Automate Your Budget with the Excel Budget Template

Hello, everyone! Thank you for tuning in. In this tutorial, I will demonstrate how to create a budget template that automates calculations based on your inputs in the tracker. It will display the remaining funds in each category and adjust accordingly when you select a different month from the drop-down list. The best part is that you can set it up in under 15 minutes. Let’s dive right in!

Tutorial

The first part I want to address is the headers. While I will provide some suggested headings, feel free to customize them to your liking. I recommend including headers for the following columns: Month, Date, Description, Category, Income, Debit, and Running Balance. To transform these columns into a table with alternating rows, select the desired columns, go to the Home ribbon bar, and choose “Format as Table.” You can select a green color with alternating shades or any other color scheme that appeals to you. Make sure to check the “My table has headers” option in the pop-up window. Adjust the column widths as needed.

Next, let’s add the necessary formulas and number formatting to make the table work efficiently. Begin by adding the starting date, which will serve as a reference for our formulas. To format the date, highlight column B, right-click, select “Cell Format,” and choose your preferred date format from the “Date” tab.

Now, let’s set up a formula in column A to extract the month number from the corresponding cell in column B. Type “=MONTH(” followed by clicking on cell B2 and closing parentheses. Press Enter, and the formula will autofill for the rest of the column as it is part of a table. This will automatically populate the month for each date entry.

To create drop-down lists in column D for selecting expense categories, highlight the entire column D, except for the header. From the Data tab, select “Data Validation.” In the pop-up window, choose “List” from the “Allow” drop-down menu. In the “Source” field, enter the categories you want, separated by commas. For example, you can include categories like Income, Mortgage, Utilities, Grocery, Gas, and Entertainment.

To format columns I through G as currency, simply highlight the columns and click on the dollar sign icon in the ribbon’s Home tab.

Next, we need to add a formula to calculate the running balance.

Instructional videos

Running Balance

Hey everyone, thank you for watching! In this tutorial, I’ll show you how to create a budget template that automates calculations based on your inputs. Let’s start by setting up the headers. You can use the following headings as a suggestion: Month, Date, Description, Category, Income, Debit, and Running Balance.

To create a table with alternating row colors, select the desired columns and choose “Format as Table” from the Home ribbon bar. You can choose any color scheme that suits your preference.

Next, let’s add transactions to the list. Once you have added expenses and income, we can work on the formula to calculate the running balance. In cell G2, enter the starting balance. In the next cell, use the formula “=SUM(previous balance + income – expenses)” to calculate the running balance. Copy this formula for the remaining cells in column G.

Now, let’s move on to adding progress bars. In column I, list all the categories you want to track. In column J, add a total column. Select a specific month in cell I1.

To calculate the sum of income for the selected month, use the formula “=SUMIFS(income column, month column, selected month, category column, income)”. Similarly, use the formula “=SUMIFS(debits column, month column, selected month, category column, specific category)” to calculate the sum of expenses for each category. Make sure to use absolute referencing for the month column in the formula.

To add progress bars, select the cell with the income value, go to the Home tab, click on Conditional Formatting, and choose Data Bars. Customize the color and length of the data bars as desired. Repeat this process for expense categories, using a different color.

You can adjust the minimum and maximum values of the progress bars to suit your budget. To do this, go to Conditional Formatting, click on Manage Rules, double-click on the rule, and modify the minimum and maximum values.

Continue adding expenses and income for each month, and the progress bars will update accordingly. Remember to change the month value for each new month.

Finally, you can clean up the template by centering the month, adding subheaders, and applying an outside border.

And that’s how you can create a simple automated budget template in under 15 minutes! Thank you for watching, and I hope you found this tutorial helpful.

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