How to Create a Monthly Budget Template in Google Sheets

Managing your money wisely each month can be simpler with a clear budget template. Google Sheets is a free tool that you can use to make your budget template. Here’s a straightforward guide to help you set up a budget template.

Why Do You Need a Monthly Budget Tracker?

Keeping track of your monthly expenses helps you stay on top of your finances. With a budget, you won’t overspend in different areas. You can save for emergencies, pay off debts, and plan a fun vacation. It also helps you see where your money is going and how you can improve your spending habits.

Step 1: Open Google Sheets

First, go to Google Sheets. Start a new blank spreadsheet by clicking on the “Blank” option. Then, give your new spreadsheet a name that’s easy to remember, like “Monthly Budget.”

Step 2: Set Up Your Income Section

Create labels based on your preferences. In this example, I will use labels like Income, Savings, Expenses, and Budget Summary. Under these labels, I use categories such as Projected, Actual, and Difference.

Step 3: Insert Formulas

Use simple formulas to keep track of your total income and expenses easily. At the bottom of your Income amounts, choose a cell and type =SUM(, then select all your income cells, close the bracket ), and hit enter. Do the same for your expenses. This will automatically add up your values and update them if they change.

Step 4: Calculate Net Income

Choose a cell below your total expenses. Type =, click on the cell with your total income, type – (minus), and click on the cell with your total expenses. Press enter. This cell shows your net income, which can be positive (leftover money) or negative (overspent).

Step 5: Make It Visually Appealing

Use colors and bold fonts to differentiate between sections and totals.

You can also use charts to help you visualize your budget. It makes your budget easier to read and motivates you to maintain it.

Get the Free Monthly Budget Template

Get a copy of the free Monthly Budget template here. I’ve already populated some cells with examples, but feel free to customize them according to your preferences.

Final Thoughts

Creating a budget template in Google Sheets doesn’t require any special skills, and having it done independently can help maintain a clear vision of your financial health. You can add more categories and details to suit your tracking needs as you get more comfortable.

Frequently Asked Questions

Can I automatically highlight when I’m overspending in my budget template?

Use conditional formatting in Google Sheets to set rules, such as highlighting expenses in red when they exceed the budgeted amount.

How can I track daily spending in Google Sheets?

Add a section with columns for Date, Description, and Amount where you can enter each expense to monitor your spending habits closely.

Can I share my budget template with someone else for collaboration?

Yes, Google Sheets allows you to share your document with others and set permission to view or edit it, facilitating collaborative budget planning.