balancing your expenses with your income. If they don't balance and you spend more than you make, you will have a problem. Many people don't realize that they spend more
than they earn and slowly sink deeper into debt every year.

If you don't have enough to do everything you would like to do, then you can use this planning process to prioritize your spending and focus on the things that are most important to you.

Why is Budgeting so Important?

Since budgeting allows you to create a spending plan, it ensures that you will always have enough for the things you need and the things that are important to you. Following a budget or spending plan will also keep you out of debt or help you work your way out of debt if you are currently in debt.

And if you liked this class, be sure to check out my related courses that may benefit you even further! 

  1. Use Canva to Create Videos for ETSY, Instagram, Facebook, and more -
  2. Financial Management for 18-16 Year-Olds -

Hope to see you in class again soon!

Meet Your Teacher

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Cal Hyslop MBA, University Instructor

Be Free to Do the Work You Want


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1. Welcome to Class: Well, hello ladies and gentlemen, and welcome to Excel money. Let me take a quick moment to introduce myself to you. My name is William is if I go by count, I have an MBA from the United States, have lived and worked in the USA and Asia, and have been a university instructor since 2007 for the second ranked University in South Korea. And this is one of many crucial lessons I have compiled for you to help you become more successful in happier in life today in Excel money, we're gonna go over a personal budget. Now. We'll go over specifically includes three major sections. Number one, what is a budget? Just in case you didn't already know? Secondly, why is budgeting so important to get a handle on your personal finances? And number three, how are you going to be able to make your own personal budget using Excel? So let's jump into it. So what is a budget? Well, budgeting is the process of creating a plan to spend your money. This spending plan is called the budget. Creating this spending plan allows you to determine in advance whether you have enough money to do the things you need to do or the things you'd like to do. Budgeting is simply balancing your expenses with your income. Now, if they don't balance and you spend more than you make, you'll have a problem. Many people don't realize that they spend more than they earn and slowly sink deeper into debt every year. If you don't have enough money to do everything you would like to do, then you can use this planning process to prioritize your spending and focus your money on the things that are most important to you. So why is it so important? Well, since budgeting allows you to create a spending plan for your money, it ensures that you will always have enough money to do the things you want, to get, the things you need. And following a budget, we're spending plan will also keep you out of debt or help you work your way out of debt if you're currently in debt. So how do you make your own personal budget today? Well, let's go ahead and get into Excel and go through the process together. So get ready to open up your Excel spreadsheet and follow along as we progress throughout making your personal budget. 2. Let's Get Your Income Set Up: Okay, ladies and gentlemen, So let's start off by opening up our Excel spreadsheet. And before we do any work, Let's save it. So let's go File. Save As, give it a name. Let's say personal budget will save it to the desktop to make things simple. Let's go ahead and expand and get started. So here we have our Excel spreadsheet. We have all of these boxes in here or cells, and let's make it look a little bit better. Let's make the background look a little simpler. So let's go here to the top left corner. Let's click here and let's give it a background color. Here's our color box here. White is nice and neat. So click white or any other color. And there you go. Look, things look much better. Now we want to start off with giving it a name. So maybe let's go down to A2 right here and give it a name. What would be more fitting than personal monthly budget? Fantastic. Maybe make it a little bit larger. Let's go to 24. Looks good. Let's go 12 and get started with our income versus expenses input. So remember, your income, Let's go catch block here. Income minus your expenses is the money that you have leftover or the money that you've lost. So let's start out with putting in the income that you're making, your sources of income. Then we'll come over here. We're going to have two more columns. One is your budget. This is what you expect to make as far as your income goes for any particular month. Then we'll put in your actual this is what you actually made for any particular month. And then we want to know the difference. Now, this is nice to know for your income, but it's especially nice to know for your expense categories. But nonetheless, let's enter it. So we have these 1234 columns. Pretty simple, and that's basically what we're going to do for this entire spreadsheet. So to make this a little easier, Let's make this a little prettier. That's highlight these four areas here. Let's give them a color. I like the color green because income is money that you're making. Maybe give the font a white color because it shows up easier, bolded, and let's make it 16. How about that? From here, let's expand a little bit up to the end here so we can have plenty of space to write our line items. And let's double-click see how this c0 is cut off. Let's double-click here to do and it'll automatically adjust the width. So here we have our income budget, actual indifference. Now let's go ahead and put in some line items here. What are your sources of income? Well, most of us maybe have a job. So job, let's say one to be your wages and your tips. Maybe you have another job, job to, perhaps most of us have one job or two. This is our greatest source of income, but we do have room for other line items just in case we have other sources of income. So what are some other options? How about interest income? If you're making interests off any particular investments? How about dividends? If you're making dividends off of stocks and gifts received, did you get any monetary gifts from relatives or friends? Then perhaps refunds and reimbursements. If you have received any. Maybe maybe you're going to transfer some money at sometimes from your savings to your bank account, your checking account, or your income account. And let's leave a little bit of room for other just in case who knows what can happen. So we have our line items here. Now, we want to put in the numbers that we're going to budget here, the actual numbers for the month here. And the difference. Pretty simple stuff, simple calculation. So let's go ahead and put in some ideas. Let's say we're going to budget $3 thousand. Now notice that this $3 thousand is just a number. We want all of these to register as dollars, let's say as currency. So let's go ahead and highlight these three columns. Right-click, go down to format cells. Let's put in accounting. Here you can choose your symbol. For example, the dollar sign and the number of decimal places. And we'll, we'll, we'll keep with two. Click. Okay. And wallah, you've got $3 thousand. Even. Now, if you make an actual amount of 2800, what would be the difference? Well, let's make this as simple calculation. This is where we're gonna put in our formulas for your income. What we're going to do here is the difference between these two. We're going to do a little reverse logic. We're going to go here. We're going to hit the equal sign. There we go to actual click in that box, then click the minus sign, then go to your budget and click Enter. Here we see a $200 difference. This is a negative difference. You actually made $200 or less than your budget. Good luck next time. Let's do the same thing here. We're going to scroll down. So make sure all of these numbers have the same calculation. We're going to click in this box under differences. And this little square at the bottom right, we're going to click it and hold it and scroll down all the way. So we're in line with what's over here. And this will automatically incorporate whatever your budget is to your actual. Now to make this look a little better, okay, So what we'll do is we'll highlight here. We want to make sure all of this looks decent. So for data entry, we want to make it clear to where we want to input that particular data. So let's go ahead and give this a nice border. Will go down to all borders. And while I'll look, this is where we'll put in our information. Now in this area of differences, let's go ahead and give it a gray box. So it's easy, it's easier to differentiate between these two sections here. Let's give it maybe a light gray, and that looks pretty good. Next we need a total, right? So let's put in this bottom box right here. Total income, give it a cap locks. Now we're gonna do data entry here, data entry here, and then the difference. So let's go ahead and we can click on this and scroll all the way down here. Let's give this area a gray box altogether. And your total will be all of this together, and all of this together. So your total budget is going to equal. Autosome. Highlight all this here, and then click Enter. Go Some everything together. Let's do the same to the next, to next column, the next column. Now, I made a little mistake here. Let's clear that out. So we want the same thing from here to here to here. So just highlight this, click on that box. Again, we're going to click the little green square at the bottom right. Hold it down and pull it across. There you go. All these numbers come into play. Now, let's differentiate this entire income box from everything else that we're doing. And let's just highlight here and give this own little border. So let's choose maybe a bottom double border here. Wherever you want is fine. I'm going with the bottom double border and wallah, There we go. This looks pretty good, don't you think? So? We're well on our way to creating a budget. This section here is starting off your budget and putting in your income area. Now, you might want to take a quick break, get a drink of water, cup of coffee, do whatever you have to do. And then let's go back and get into putting into our expense categories. Okay. Talk to you soon. 3. Let's Get Your Expenses Entered: Okay. Now that we've done the Personal monthly budget, the section of income, Let's go ahead and jump into this section for your expenses. Great, so let's go back to our Excel spreadsheet. And here we are with our income area here. You want to go one to skip a space. And let's go ahead and put in our expenses. Let's start with some of the major expenses, home expenses. So let's catalog and go. Home. Expenses. Right here. Scroll over and again, budget, actual indifference, legit, actual difference. This time instead of green, Let's choose another color because it's an entirely different category. How about, let's go with something like go with a little bit of orange. Why it again? Hold up here. It was sized 16, so let's do the same. Size. 16. Okay. We're on our way. So what would be some line items for home expenses? First, maybe mortgage or rent, then maybe home insurance. If you have that. Electricity, gas and oil. Have your water bill, which could include sewer, sewer and trash. Maybe home phone. If you guys still have a home phone, everyone has smartphones these days, right? Cable, Internet, maybe furnishings and appliances, lawn and garden, maintenance, supplies, improvements. And as usual, let's leave a section for other just in case. So we have these line items here. We want to put into our budget amount. Same thing as usual. Let's go down and give it a border. And over here we want to do the same thing as we did up here. So just about the same. Let's go ahead and make it a little difference, a little different. And our equal sign. Let's go over here to budget, then the minus sign and the actual and then enter. So when we put in, maybe we expect our monthly mortgage. Let's say I'm just randomly choosing something, Let's go $500. And for whatever reason, I'm sure this wouldn't be the case. But just for an example, let's say it turns out to be a little more expensive. Like a 110. You've gone over by $10. These brackets here will show that for you. So let's highlight here as usual. This where the area that we put in the equation, click on that little green box at the bottom right. Oops, Hold it ends. It's hard for me to do this. Okay, hold it ends, scroll down so we propagate our equations here. Now we want the same background as we did at the top. Let's go ahead and make it here light gray as last time. Okay, it looks good. And C, we have the total down here. Let's do the same thing. Let's go total home expenses. Then we want to summation. Make sure you're all of these here, and then enter to the same thing here for summation. Autosum. Highlight everything in this box and hit Enter. Then we can do the same thing here, autosome and then scroll all the way down and enter. Finally, we want to give it a border and shading. So let's go here. Let's give it a bottom border. Borders are right here. In her bottom double border right here. Along with some shading. Again, boom. And law, the quiz you got your home expenses category. Alright? What other expense categories do we have? Now? What you can do to make this simpler is simply highlight all of this copy. Now when we highlighted, notice how many cells we have. One more time. One more time. And now look in the top left. It says 15 by four. Let's do the same thing again. Let's go right here. 15 months for tourists has now 15 by four. It's the same amount, Control V. The same thing. Now, let's just change the categories instead of home expenses. Let's do transportation. Budget, actual difference. Now, we want to change these items here. Let's highlight everything. Right-click and go to clear contents. Now from here, what are some line items for transportation? How about vehicle payments and auto insurance? Fuel. And aside from your car, maybe a public transportation like taxi and terrain. How about repairs? Repairs for your car, not the bus, right. Maybe your registration license. And as usual, let's give in an other category for who knows what else. Now, look at all this space here, 123456, however many, we don't want these anymore. Instead, let's highlight them on the very left. Right-click and just click Delete. Fantastic. Now, these are different. Let's take these out of need them right now. We want to change this from home expenses to transportation. And there you go. Maybe your vehicle payment, let's say is 300 a month. And for whatever reason, it came out to be a little less. Let's say, this is unlikely, but let's just say for argument's sake, to 90, you have ten leftover of your budget, which is a good thing, right? And it propagates down to the bottom. Now, what I want you to do with these categories, home expenses, transportation, and so on. Now that we have two categories here, we still have other categories of expenses. Now this will depend on your personal life. But what would be some other expenses we can put in? Well, those could be health, gifts, subscriptions, daily living, entertainment, savings obligations and miscellaneous. What you can do for your others is let's say highlight again. Let's do nine by four. Right-click and copy to nine by four again. Highlight nine by four. Right-click and paste. We have the same thing as we did earlier. Let's put in a category for health. Let's take all of these out. Clear contents. Let's rename this health and remove these two items. There you go. What would be some line items for health? Well, let's say health insurance. And maybe doctor visits and medication. Let's see life insurance or other insurance. Maybe health clubs like the gym. Let's do other and we have one extra leftover. You can leave that maybe for something else, or you can right-click and delete. And there we go Again. We have these amounts. Now, once you have all of your expenses done, for example, home expenses with a total here, transportation with a total here, health and the total here, and others. We can make a total area. Let's do total expenses. Budget, actual difference. Let's give this a slightly different color just to make it stand out because it's the total. Let's go here and let's give it a read. Really stands out right. Turn the font white and make it bold in. As usual, it's make it 16. Now, what would the total V? Well, we're going to put expenses here. Let's just to again, expenses, okay. And the budget, let's make these have a border. Let's give this a color. Gray again. Let's make these amounts are going to equal the summation or the ones up here. So your total budgeted expenses. Here's the equation we want to do is pretty simple. You ready? Hit the equal sign? Go up here. And it's going to be the total here. Plus the total here. Plus the total here. And then enter, see how it added up our totals here. Total of 500, total of 300, but we don't have anything here yet. So 800. The same thing here equals this, plus this, plus this and enter. Interesting how these work out to be the same. And then equals this plus this, plus this, and it comes out to be washed. You budgeted. Perfectly. Great. So now we have an idea of how to put in our expense categories, the different categories of expenses like home, transportation, health, and additional ones. And with all those categories, you can put a total at the end, which comes out to be the summation of all those categories, budget, actual indifference. Now what we have left to do is find out what is the difference, What's the summary between the income and the expenses? And we're going to do that in just a moment. Get ready for section number three. 4. Put Together Your Summary: Okay, so now you have your income areas and your expense areas. All we need to do now pretty much is look at the difference between those two major sections and see, are you within budget? Are you spending too much money? Or are you maybe perhaps saving money? So in order to do that, once you have, let's say, all of your expense items, any ones that are extra in it in excess of home expenses, transportation, and health, anything else that you've added and you've made your total down here. Let's go ahead and put in a summary. It's going to look basically the same. So let's skip down maybe 12 lines as usual. Let's put in with all caps budget summary. Let's scroll over and give it the same as usual, your budget an actual difference. Now, instead of one of these nice colors like green, orange, and red, Let's give it a good old fashion, a lot color. And as usual it's make it white text. Old. Size 16 antibiotic. Now there are only a couple of items in here that you actually need. Under budget summary, Let's go total income and then total expenses. And really the difference between those two is going to be your net. Now, under here, we're going to put in, as usual, your budget actual and give it a border, same as usual. Let's make it simple. It might do a little change in a second. The difference, the same. Now here, the difference, the calculation we're gonna make a little different is the one that the type of calculation we did with your income. So we're gonna go equals the actual minus the Budget. Enter. Just so we'll do all of these the same way, just so you can recreate it. Equals the actual minus a budget equals the actual minus the budget. Let's do 1 second. Let's do one more time. Equals actual minus budget. Okay? Now let's give it the gray area as we've done in the past. A little bit of gray. So what do we put in here? Well, the budget, your total income, is going to equal what you have up here at the top. Total income, real simple, right? Let's go back here. Your total expenses for your budget is going to equal right here. Now, the actual do the same thing is going to equal your actual total income. Back up here at the top. Enter. Your actual total expenses are going to equal your actual total expenses here and has thick. Now, here's what we need to make a little change. What's the difference here? Well, the difference between total income and total expense, we're going to say equals simply total income minus total. Same here. Equals total income minus total expense. Enter. Fantastic, and this all works out. Let's do a little bit more. I guess, designed to make it a little clearer. Let's highlight here and give it its own unique little bottom border. So I'll go back up the top, come down and give any bottom double border too. And we could, if you want, highlight this as well and give it that background, that gray background. And why not even make it large so you can sort of stands out. Let's go. Instead of 12, let's make it a nice 18. Wow, it really pops out there for you. Fantastic. So that's all you really need to do in order to set your budget area, your budget summary right here, these these 123123 categories here. So go ahead and give that a try. And then after you've set all this up, let's come back and go ahead and test everything out. Okay? Alright. Talk to you very soon. 5. Finalize and Test Your Budget: And the income and expense areas just cleared out like you have it here. And let's put in some numbers together and makes sure that they all add up, which means that you've put in the correct formulas in the correct areas. So we want to double-check. So let's just put in some arbitrary numbers, just follow along with me. Although it might not be your numbers, we're just checking. So job one, let's put in 5 thousand, actual 5 thousand at the very bottom. Let's put in a number to 500 into each of these 500 into the budget. Let's say the actual is 300. You made a little bit less than you were expecting, about $200 less your expenses. Let's say your mortgage rent is 1 thousand. I'm gonna do the same in both areas. However, it will be a little different down at the very bottom, whatever you have at the bottom in this category, let's put in 500, but it turns out to be 300. Now, notice the difference here. Five hundred, three hundred. We have brackets here of two hundred five hundred, three hundred, no brackets. Here. You're doing worse than you were expecting. So we have your under $200 than you were actually expecting to make compared to your budget. Here it's the opposite. Here, this is your expense category. So you're budgeting 500, you only spend 300, so that's pretty good. You're saving 200. So this is a negative number, is a positive number. So the same down here. Let's say vehicles to 500 again, just to check 500. And let's do 100. Then 50. Now you're spending less. So you're actually saving 50 here. You don't have brackets. Let's double-check this one as well. Let's just do one hundred. One hundred. It looks good. It's two. Let's try 100 again. 150 Here. Great, you're saving money. It's not in brackets. Now, I think I made a little bit of mistake down here in the budget summary. What I want you to do here is let's clear this out. Instead, I want you to come in here and let's do the equation one more time. It's still works out in the end, but it's going to make a little bit more sense to do equals budget minus actual enters. So here you are expecting to spend 2300, but you actually spent 2 thousand. So you saved 300 Cray. Your income, you're expecting to make 5.5 thousand, but you actually made a little less than that. So you didn't do as well. That's why it's in the brackets here. And you should get these numbers here. So overall, your net, which means your income minus your expenses, you are expecting to net 3,200, not a real number. These are just to go through our testing phase here. Actually. Overall are your actual net you made. Your profit was $100 extra. So this is a positive number, is not in brackets. So what about you put in some numbers just to check and make sure that they make sense. And then if they do fantastic, you have yourself a working budget and you can start entering these numbers on a monthly basis. And if you do, you're going to find out where you're spending too much money and what expenses you have control over. And the next thing you know, you're going to have extra money to put either into savings or to paying off debt or investment. And what a monkey off your back that's gonna be, you're gonna be walking down the street with a bigger smile on your face, feeling much better that you took the time to make a budget and control your finances. Congratulations, okay, that's about it for making your own personal budget. And if you get the chance, share with someone else, helps someone else make their own personal budget, you'll be so much happier that he did so and so will they. Okay, I hope you found some value in this particular lesson and check out any other lessons I might have on Excel, the money. Bye-bye, Take care.