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Budgeting With Excel Beginners Guide

This guide teaches beginners how to create a budget using Microsoft Excel, emphasizing the importance of budgeting for financial control and goal achievement. It provides a step-by-step process for setting up a budget, including categories for income and expenses, and offers a free editable Excel template. Additional budgeting tips are included to help users effectively track and manage their finances.

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Michael fasina
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32 views2 pages

Budgeting With Excel Beginners Guide

This guide teaches beginners how to create a budget using Microsoft Excel, emphasizing the importance of budgeting for financial control and goal achievement. It provides a step-by-step process for setting up a budget, including categories for income and expenses, and offers a free editable Excel template. Additional budgeting tips are included to help users effectively track and manage their finances.

Uploaded by

Michael fasina
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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A Beginner’s Guide to Budgeting with

Excel (With Sample Template)


Introduction
Managing your money can be easier than you think. In this step-by-step guide, you'll learn
how to set up a simple budget using Microsoft Excel — no prior experience needed. This
guide will show you how to track your income, control spending, and save towards your
goals. A free editable Excel budget template is included.

Why Budgeting is Important


A budget helps you control how your money is spent. It prevents unnecessary expenses,
helps you build an emergency fund, and keeps you focused on your financial goals. Without
a budget, it's easy to lose track of where your money goes each month.

Getting Started with Excel


You don’t need advanced Excel knowledge to build a budget. Here’s what you’ll need:
- Microsoft Excel (any version from 2010 upwards)
- Basic knowledge of how to enter numbers and use formulas like SUM()
- The included budget template (or you can create your own from scratch)

Creating Your Budget Categories


Your budget will be divided into three main parts:
1. **Income**: Your salary, side hustle, gifts, etc.
2. **Fixed Expenses**: Rent, transportation, school fees.
3. **Variable Expenses**: Food, airtime, entertainment, clothing.
You can add savings and emergency fund contributions as categories too.

How to Build Your Budget (Step-by-Step)


1. 1. Open Excel and create a new worksheet.
2. 2. Label your columns as follows: Category, Planned Amount, Actual Amount, Difference.
3. 3. Enter your income sources in the top rows.
4. 4. Enter your expense categories under them.
5. 5. In the 'Difference' column, use the formula: =Planned - Actual.
6. 6. Use the SUM() function to total income and expenses.
7. 7. At the bottom, calculate: Total Income - Total Expenses = Net Balance.
8. 8. Colour-code cells for easy reading (e.g., red for overspending).
Budgeting Tips for Beginners
- Always budget at the beginning of the month.
- Be realistic: don’t underestimate your expenses.
- Track every expense—even ₦100 airtime matters.
- Review your budget weekly.
- Adjust your spending to ensure you stay within your limits.

Understanding the Free Excel Template


The included Excel template has:
- Pre-set income and expense categories.
- Automated total calculations.
- Conditional formatting to highlight overspending.
- A Net Balance summary to show surplus or deficit.

Final Words
Budgeting in Excel is a powerful skill that helps you take control of your financial future.
Start today with the simple template and tips provided. As you get more comfortable, you
can customize the template to suit your lifestyle and goals.

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