How to Make a Personal Monthly Budget in Excel (with 6 Quick Steps)

Making a personal monthly budget is a good practice to be careful about Personal Finance Management. It helps to keep track of different income streams as well as expense sectors. Making a personal monthly budget at the beginning of the month helps exclude all unnecessary expenses. Thus, the amount of savings increases. You can make your own personal monthly budget in Excel quite easily. In this article, I will guide you to make a personal monthly budget in Excel with ease. So, without having any further discussion, let’s get started.


Download Practice Workbook

You can download the Excel file from the following link and practice along with it.


Steps to Make a Personal Monthly Budget in Excel

A personal monthly budget generally consists of the following 3 sections. They are,

  • Income Sources
  • Expense Sectors
  • A balance between Income & Expense

Step-1: Setting Up Income Section

At the beginning of making your personal monthly budget in Excel, you should create an income section. In the section, all of your income source streams will be mentioned.

Here,

  • I created two columns first. They are Source and Amount.
  • I took another column on the left side of the Source column and marked it as Income.
  • To calculate the total income, I created a footer row named Total.

Setting Up Income Section to Make a Personal Monthly Budget in Excel

Read More: Create a Personal Budget in Excel (With Easy Steps)


Step-2: Calculating Total Income

Now it’s time to calculate the total amount of income money.

  • First, I inserted various income sources and their corresponding amount.

Calculating total income to Make a Personal Monthly Budget in Excel

=SUM(D5:D8)
  • After pressing the ENTER button, the formula returns $11,300.

So this is the total income money for the month of “January”.

Calculating total income to Make a Personal Monthly Budget in Excel

Read More: How to Make a Budget in Excel (2 Easy Methods)


Step-3: Setting Up Expense Section

After completing the income section, you have to create the Expense section.

  • First, I created two columns. They are Sector and Amount.

In the Sector column, various expense sectors will be mentioned. Their corresponding expense amount will be mentioned in the Amount column.

  • Then I took another column on the left side of the Sector column and marked it as Expense.
  • To calculate the total expense amount, I created a footer row named Total.

setting up expense section to Make a Personal Monthly Budget in Excel

Read More: How to Do Budgeting and Forecasting in Excel (2 Suitable Ways)


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Step-4: Calculating Total Expense

Now it’s time to calculate the total amount of expenditure.

  • First, I inserted various expense sector names and their corresponding amount.

Calculating total expense to Make a Personal Monthly Budget in Excel

=SUM(D12:D18)
  • After pressing the ENTER button, the formula returns $9,800.

So this is the total expenditure for the month of “January”.


Step-5: The Final Balance

After all the process you need to know the final balance (that’s what we all after), to calculate the final balance between the income and expenses, I allocated 3 cells. They are,

  • Total Income
  • Total Expense
  • Short/Extra

In cell G7, type:

=D9

Here, D9 refers to the Total Income amount that I have calculated before.

Calculating the final balance to Make a Personal Monthly Budget in Excel

In the cell G8, type:

=D19

Here, cell D19 refers to the Total Expense that I have calculated before.

To calculate the difference between the income and expense, use the following formula in cell G9.

=G7-G8

Here, G7 refers to the Total Income and G8 refers to the Total Expense.

Calculating the final balance to Make a Personal Monthly Budget in Excel


Step-6: Inserting Pie Chart

Now I will introduce pie charts to visualize various income and expense sectors. Though it’s not that mandatory to add, still a chart can help you visualize the info much more easily.

First I’m creating a pie chart for the income money.

To do that,

  • Select all the income sources along with their amounts.
  • Then go to Insert Insert Pie Chart drop-down ➤ 3-D Pie.

Inserting Pie Chart to Make a Personal Monthly Budget in Excel

This will create a beautiful pie representation of the income sources in percentages.

To create the pie chart of the expenses,

  • Select all the expense sectors along with their amount.
  • Then go to Insert Insert Pie Chart drop-down ➤ 3-D Pie.

Inserting Pie Chart to Make a Personal Monthly Budget in Excel

This will again generate a beautiful pie chart of the expense sectors.

Read More: Make a Budget Pie Chart in Excel (with Easy Steps)


Practice Section

You will get an Excel sheet like the following screenshot, at the end of the provided Excel file where you can practice all the topics discussed in this article.


Conclusion

To sum up, I have discussed steps to make a personal monthly budget in Excel. Please don’t hesitate to ask any questions in the comment section below. We will try to respond to all the relevant queries asap. And please visit our website Exceldemy to explore more.


Mrinmoy

Mrinmoy

Hi! I'm Mrinmoy Roy. I'm an Excel and VBA content developer. I write blogs relating to Microsoft Excel on Exceldemy.com. I've completed my graduation in Electronics and Communication Engineering from Khulna University of Engineering & Technology. I've expertise in Excel functions, formulas, Pivot Table, Power Query, Visual Basic, etc. I write blogs to lessen people's hassles while working on Microsoft Excel.

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