The Budget, Take 2 – with free budget spreadsheet template!

For the past few months, I have been diligently managing our finances on paper. It gave me a basic understanding of our income, bills, and debts, but I struggled to keep track of our day-to-day spending. Then, a sudden financial setback hit us hard: my husband received a paycheck that was half of what we expected due to an overpayment adjustment. There was zero warning from the company that his paycheck would be different. This unexpected shortfall left us unable to cover all our bills and our emergency savings was already used 2 months ago when my husband was out of work for a medical issue.

Feeling overwhelmed and determined to regain control, I knew I needed a better tool than my trusty notebook. So, I decided to upgrade to a more dynamic and FREE solution: an Excel spreadsheet. This switch not only allows for clearer budgeting but also provides a structured overview of our financial commitments and goals for the year ahead.

How I Use the Budget Spreadsheet

Let me walk you through the format of my spreadsheet, which has been instrumental in helping me track and manage our finances:

• Income Section: I break down our monthly income sources, categorizing them by weeks and additional income streams.
• Monthly Bills: Essential expenses like electricity, water, internet, and mortgage payments are clearly listed.
• Other Bills: Variable expenses such as car insurance, life necessities like heating oil, and miscellaneous costs are accounted for.
• Miscellaneous Expenses: I meticulously track daily spending, noting the date, payment method, and whether each expense was a necessity or a discretionary purchase.

Here is a sample of the budget page – please note – these are not my actual numbers:

	June	July Budget	July Actual	Aug Budget	Aug Actual
Income
Income Wk 1	1200	1200	1200	1200
Income Wk 2	1000	1200		1200
Income Wk 3	1300	1200		1200
Income Wk 4	1200	1100		1200
Income Wk 5				1200
Income 2 Wk 1	300	220	210	275
Income 2 Wk 2		220		325
Income 2 Wk 3		250		275
Income 2 Wk 4	100	250		275
Income 2 Wk 5				275
from Savings		1200
Other	149.96
Total	5349.96	7090		7700
Monthly Bills
Electricity	162.52	165		175
Water	72	40		40
Internet	95	95		95
Pest Control	125	125		125
Pet Insurance		73.79		74
Phone		182.33	182.33	183
Mortgage 1	1500	1500		1500
Mortgage 2	500	500		500
Other	57.99
Total bills	2512.51	2681.12		2692
Subtotal	2837.45	4408.88		5008
Other Bills
Car Insurance 1		300	300.23
Car Insurance 2				260.92
?
Life Insurance
Oil				1000
?
?
?
?
?
Total	0	300		1260.92
Subtotal	2837.45	4108.88		3747.08
Misc
Food	708	400	201.83	600
Gas	733.25	500	89.29	500
Tolls	198	100		100
Parking	10		2.63	10
House Supplies	100	100	62.26	100
House Repair	32.44
Pets	39.37	50	39.37	50
Dr copay	50	50
Kids activities
Cothes
Spotify	14.99	14.99	16.99	17
Toys
Homeschool
Other	171.59
Total	2057.64	1214.99	412.37	1377
Subtotal	779.81	2893.89		2370.08
Debt minimums
CC 1	388	442	442	445
CC 2	283	327	265	300
CC 3	100	1000		1980
CC 4	100	475		475
CC 5		399	399	400
CC 6		119		150
CC 7	31.48
CC 8	58	168.9		100
CC 9	140	80	80	100
CC 10	80	80		100
Total	1180.48	3090.9		4050
Left over / short	-400.67	-197.01	0	-1679.92

This is where every expense is listed out:

Misc expenses
Date	Company	Expense Type	payment	amount	Need / Want
7/1/24	Gas station	Gas	A Debit	46.96	N
7/8/24	Spotify	Spotify	A Debit	16.99	W
7/8/24	CC1	CC1 payment	A Debit	399	N
7/8/24	CC 2	CC 2 payment	A Debit	442	N
7/8/24	CC 3	CC 3 payment	A Debit	265	N
7/8/24	Insurance company	Car Insurance	A Debit	300.23	N
7/1/24	town parking	Parking	K Debit	2.63	W
7/1/24	Taco Bell	Food	K Debit	5.69	W
7/1/24	McDonalds	Food	K Debit	20.58	W
7/1/24	Target	House Supplies	K Debit	22.39	N
7/1/24	Petco	Dog	K Debit	39.37	N
7/1/24	Walmart	House Supplies	K Debit	39.87	N
7/1/24	Gas station	Gas	K Debit	42.33	N
7/1/24	Grocery Store	Food	K Debit	43.78	N
7/1/24	Aldi	Food	K Debit	131.78	N
7/1/24	CC 4	CC 4 payment	K Debit	80	N
7/1/24	CC 5	CC 5 payment	K Debit	100	N
7/6/24	town parking	Parking	K Debit	1.75	W
7/6/24	Walmart	Gift	K Debit	12.58	W
7/6/24	Target	House Supplies	K Debit	24.86	N
7/6/24	town parking	Parking	K Debit	2	W
7/7/24	McDonalds	Food	K Debit	14.73	W

You can copy and paste both templates into Google Sheets or Excel to jumpstart your budgeting. Just clear the data I have entered, change it to list your spending categories and enter your information!

Making the Most of the Spreadsheet

Beyond simply inputting data, I use features like pivot tables to analyze spending patterns. This helps me understand where our money is going—differentiating between essential and non-essential expenditures, which guides our financial decisions moving forward.

“For me, distinguishing between needs and wants is crucial during tighter financial periods,” this helps me emphasize the importance of prioritizing essentials when money is tight.

Moving Forward

While the spreadsheet provides clarity and structure, it doesn’t instantly solve our immediate financial challenges. We’re still short on funds this month and face a significant expense for heating oil next month. However, having this comprehensive view of our finances empowers me to strategize and plan for the future effectively.

Your Next Steps

If you’re facing similar financial challenges, here are some steps you can take:

1. Upgrade Your Budget: Consider transitioning to a free spreadsheet tool like Google Sheets for a clearer view of your finances.
2. Analyze and Adjust: Use tools like pivot tables to categorize spending and identify areas where you can cut back.
3. Increase Income: Look for additional income opportunities to bridge financial gaps. In my next update, I’ll share some ideas and how they worked out for me in a future post.

By proactively managing your finances with tools like my spreadsheet template, you can gain control over your financial destiny. Challenges will come, but having a clear plan and the ability to adapt will help you navigate through any financial storm.

Stay tuned for my next post, where I’ll explore the ways I used to try to boost income and share the results. Let’s work towards financial health and stability together!

If you have any budgeting tips, success stories, or creative ways to increase income, I’d love to hear from you! Share your thoughts and ideas in the comments below. Together, we can build a supportive community where we learn from each other’s experiences and empower one another on our journey to financial stability. Let’s continue this conversation and help each other achieve our financial goals!