Monday, January 24

Family Budget: how to save using Excel

A home protected against unforeseen events

We can have a monthly, biweekly or even weekly budget, also depending on the frequency at which we are willing to monitor our movements.

It is not always easy to establish a budget for the home, so, if we seek to be prepared and that nothing catches us by surprise, we must have enough capacity to assume all the expenses and also manage to save, at that point is where we will find the balance.

To achieve all of these goals, we recommend using a excel template, which, although it can be useful for almost anything, will be especially helpful for your personal finances.

Do you need to be an expert to control the home economy using an EXCEL template?

It is not necessary to have a special skill to manage the economy of your home optimizing and controlling it through this tool. This analysis will be very helpful to you to be able to achieve the goals that you long for.

Why use an Excel and not a specialized app? The main advantage is that when creating it we will be able to select exactly what we want to see reflected and what not, and, in addition, and not least, we will not have to link anything with our bank account.

How to create your own custom template with Excel?

The first thing we have to do is plan what to include in the template, take a pen and paper and make a draft, so we can get to the point later.

Our recommendation is to use 3 tabs, a tab for income, another for expenses and finally one to make the personal balance.

Once we open Excel and select a new “Blank Book” or a new spreadsheet, we will only have to go to the bottom and add 2 more tabs to the one already open by default, by clicking on the + symbol. With the right button of the mouse we will change the name of each tab.

First Tab: Revenue Forecast

In this first tab we are going to include all the income that is expected to be received month by month.

We will only have to fill in a column by placing in each cell the period of time for which you want to make the list. If, for example, we do it monthly, we write the name of each month (double click on each cell) and in the row next to it, we fill in each cell the type of income (optional)

Now we will only have to enter the expected income. With the “SUM” function we can add the values ​​automatically so that they are added to the total. We can add individual values, cell references or ranges, or a combination of all three. For example, in the cell for the total for January, we write: = SUM (C7 + C8 + C9 + C10 + C11) to add cell by cell or we introduce = SUM (C7: C10) to add the interval in this case “the C ”belong to the cell of each income.

Second tab: Expense tracking

In this tab we will keep track of all monthly expenses. Locate all the fixed expenses you have per year and include them in the spreadsheet (check your cards or your online bank, don’t miss any!). We will also include the usual variable expenses such as gasoline, shopping at the supermarket, dinners or leisure in general … you decide how far you want to go to make the best possible breakdown. In this case you can also use the “SUM” function for the final result.

Third Tab: Savings

This last tab will be the balance tab, the simplest tab and no less useful for that. Here we can take a quick look at our evolution and compare the different months, also drawing conclusions about our seasonal behavior.

The objective is that all possible people can feel protected against unforeseen events, knowing how to prevent difficulties and with good planning for the future, in this way, ensuring that society has sufficient knowledge to make correct decisions about their finances.

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