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