How to Create a Budget with Irregular Income in Excel

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We may have irregular income, which means that your take-home pay fluctuates from one pay period to another pay period. Our income won’t likely be as steady if we work on commission, take on sporadic hours, or manage our own organization. In fact, it can change a lot each month, keeping you in a spiral of abundance and scarcity that can make budgeting seem difficult. In this article, we will demonstrate the procedures to make a budget of irregular income in Excel.

What Is Budget?

A budget is an estimate of income and expenditures for a given predefined time frame. And it is often created and updated on a regular basis.  An individual, a group of individuals, a corporation, a state, or pretty much whatever else earns and spends money may all have budgets. It is a specific plan we create to determine how much money we will spend each quarter. We may ensure that we have adequate money each month by using a budget. We can run out of cash prior to the next payday if we don’t have a budget. Budget mainly is how much money you make.

Step-by-Step Procedures to Prepare a Budget with Irregular Income in Excel

The regularity of our earnings is one advantage of routine roles. We probably know the remaining balance of each of our paychecks because they arrive on a regular timetable. Knowing exactly when and how much money will arrive in our account allows us to plan your annual budget. Let’s follow the instructions to budget irregular income in Excel.

Step 1: List of Earning

Income refers to the quantity of revenue, assets, and other exchanges of the value obtained over a predetermined duration of time in the form of goods or services. So, first, we need to list down the income.

  • Firstly, we put the Projected Monthly Income.
  • Secondly, insert the Actual Monthly Income.

irregular income budget excel

Read More: How to Prepare a Sales Budget with Example in Excel

Step 2: Create Bare-Bones Budget

The definition of the term ‘Bare Bones’ is the minimum requirement, the simple fundamental facts, or the simplest fundamental structure of it. A budget that just provides for the basics is referred to as a Bare-Bones Budget. At this point, we will create a bare-bones budget.

  • We will record the basic fundamental expenses which are in our case; Mortgage, Gas, Electricity, and Utilities.
  • Then, we will calculate the total of those bare-bones budgets. To calculate the bare bones we will use the SUM function. The SUM function is used to add values.
  • So, we select the cell where we want to see the result. And insert the formula of the SUM function.
  • Further, press the Enter key from your keyboard.

Read More: How to Create a 50-30-20 Budget Spreadsheet in Excel

Step 3: Spending Analysis

Expenditure analysis is the procedure for locating, obtaining, purifying, collecting, categorizing, and studying the spending data of our requirements. So, let’s analyze the spending for the irregular income budget.

  • We place all the extra expenses such as; Phone, Maintenance, Food, Donations, etc.
  • After that, compute the total of those expenses in cell C17. Likewise the previous step, we also use the SUM function.
  • Hit Enter to see the result.

Read More: How to Create Budget and Expense Tracker in Excel

Step 4: Deduct Expenses from Income

Now, we will subtract the expenses from the income and see the balance.

  • To begin with, we need to calculate the total income for this we select the cell C19 and put the formula of addition into that selected cell.
  • Press Enter.

irregular income budget excel

  • Subsequently, we must determine the entire amount of total expenses, therefore we choose cell C20 and enter the additional formula there.
  • Hit the Enter key.

irregular income budget excel

  • Lastly, we will subtract the total expenses from the total income to see the remaining balance for the month.
  • So, we select cell C20 and put the formula of subtraction into that cell.
  • Press Enter.

Read More: How to Create Renovation Budget in Excel

Step 5: Make Modification on Paycheck Arrives

As it’s an irregular income balance, we may have extra income in the middle of the month.

  • We insert extra rows in our income list.
  • As we can see our balance is modified after adding the extra income into the irregular income budget template.

Step 6: Generate Next Month’s Budget

Make sure you record the budget for the current month and generate next month’s budget.

  • Click on the plus (+) sign, to add a new sheet.
  • Further, copy the previous month’s budget by clicking on the tiny triangle top-left corner of the sheet.
  • Then, pressing Ctrl+C will copy the sheet.
  • Next, paste the whole sheet by selecting again the tiny triangle top-left corner of the sheet.
  • Press Ctrl+V.
  • Finally, edit the income and spending analysis as per the month.

irregular income budget excel

Read More: How to Create Actual Vs Budget Variance Reports in Excel

Irregular Income Budget Template in Microsoft Excel 365

Excel’s range of free and paid budgeting templates will help you get prepared and on schedule while establishing a budgeting plan for your income, which can feel daunting and difficult.

The idea of a budget deficit is to compare your income and expenses so that you may better prepare for both long-term and short-term objectives. By ensuring that expenditure is under control and savings are increasing, using a budgeting spreadsheet may assist you in prioritizing your financial health. If you are using Microsoft Excel 365, then you can get the template for free. To use the template you need to follow the steps down.


  • Firstly, go to the File tab from the ribbon.

  • This will take you backstage to the Excel menu.
  • Now, from the Home menu, click on the New drop-down list.
  • Download the Premium personal monthly budget.

  • Thus you will be able to access the template, now you can easily edit as per your preference.

Things to Remember

  • Everybody divides their resources for retirement and private or home costs slightly differently. This free worksheet contains our really well-liked budgeting recommendations. So, we can see how our expenditure stacks up against that of other Canadians with similar-sized homes.
  • The spreadsheet includes a conservation calculator so we can easily determine how much income we need to set aside for recurring, urgent, and unforeseen costs.

Download Practice Workbook

You can download the workbook and practice with them.


The above procedures will assist you in Budget Irregular Income in Excel. Hope this will help you! Please let us know in the comment section if you have any questions, suggestions, or feedback.

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