When it comes to financial planning, I am a big advocate for using a Google Sheets budget template. I personally use them for both my personal and business finances. My favorite spreadsheet helps me track my expenses and various sources of income. While I know how to create a budget spreadsheet from scratch, using free templates saves me a lot of time.
In this article, I will introduce you to the best free Google Sheets budget template. I will also show you other options, all of which are free, and how to use them. Lastly, I will explain the essential elements to include if you decide to create your own budget template.
What is a Budget Template?
Without a way to organize financial information, it is difficult to keep track of your funds. A budget template is a file used to track your spending habits and income, as well as plan your finances (which is usually more suited for longer-term forecasting). In summary, a budget template is ideal for knowing where your money is going.
Do I Need a Google Sheets Budget Template?
If you struggle to balance your finances, a budget spreadsheet is incredibly useful for identifying potentially reckless spending. It is also great for people who want to organize their finances, get out of debt, or start a business.
Perhaps you need to start saving for retirement. Maybe you need to set aside extra money for future emergencies. Whatever the reason, financial transparency is essential!
The 7 Best Free Budget Templates for Google Sheets
Here are some of the best available budget templates for Google Sheets. Each of these free Google Sheets budget templates is user-friendly and easily accessible. All you need to do is download a copy, fill in the necessary information, and you’re good to go!
1. Zero-Based Budget Template for Google Sheets
A very popular budgeting technique is the concept of “zero-based.” It is a very common way to organize personal finances, and the concept is simple. With a zero-based budget, you allocate all your net income to planned expenses until the difference becomes zero. It is a great way to ensure your hard-earned funds are spent wisely. Most importantly, a zero-based budget template helps in planning saving goals.
You can also use it for business transactions. Let’s say you have a starting capital of $20,000 for your soap business. You would list down all essential operational expenses (such as equipment acquisition, logistics, and marketing). You will continue until the budget is exhausted.
Our zero-based budget template is easy to use. It shows the total income you have generated and compares it to the allocated funds. You will also see the remaining balance that you need to allocate. Best of all, you can use it for both personal and business budgeting!
2. Simple Business Budget Template for Google Sheets
One of the most important aspects of any business is how its funds flow (i.e., money generated, spent, earned). If you are in the early years of your business, organizing your revenue and expenses in a simple budget spreadsheet will provide you with a better understanding of your financial strategy. It is an essential part of any business plan, and a balanced budget also helps small business owners plan for the future.
To use this budget template, divide your revenue and operating expenses into distinct categories and enter each item into the revenue lines. You can even link it to another sheet, so it automatically pulls in the data. Of course, if you are using static numbers, it will become more of a printable budget spreadsheet template for Google Sheets. Whether you use it online or offline, it is a handy tool for small businesses with multiple sources of income.
Start by listing the money received from different income sources. This may include profits from your business and donations received from others. Then do the same for your expenses. The template will automatically calculate your figures. As this simple Google Sheets budget template is customizable, feel free to include your business name and the year for a more official report.
3. Google Sheets Budget Template for Students
Learning to manage your budget as a student can help you save money for your future. It can also help you pay off your student loans faster. And if you understand the power of compound interest, you will understand why it is such an appealing idea.
Being responsible for your finances can be a bit intimidating at first, but know that budgeting does not have to be complicated. In our student-friendly Google Sheets budget template, start by listing your total income. This can include part-time jobs, scholarships, internship allowances, or even a particularly generous parental allowance.
Next, include your usual expenses to create a more comprehensive budget. Our free budget spreadsheet has four phases (semester 1 to semester 4) where you can categorize typical expenses that you will need as a student. This means you will have a place to include tuition fees, anticipated book costs, and any other planned educational expenses.
4. Simple Household Budget Template
While most of the above best budget templates cater to businesses, we wanted to make sure to include an excellent option for household finances too. This is where this template comes in. This free budget spreadsheet allows you to determine your remaining funds after paying all your recurring expenses.
It is pre-filled with regular housing expenses (such as property tax, mortgage payments), children’s school fees, groceries, car payments, utilities, etc. There is also a section to allocate money for your wants and investments. We have also created our own custom budgets for our own families using this template. In our personal breakdowns, we added additional expense categories for saving goals. You may want to modify this Google Sheets budget template to include a home fund, travel fund, or education fund.
5. Monthly Budget Template for Google Sheets
This monthly expense spreadsheet template is a simple template divided into different categories. It is pre-filled with common budget items (such as income, rent), but it is easy to customize them to fit your specific financial needs and priorities.
Like our other templates, this free Google Sheets budget template includes built-in formulas that automatically calculate the totals of your income and expenses under each category. This should give you a much clearer overview of your personal monthly budget.
Professional Tip: This template is simple and adaptable for any Google Sheets budgeting purposes – from business to household.
6. Weekly Budget Template for Google Sheets
This free weekly budget template is a simple and user-friendly document. As you spend money throughout the week, note the amounts spent in each category. This template helps you track your expenses in real-time and stay within your budget limits. It includes dedicated cells for inputting multiple expense and income sources (salary, freelance work, etc.).
The template uses built-in formulas to automatically calculate total income, total expenses, and the balance for each week. We recommend this weekly template for effectively managing your finances, sticking to your financial goals, and making informed decisions.
7. Annual Budget Calendar Template
This Google Sheets budget calendar template is a versatile and user-friendly tool designed to help you track your annual finances. Each month, you will enter your income and budgeted amounts in dedicated categories.
With built-in formulas, this document automatically calculates the totals of planned and actual expenses for each category. This eliminates manual calculations and allows for more accurate budget tracking.
The template also includes a summary that consolidates the data from each monthly sheet, providing an overview of your year-long financial progress at the bottom of the page. Use this template as a personal, family, or professional spreadsheet!
How to Create a Custom Budget Spreadsheet
The following annual template consists of monthly income, expenses (rent, utilities, vehicle payments), budget, and savings from January to December.
Monthly Budget Calculation
- Fill in all your data in the template sheet.
- Calculate the total income using the
=SUMfunction. - Drag the function to the other cells.
- Calculate the actual expense value using the
=SUMfunction. - Drag the function to the other cells.
- Use the
=MINUSfunction to calculate the difference between your budget and the actual expense value. - Drag the function to the other cells.
- Calculate monthly savings using the
=MINUSfunction. - Drag the function to the other cells.
Conditional Formatting
At Row 17 (in the screenshot above), you will notice that the excesses and deficits automatically change color. Deficits turn red, and excesses turn green, thanks to conditional formatting in Google Sheets. To add this feature to your own Google Sheets budget template, select the cells and choose Format > Conditional Formatting. When setting up the conditions:
- Choose to color the cell red if the value is less than one as the first condition.
- Choose to color the cells green if they have a value equal to or greater than one as the second condition.
Annual Budget Calculation
- Calculate the total income using the
=SUMfunction. - Calculate the total expenses using the
=SUMfunction. - Calculate the total savings using the
=MINUSfunction.
Congratulations, you have just created your own budget spreadsheet!
Advantages of Using a Google Sheets Budget Template
Admittedly, these advantages heavily depend on how you use your budget template. But there are a few tangible benefits you can gain from using one:
- Organized finances: Most budget templates provide different categories that help you organize the flow of your money.
- Automatic calculations: Google Sheets budget templates often include built-in formulas that update automatically when details are input or changed (such as instant sums, percentage of total income).
- Collaboration features: Google Sheets supports easy sharing and collaboration. It is great if you need a partner or a team to help with budgeting.
- Setting spending limits: If you are using a zero-based budget template, you have already allocated every dollar in your wallet and account. This visualization will help you stay within the set amount.
- Achieving financial goals: A budget spreadsheet template can help you accumulate savings.
What Should a Good Budget Template Include?
There are no specific criteria for budget templates. They can be as simple as listing your expected salary minus the few general payments you need to make. But if you are planning to create your own budget spreadsheet, here are some interesting elements that the best Google Sheets budget templates should include:
- Specific categories for your income and expenses: Track the flow of money in and out, consider possible sources of money, and keep track of significant payments.
- Functions and formulas: Create a template that automatically calculates the funds you have spent and earned. This saves you from adding up the funds one by one.
- Colors for distinct categories: Although this is optional (and depending on your preferences), you can use a template that uses different colors for each category.
Frequently Asked Questions
Does Google Sheets have a Budget Template?
Yes, Google Sheets offers several budget templates. In the template gallery, scroll down to the “Personal” category. There are only two options available: monthly and annual.
If they do not meet your needs, creating a custom template is easy, or you can download one of our pre-made templates!
Is Google Sheets Good for Budgeting?
In general, spreadsheets are excellent for managing your finances. Google Sheets, however, is a free budgeting application that allows for easy collaboration and sharing with colleagues.
How to Create a Budget in Google Sheets?
The easiest way to create a budget is to use one of our existing Google Sheets budget templates. They contain everything you need to track your income and expenses. You can even customize them to fit your personal financial goals.
Can Excel be Used to Create a Budget?
Yes, you can use any spreadsheet software to track your finances. Like Google Sheets, there are several Excel budget templates that include the same information (though formatted for Microsoft Excel).
Are There Free Budget Templates?
Yes, there are several free budget templates available. While my top choices are all based on Google (choose a free budget tracker in Google Sheets above), I also recommend checking out Excel, Notion, and Smartsheet.
In Conclusion
Managing your money in a clear and organized way is one of the most important aspects, whether for individuals or businesses. To have more control over your finances, one of these Google Sheets budget templates will certainly help!
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