How to Create Renovation Budget in Excel (2 Simple Methods)

In our daily lives, we often need to create renovation budget template. Microsoft Excel is a powerful software. By using Excel, we can create renovation budget template by following some simple methods. In this article, we will learn 2 easy methods to create a renovation budget template in Excel. So, let’s start with this article and explore these methods.

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2 Simple Methods to Create Renovation Budget Template in Excel

In this section, we’ll discuss 2 simple methods to create home renovation budget template in Excel.

Not to mention that we have used the Microsoft Excel 365 version for this article, you can use any other version according to your convenience.

1. Creating Customized Renovation Budget Template

In Excel, the best way to create a renovation budget template is by creating it manually. Because a customized renovation budget template gives us the exact output we need. Whereas a pre-built template might not suit our purpose all the time.

Let’s say, we have a Home Renovation Budget as our dataset where there are several Category and their respective Allowed Budget and Amount Spent information.

We can create a customized renovation budget template in Excel by following some simple steps. These steps are discussed in the following section.

Step 01: Add a New Column

In the first step, we will create a column beside the Amount Spent column.

• Firstly, create a new column named Difference as shown in the following image.

• Following that enter the following formula in cell E5 to calculate the Difference between the Allowed Budget and the Amount Spent.

Here, cell C5 represents the cell of the Allowed Budget column, and cell D5 refers to the cell of the Amount Spent column.

• Then, press ENTER.

As a result, you will have the following output on your worksheet.

• Now, use the AutoFill option of Excel to obtain the remaining outputs.

Step 02: Format the Difference Column

If we look closely, then we will see that the Differences in cells E7 and E11 are negative. This means, in these cases, our expenditure has exceeded the Allowed Budget. Let’s follow the steps outlined below to format the cells of the Difference column.

• Firstly, select the cells of the Difference column and go to the Home tab from Ribbon.
• After that, select the Conditional Formatting option.
• Then, choose the Highlight Cell Rules option from the drop-down.
• Now, click on the Less Than option.

• Following that, type in 0 in the Format cells that are LESS THAN field.
• Finally, click on OK.

Consequently, you will see that the negative values in the Difference column are formatted as shown in the image below.

Step 03: Insert a New Row

Now, we will insert a new row at the bottom of our dataset. This will show the total values of the respective columns.

• Firstly, create a new row and name the cell B12 as Total.

• After that, use the formula given below in cell C12.

Here, the range of the cells C5:C11 refers to the cells of the Allowed Budget column, and the SUM function will return the sum of the cells C5:C11.

• Then, hit ENTER.

Subsequently, you will have the Total Allowed Budget as demonstrated in the following picture.

• Following that, use the Fill Handle and drag it up to cell E12 to get the following output.

Step 04: Create Budget Tracker Table

The Budget Tracker table will help us to visualize our expenses and remaining budgets for each Category. Let’s follow the instructions outlined below to do this.

• Firstly, create a table as shown in the following picture.

• Then, enter the following formula in cell H4.

• After that, press ENTER.

As a result, you will have the following output on your worksheet.

• Next, drag the Fill Handle up to cell H10.

Now, we will use the TRANSPOSE function of Excel. The TRANSPOSE function converts a row into a column while keeping the data unchanged.

• Use the following formula in cell H11.

Here, the range of cells C12:E12 indicates the Total value of the Allowed Budget, Amount Spent, and Difference columns respectively.

• Then, hit ENTER.

Subsequently, you will get the following outputs in the Budget Tracker table.

Step 05: Format Budget Tracker Table

By formatting the Budget Tracker table we will be able to visually understand, how close we are to exceeding the budget, or how much money we can spend more for each Category.

• Firstly, select cell H4 and go to the Home tab from Ribbon.
• Following that, click on the Conditional Formatting option.
• Then, choose the Data Bars option from the drop-down.
• Now, select the Red Data Bar option as marked in the following picture.

• After that, again select cell H4 and go to the Home tab.
• Then, choose the Conditional Formatting option.
• Next, click on the Manage Rules option from the drop-down.

As a result, the Conditional Formatting Rules Manager dialogue box will open on your worksheet.

• Subsequently, click on the Edit Rule option in the Conditional Formatting Rules Manager dialogue box.

• After that, in the Edit Formatting Rule dialogue box, click on the drop-down icon in the Minimum field.
• Then choose the Number option from the drop-down.
• Similarly, choose the Number option in the Maximum field.

• Then, click on the Value box under the Maximum field and select cell C5.
• Next, choose your preferred fill and click on OK.

As a result, you will be redirected to the Conditional Formatting Rules Manager dialogue box.

• Now, click on Apply.
• Finally, click on OK.

Consequently, you will see that a red bar is added in cell H4. This bar indicates how much of the budget is consumed for a Category.

• Now, follow the same steps up to cell H10 and you will have the following outputs.

Note: Here the red bars for Basement Renovation and Exterior Renovation are filled up. This means the Allowed Budget for these categories is consumed and we have exceeded our budget in these categories.

• After that, press and hold the CTRL key and select the cells H11 and H13.
• Then, go to the Home tab from Ribbon.
• Next, choose the Conditional Formatting option.
• Subsequently, select the Data Bars option from the drop-down.
• Now, choose the Green Data Bar option.

Consequently, you will see that your preferred formatting is applied as demonstrated in the image given below.

• Following that, select cell H12 and follow the steps mentioned earlier to get the following output on your worksheet.

• Now, in the Edit Formatting Rule dialogue box, click on the Value box under the Maximum field and select cell C12.
• Then, choose your preferred fill and click on OK.

Congratulations! You have successfully created a customized renovation budget template in Excel.

This renovation budget template is also dynamic. You can change any value of the Allowed Budget column, and the Amount Spent column. The Budget Tracker table will adjust automatically to the changes as demonstrated in the following picture.

Read More: How to Create a Construction Budget in Excel (with Easy Steps)

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2. Using Pre-Built Template of Excel

Using the pre-built template of Excel is another smart way to create renovation budget template in Excel. Although using the pre-built template is not as flexible as creating a customized template, it’s a time-saving and easy approach. Let’s follow the steps outlined below to do this.

Steps:

• Firstly, use the keyboard shortcut ALT + F from your keyboard and you will see the following image on your worksheet.

• Following that, click on the More templates option as marked in the following image.

• Now, in the search box, type in Home construction budget and press ENTER.

• Then, select the template as marked in the following image.

• After that, click on the Create option.

As a result, an Excel template will open like in the following picture.

You can edit any of the cells of the template. For instance, we changed the Project Name and the Project Description here.

In the 2nd tab, you will find the List of Expenses. You can also edit the list as you want. Here, we edited the list according to our needs and deleted the unnecessary ones.

• After that, click on the Labor option under the Category section.

As a result, the List of Expenses will be filtered for only the Labor category.

Similarly, you can choose the Materials option to filter the List of Expenses as shown in the following picture.

Finally, in the Budget Summary worksheet, you will be able to see a Pie Chart which summarizes the whole renovation budget.

Read More: How to Make a Household Budget in Excel (2 Smart Ways)

How to Create Office Renovation Budget in Excel

In this section of the article, we will discuss the steps to create an office renovation budget. These steps are similar to the steps mentioned in the 1st method. Let’s say, we have an Office Renovation Budget as our dataset. Our aim is to create an office renovation budget template in Excel. Let’s use the instructions outlined below to do this.

Steps:

• Firstly, follow Step 01 of the 1st method and you will have the following table on your worksheet.

• After that, follow Steps 02-05 of method 1 to obtain the Budget Tracker table as demonstrated in the image below.

Read More: How to Prepare Budget for a Company in Excel (2 Suitable Examples)

Practice Section

In the Excel Workbook, we have provided a Practice Section on the right side of the worksheet. Please practice it by yourself.

Conclusion

So, these are the most common & effective methods you can use anytime while working with your Excel datasheet to create renovation budget template. If you have any questions, suggestions, or feedback related to this article you can comment below. You can also have a look at our other useful articles on Excel functions & formulas on our website ExcelDemy.

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