Free Budget Template
Keep track of your income and expenses using our free budget template. It is super easy. Just enter your monthly income and expenditures in the table below and click Calculate! The calculator will give you a breakdown of what you spend on each item. Expand each category to enter specific numbers. Don’t worry, we don’t save any of your data. Once you are done, you can click Export to Excel to download the template to a spreadsheet and track expenses over time.
This budget calculator is meant for educational purposes only. It is not meant to be used as a replacement for professional financial advice. Have fun with it.
Monthly Budget Planner
Monthly Debt Payments (Ex Mortgages & Auto)
Education & Training
Available budget this month
Monthly Expenses By Category
|Categories||Dollar Amount||% Of Total Income||% Of Category|
How to use this Free Budget Template
In the income section, enter monthly income from various income streams. There is an input field for entering any balance from the previous period.
The Outflows section has various sub-categories. For example, the home category includes expenses related to mortgage, rent, home insurance, etc. Most categories are self-explanatory.
Non-Discretionary expenses include your needs such as food, medical bills, child care, etc. Discretionary expenses include your wants. These are occasional expenses that you enjoy spending money on. For example, eating out, concerts, vacation, etc may be fun, you can live without them. These are the expenses that you can cut down to bring your budget in balance.
There is a reason I have put Investments under the outflows category. I want you to be deliberate about investing. I want you to consider this category as non-optional. This will be your first step towards building wealth. Once you set up your investment account, you want to keep adding to it each month and never 'need' to make a withdrawal.
Now Track your earnings and expenses with the free Budget template in Excel
Now, keep a budget for a few months (at least a year) so you can get a sense of all kinds of expenses. Typically, your gift category will be higher around the holidays. Education may be higher in early fall. When you track your expenses for an entire year, you will record all your seasonal expenses. The good thing about this calculator is that you can download it to a spreadsheet. Copy the $ amounts to a new column each month and then track them. Once you have a few months of data you should be able to see which direction your income and expenses are moving.
You may realize that some expenses are completely unnecessary. For example, you'll realize that you spent way too much on that concert. Perhaps, you may even realize that perhaps you can afford a cup of coffee at Starbucks every week. Whatever you do, make room for deliberate investing in your budget.
Here are some of our other calculators that you can use. Use our debt calculator to pay down debt fast. Our retirement calculator will help you understand how much you need to save to be able to retire comfortably.