Looking to get your finances in order? This excel template is all set up for you to enter your savings goals, set a desired ‘save by date’ and automatically subtract the savings out of your income. By utilizing the Savings Calculator, you can plan for expenses, bills and future purchases for cars, home, etc., in a simple and easy way. Also track your monthly bills and various expenses.
The savings calculator is linked to a main budget worksheet, so that the indicated amounts to save are automatically deducted from each paycheck, giving you a clear picture of how much ‘free’ money you really have left after allocating to your savings goals.
How it works –
Savings Calculator – Here you will be able to select the ‘Frequency’ for how often your bills/goals are due – Annually, Quarterly, Semi-Annually or in 1 year, 2, 3, 4 or 5 years. You can set up to 20 different savings goals (or bill due dates). Enter the total amount you want to save and your number of paychecks per year, and the file will calculate the amount needed to save each paycheck. This amount will then be populated for each month in the monthly budget worksheet. When you select your YTD paychecks received, a Running Total column will indicate the total amount saved year-to-date. You will be able to adjust the Running Total by entering a contribution/carryover amount in specified column.
Monthly Budget – Here you can enter your income, monthly bills and bi-weekly bills. The savings calculator will automatically be populated, and the variable expenses will be linked to the last worksheet you can enter your data in. The monthly budget will break each month into 1st and 2nd halves, so for monthly bills, you’ll select 1st or 2nd half and the amount will populate in the correct half. For bills that are the same each month, you will enter the amount once and all months will populate. The monthly budget will give totals for each area of expenses as well as your grand total expenses for each half of the month and the amount left on each paycheck after all expenses are deducted. This does assume a 2 paycheck a month setup, but there is an extra row to enter additional income.
Variable Expenses – In this section you can enter variable expenses and select the month, category and subcategory. The totals for the 4 main categories (Grocery, Eating out- Entertainment, Vehicle Related and Miscellaneous) will automatically calculate in the monthly budget tab/worksheet. There are 22 subcategories and you will be able to add up to 50 subcategories (directions included). The totals for all subcategories will be in the variable expenses summary. In the Variable Expenses Summary page, the table will give a summary by subcategory for each month. All you have to do in this page is click refresh after your data is entered in the previous worksheet (also in the directions).
If you are only interested in the Monthly Budget part (without a Savings Calculator), you can purchase it here or see all budget related templates here.
You will receive an Excel Spreadsheet and PDF directions by email. All templates come personalized with your name and are for personal use only. The file is made fool-proof with color coding and cells with formulas are locked so that they are not accidentally deleted. If you have any questions, please feel free to contact me.