2.3 Monthly Budget

Lesson Objective: Learn how to add categories to the budget and set your monthly budget amounts

Monthly Budget Set-Up

Budget Start Month

Use this "Budget Start Month" drop down box to select the month that you want to start budgeting from. The default is January.

Budget start month selector

Group, Category & Budget

This is where you enter your groups & categories from the previous lesson and set a monthly budget amount. Groups & categories can be selected from a drop down list in the cell.

The annual budget amount is calculated automatically and is equal to 12 times the monthly budget amount you enter. Use the Income Table for income sources and the Expense Table for normal expenses.

Use the drop down lists to add groups & categories then enter the monthly budget amount

Special Budget Tables

Use the Paid Taxes, Savings, and Debt Payoff Tables for your special categories. They should match what you added to the special groups in the Categories worksheet.

Special budget tables for your debt, savings, and taxes

 The groups & categories you add to the special budget tables should be the same ones from the Categories worksheet

The groups & categories you add to the special budget tables should be the same ones from the Categories worksheet

Zero Balance

Check to make sure your income and expenses are equal so that you have a zero balance (net is zero).

The template calculates Income - Expenses for you

Actual Amounts

The data shown in the month columns is the amount of money you actually earned/spent in each category for each month. It is automatically calculated each time you enter transactions (discussed in the next lesson). Don't worry if it looks like a lot, the information is shown visually on the budget dashboard (also discussed in the next lesson).

Actual amounts for January are shown in the "Jan" column

Instructions in the Template

Open the template and try it out. There are written instructions in the file if you need help, just scroll down to see them.

Instructions are at the bottom of the Overall Budget worksheet