excel personal budget template inserting another month

Creating a Personal Budget Template with Another Month

When it comes to managing your finances, having a well-structured budget is essential. With the help of an excel personal budget template, you can easily track your income and expenses and make informed decisions about your money. In this article, we will explore how to create a personalized budget template in WPS Office Excel.

Step 1: Setting Up Your Budget

To start creating your budget, open a new worksheet in WPS Spreadsheet and enter your expected income. This will serve as the foundation for your budget. Next, determine the period that your personal budget will cover. In this example, we will create a monthly budget.

Identifying Your Financial Goal

Before you can create your budget, it's essential to identify your financial goal. What do you want to achieve with your budget? In our case, we want to fund retirement, which means we need to save some money for deposits. This goal will guide our budgeting process and help us make informed decisions about our income and expenses.

Step 2: Creating the Budget Template

Now that we have identified our financial goal, let's create a personal budget template in WPS Office Excel. We can start by creating two columns: one for planned expenses, which you can input at the beginning of the month, and another for actual expenses, which are updated at the end of the month.

Using Formulas to Track Expenses

To track your expenses, we'll use formulas to calculate the difference between actual and expected expenses. Input the formula `=Actual-Expected` in cell E3 and drag the fill handle (+) to run the auto-fill function. Then, enter the SUM function to calculate the totals.

Highlighting Extra Expenses

To highlight any extra expenses, follow the same steps as before, but this time use the formula `=Expected-Actual` in cell E9. This will mark any extra expenses in red, helping you identify areas where you can cut back.

Calculating Expected and Actual Balance

Finally, to calculate your expected and actual balance, apply the formula `=Income-Expenditure-Deposit`. This will give you a clear picture of your financial situation and help you make informed decisions about your money.

With these simple steps, you can create a personalized budget template in WPS Office Excel that helps you track your income and expenses and achieve your financial goals. By following this tutorial, you'll be able to master how to create a personal budget in WPS Office Excel and take control of your finances.

Excel personal budget template inserting another month