Household Budget Template and Tutorial (Excel) – Updated for 2023

Welcome, everyone! This is an updated version of the Household Budget Template, available to you through the link provided in the description below. You can also download a blank version of the template for your personal budgeting needs.

In this post, I’ll provide a quick overview of the template’s capabilities and how it functions. However, please note that I will be posting separate videos for each individual sheet to guide you on utilizing them effectively.

Before we begin, I want to emphasize that this template is designed for users of all skill levels in budgeting and using Excel. While the functions and features of this budget are technically sophisticated, its user interface is simple and user-friendly. Everything is designed with simplicity and usability in mind, and I’ll demonstrate this as we progress.

Now, let’s take a quick overview of the template. You’ll notice that there are nine tabs in this workbook. We are currently on the Summary tab, followed by five green sheets. The green sheets require manual entry of data. Next, we have two orange sheets, which are interactive graphs. The last sheet is titled “Lists,” which contains underlying data for the template.

On the Summary tab, you’ll find a snapshot of all the information from other sheets in the workbook. It provides details on income, expenses, and account balances. These details are pulled from other sheets within the template.

The first green sheet is the Income tab.

Income Tab

The next tab is the Expenses tab, where you’ll record your expenses as they occur. Similar to the Income tab, you’ll find a simple table here. When entering expenses, you’ll only need to provide a few pieces of information per entry. Once again, the template provides easy-to-use drop-down menus to assist you in this process.

Accounts Tab

The next tab is the Account Balances sheet. Similar to the previous sheets, you’ll find a straightforward table where you can record balances of various kinds on a monthly basis. These balances can include bank balances, student loan balances, credit card balances, mortgage balances, health savings, and more. It’s not limited to just debts but can also include savings or assets.

Moving on, we have the Budget sheet. This sheet encompasses what most people typically associate with budgeting. Here, you’ll estimate your monthly sources of income in one section, which will be automatically summed up to provide you with a projected monthly income. Similarly, you’ll estimate your monthly expenses in another section, which extends further down the table due to the presence of more categories. The sheet will automatically calculate the total of your projected monthly expenses and multiply it by 12 to give you the projected yearly expenses.

Likewise, the same process is applied to calculate your projected yearly income based on the estimated monthly income. The sheet will then subtract your expenses from your income, indicating whether you will be in a surplus (green) or deficit (red) at the end of the hypothetical year, considering the given income and expenses amounts.

Projections Tab

The next tab is the Projections tab, which is arguably the most valuable sheet in the workbook. However, it is also the most complex, so I highly recommend watching the accompanying video tutorial for detailed guidance.

Unlike the previous sheet, the Projections tab goes beyond a single monthly budget and allows you to project your budget over the next two years. It provides a comprehensive overview of your financial outlook for each month during this period.

On this sheet, you’ll find three tables on the left side: Income, Expenses, and Balances. These tables can be expanded or collapsed as needed. In the Income table, you’ll estimate your projected income for each future month. Similarly, in the Expenses table, you’ll estimate your projected expenses. You can do the same for bank balances in the Balances table.

Summary Graphs

The first orange tab is the Summary Graphs tab. Here, you’ll find visual representations of important financial data. On the left side, you can view the cumulative income graph, while on the right side, you’ll see the recent account balances. At the bottom, there is a graph displaying the cumulative expenses. Despite its simplicity, these graphs provide meaningful insights into your financial situation.

Data Over Time

The second orange sheet is titled “Data Over Time.” As the name suggests, it provides a visual representation of data trends over time. The top graph displays the overall income and expenses, as well as individual categories, over a selected period. Similarly, the bottom graph showcases the account balances over time.

Both graphs feature user-friendly drop-down menus to facilitate interaction. On the left side, you can choose different viewing options, while on the right side, you can select specific categories of income, expenses, or account balances to focus on. These dropdown menus make it easy to customize the displayed data according to your preferences.

List Tab

Lastly, we have reached the List tab, which contains all the data validation lists used throughout the workbook. Additionally, you’ll find instructions on how to modify or update any of these lists as needed. Now, let’s return to the Summary tab. That covers everything. If you find the content helpful and informative, I encourage you to continue watching and consider using this workbook for your personal budgeting requirements. Thank you for your time, and I appreciate your attention.

This is a tutorial describing how to use a household budgeting workbook. To download the free Excel template and/or a blank version of it for your personal use, follow the link: https://georgemhayward.wixsite.com/budget

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