Making Budget On Google Sheets: An Easy Guide

Share:facebookinstagramwhatsapp
google-follow
By Kumari Purvi | 
Updated: 28th Sep 2022 10:33 IST

Table Of Contents

  • 1
    How does a budget help an individual?
    • Budget assists in:
  • 2
    Why is making budget on Google Sheets easy?
    • 1. Pre-formatted templates:
    • 2. Accessibility:
    • 3. Easy to use:
    • 4. Sharing and Collaboration:
    • Making Budget on Google Sheets: A Step By Step Guide

Highlights of the Story

  • Planning a budget can be super-tedious and time-consuming. However, with Google Sheets, the overall work involved in creating and maintaining a budget sheet gets reduced. 
  • If you are new to making budgets and planning, this article will help you understand more about Google Sheets and guide you through the different steps involved in making a foolproof budget. 

 

Budgets are an integral part of our overall financial management, and to manage your finances efficiently, you cannot discount the value of making budget on Google Sheets. Whether your office or home, budgets come in handy almost everywhere and give you an overall idea of your expense and income.

How does a budget help an individual?

Every budget contains two essential parameters: Income and Expense

The income section of the budget notes the sources of income or flow of money towards an individual. It lists various categories from where the person might earn income. 

The expense section of the budget enlists the expenditure or outflow of money from an individual to other sources. It may be directed towards rent, food, housing maintenance, etc. 

Budget assists in:

1. Keeping an idea about the income and expenses made by an individual.

2. Saving for a major expense like home, car, or jewellery purchase.

3. Helping to build emergency funds.

4. Prepares you for future planning.

Many online tools today give you a fair idea of making budgets, planning the categories and sub-categories of your expense and income, inculcating mathematical formulas for a quick calculation, and much more. Even though there are many tools out in the market, the simplest and easiest one is Google Sheets. 

Also Read: Google Sheets Tips and Tricks You Don’t Want To Miss Out On!

Why is making budget on Google Sheets easy?

1. Pre-formatted templates:

Google Sheets have multiple ready-to-use templates that come in handy for new users. Templates like Monthly budget, Annual budget helps one to track their monthly and yearly budget, respectively. 

2. Accessibility:

As everyone is well versed with the use of Google tools like Google sheets, updating and accessing them becomes fairly easy and hassle-free. In fact, one can even access the sheets from their mobile phones too. 

3. Easy to use:

Even if you are a beginner at using the sheets, the categorisation and sub-categorisation made as per the need (personal, business) make it easy to use. 

4. Sharing and Collaboration:

Google Sheets can be shared across different platforms, and links for the same sheet can be shared among many individuals. This makes multiple points update simple and transparent. 

Also Read: iCloud vs Google Drive- Which Is The Better Option?

Making Budget on Google Sheets: A Step By Step Guide

If you have never made a budget sheet before, follow the step-by-step guide that will help you make an initial headway to make an efficient and straightforward budget sheet by yourself. 

Step 1: Create a New Sheet

making budget on google sheets starting step

You can create a new sheet to manage your budget using the Sheets option on the main Chrome web browser after you have signed in using your Google account. (You can refer to the picture below)

Click on the Blank icon to create a new sheet for making the budget all by yourself. 

Step 2: Add the categories

It is crucial that you add two important categories to your budget sheet, which will frame the overall picture of your sheet. The Income and Expense rows should be further divided into sub-categories. 

dividing categories in the budget sheets

Depending on usage, these sub-categories must have personalised sections because it makes the entire process compartmentalised and easy to understand. For example, the expense section can be broken down into rent, travel, food, party, and more. 

Step 3: Divide the frequency of budgeting.

set frequency of budget sheet

Every budget sheet will have three mandatory column- budget income and expense, actual earning and expense, and a difference between budget and actual. This will show you the accurate picture of the entire exercise and helps you plan accordingly. It is up to you to make a wholesome idea of using Google sheets for monthly / bi-monthly / yearly budgeting.

Lastly, divide the sheet based on frequency. It’s absolutely okay if you want to use one sheet for a month or a year budgeting along, as you will be able to create multiple sheets using the + sign on the sheet footer. 

Also Read: 7 Best Google Sheets Add-Ons That You Can Use Today!

Step 4: Apply mathematical formulas

applying mathematical formula

Simple and plain mathematical formulas can make the task more efficient. For example, the addition of expense rows or subtraction for the ‘difference’ columns between actual and budget columns . Once you enter the numbers in the respective column, the calculation is done automatically, saving a lot of time. 

Step 5: Take time to learn

Once your budgeting for a month or year is done, it is critical that you take out time to learn about the entire process. The aim of the overall budgeting exercise is to plan your finances, make necessary decisions for future expenses, and much more. You will have to read the sheet in detail and understand what can be done to overcome the overspending in the respective section or save more to meet an upcoming expense. 

Even though the entire process of getting used to updating, maintaining, and making a budget on Google Sheets may take time, it is bound to give you good financial results too.

Also Read: 7 Best Google Drive Plugins To Make Your Work Life More Intuitive!

Click here if you are looking to sell phone online, or recycle old phones. Cashify will help you get the process completed right at your doorstep.



Comments

Featured Videos

  • Living A Life Of Chaos With iPhone 14 Pro
    Since we began using the Apple iPhone 14 Pro, we’ve encountered various issues and most of which are related to iOS 16. Several issues that we’ve faced are related to notifications, Always-on -display, battery life and wallpaper. Until these issues are officially fixed, we will have to live with them. We tried to tackle some of…
    31st Oct 2022
  • OnePlus 9RT Alternatives To Buy In India Under Rs 45,000
    The OnePlus 9RT, a T upgrade, was out this year, although it’s only available in price-sensitive areas like China and India. The OnePlus 9RT has superior cameras, including a 50MP primary sensor, a little more prominent display, a premium design, good battery/charging and a more effective Snapdragon 888 CPU. Overall, this smartphone looks excellent with…
    28th Oct 2022
  • iPhone 14 Pro Vs iPhone 13 Pro Vs iPhone 12 Pro Camera Comparison
    We’ll discuss the overall camera setup & quality of the iPhone 14 Pro Vs iPhone 13 Pro Vs iPhone 12 Pro in the article. All of these phones come with a triple-camera setup. However, you might find some significant upgrades in the iPhone 14 Pro. Let’s find out the details about the camera quality of…
    7th Oct 2022
  • Moto Edge 30 Pro Vs iQOO 9T Comparison: Which One To Buy?
    The year 2022 is known as the year of the launch of many flagship smartphones. However, there is quite a decent competition between the phones in the price segment of Rs 50,000, and even there are too many options to choose from. Here in this article, we’ll compare the Moto Edge 30 Pro Vs IQOO…
    6th Oct 2022
  • iQOO 9T Vs OnePlus 9RT Full Comparison: Which One To Buy?
    We will discuss the iQOO 9T Vs OnePlus 9RT comparison in the article. Both phones come with the same price tag. In addition, both of these phones come with impressive specs and features. However, there exist some significant differences too. To know these differences, let’s explore the article and know which one to choose among the iQOO 9T &…
    27th Sep 2022

You May Also Read

Realme Mobile Price List
Realme Mobile Price List
Realme has become one of the best-emerging smartphone brands in India. Although the brand has multiple smartphones in its portfolio, it often becomes confusing for buyers to decide which one to buy. If you’re having similar issues, then you’re at the right place. We have compiled Realme mobile price list 2022 for you. With its…

New Launches

Infinix Hot 20 5G
Infinix Hot 20 5G
Starting from:
₹11,999
Infinix Hot 20 Play
Infinix Hot 20 Play
Starting from:
₹8,999
Elephone U3H
Elephone U3H
Starting from:
₹13,998
Lava Blaze 5G
Lava Blaze 5G
Starting from:
₹10,999
DOOGEE S96 GT
DOOGEE S96 GT
Starting from:
₹38,850