A planned life is a secured life. We love to plan our life. But most often it does not get along with our plans. We plan again considering the mistakes done the previous time. In our life, we make a household budget to lead our life in a planned way. Here, I am going to explain the procedure of how to make a household budget in Excel.
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2 Smart Ways to Make a Household Budget in Excel
1. Manual Process to Make a Household Budget
We can manually make a household budget based on our incomes. One of many ways of making a household budget is explained in the following section.
Step-1: Create an Income Summary
We make our household budget depending on our income. So, the whole income summary is the first thing we need to create.
- First of all, estimate all the possible income ways in the Projected Amount column.
- Then, write down the actual value at the end of the month in the Actual Amount column.
- Use the following formula to find the difference in income budget:
C7 = Projected salary in the job
D7 = Actual salary in the job
- Now, press ENTER to have the result.
- Now, input the following formula to have the total projected amount:
Here, the SUM function returns the value adding cells C7:C9.
- Followingly, press the ENTER button.
- AutoFill the cells in sideways to have the total value of the Actual Amount and Difference columns.
- You can customize your data based on your choice.
Step-2: Create an Expense Summary
To make a suitable household budget, one must have an idea about the expenses.
- Write down the projected amount of expenses.
- Then, calculate the total projected expenses using the following formula:
Here, the SUM function returns the value adding cells I7:I21.
- Press ENTER to have the result.
- Next, use Fill Handle to the right cell to AutoFill the summation of Actual Amount.
- After that, use the following formula to find the difference in the expense budget:
I7 = Projected expense in the Mortgage
J7 = Actual expense in the Mortgage
- Hit ENTER to have a different result.
- Next, AutoFill the rest cells.
- Now, calculate the total difference in the budget using the following formula:
Where the SUM function returns the value-adding cells K7:K21.
- Next, press ENTER.
- You can modify the dataset as your wish.
Step-3: Comparison between Budget and Reality
Here, I have tried to show the difference between the projected value with the actual value to summarize the total household budget.
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2. Using Template to Make a Household Budget
It is the easiest way to make a household budget is to use the default template from the Excel Budgets option. Making a household budget using template is explained in the following section.
- Go to the File tab first.
- Then, select the New tab.
- From there, click on Budgets.
- In the search section, write Household Budgets to have the template.
- Next, select the template.
- Followingly, click on Create.
Finally, we will have the Household Budget format in Excel. You can customize the budget section depending on your case.
I have tried to simply explain the two smart ways how to make a household budget in Excel. It will be a matter of great pleasure for me if this article could help any Excel user even a little. For any further queries, comment below. You can visit our Exceldemy site for further information on Excel.