A budget template is used to review actual and budgeted income and expenses, savings, and debts. Here, to create a budget template, we used Microsoft Excel as it helps individuals and business organizations to conveniently manage and plan their finance-related activities.
In this Excel platform, we will present a basic budget template in Excel (free downloadable) in a generalized format, as presented in the following image. You will find more two templates in the same Excel file (on different sheets) for sales budget template and bi-weekly budget template.
The primary purpose of a budget template in Excel is to create a detailed overview of financial activities, allowing users (individual persons or business organizations). You can use it to plan and monitor your earnings, spending, savings, and investments. It typically includes sections for income, expenses, debts, and investments.
Download Budget Template in Excel
Click on the following button to download the budget template in Excel for free. This simple budget template in Excel offers a range of key features including a budget overview, actual and budgeted income and expense categorization, debts, and savings plan. This template in can be used for personal purposes and customized as a corporate budget.Download Budget Template
For: Excel 2007 or later
License: Private Use
Two additional sheets are available for a basic sales budget template and a simple bi-weekly budget template. The budget templates in Excel is of great importance for efficient financial management and better planning, monitoring, and control of income and expenses.
What is a Budget Template?
A budget template is a pre-designed document or spreadsheet that helps individuals, businesses, or organizations plan and manage their financial activities and goals.
How to Use This Budget Template in Excel
Budget Templates in Excel can have different uses depending on the types and nature of individuals or organizations. But, the challenge is to customize this template for your own purpose. However, the following points are to be considered while using this budget template in Excel.
- Place your income or revenue descriptions and their amounts in both amount columns. Putting amounts in both columns is necessary to create a Budget Summary at the top.
- Insert expense descriptions and their amounts in both amount columns. A savings amount will be automatically calculated at the top under the Total Savings cell.
- Specify how you want to divide up your savings.
- Put descriptions and their amounts in the debt and the investment sections. The total outstanding debts will be shown at the top of the template.
What are the Key Elements of Budget Template in Excel?
In general, a budget template in Excel must have some sections dedicated to tracking income, expenses, investments, and outstanding debts and liabilities. The income section should contain various sources of income, such as salaries, bonuses, rental income, investments, etc. while the expenses section shall record all types of expenditures.
The income and expense amounts shall be accounted for budgeted amounts and actual amounts. Such differentiated recording will help plan and allocate expenses, establish spending limits, and compare the actual with the budgeted amounts.
Moreover, budgeted templates should include provisions for setting specific savings and investment objectives; like, how much you want your savings to pay debt, to invest in new opportunities, to buy assets, etc. Finally, a summarized section to provide an overview of total income, total expenses, debts or liabilities, investments, or savings with visual representations (graphs and charts) provides a quick and easy way to interpret financial trends.
Different Types of Budget Templates in Excel
Sales Budget Template in Excel
Below, a sales budget template in Excel is presented for businesses to plan and track sales forecasts over a specific period.
Before preparing a sales budget, the forecasted sales unit and unit price are the most important factors to be considered. Such templates start with estimating a suitable sales target and, often, determining the percentage of collection through cash or on credit.
Bi-Weekly Budget Template in Excel
The following image provides an overview of a bi-weekly budget template.
Some individual or business organizations may manage their financial activities on a bi-weekly basis. As the name suggests, a bi-weekly budget plan distributes your earnings and revenues over two weeks for both saving and spending.
Read More: How to Create Bi Weekly Budget in Excel
This article presents a basic and generalized free downloadable budget template in Excel along with two widely used budget templates; sales budget and bi-weekly budget templates. A simplified budget template in Excel is a valuable tool for individuals and businesses to plan, monitor, and control their financial activities efficiently. Feel free to use these budget templates in your dataset and reach out to us in the comments for any questions, corrections, comments, or technical assistance.
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