The importance of a well-crafted budget plan cannot be overstated, as it plays a pivotal role in securing a stable financial future for individuals, businesses, and governments alike. A budget plan is a comprehensive, forward-looking roadmap that outlines planned income and expenditures over a specific period. It serves as a guiding light for financial decision-making, allowing.
Having explored the importance of budget planning from various angles, it is evident that a sound and conscious approach to budgeting can profoundly impact personal, organizational, and societal financial well-being by recognizing the value and potential that budget planning offers individuals, businesses, and governments can harness its power to carve out a prosperous, secure, and financially stable future. Therefore, developing a robust budget plan is necessary and essential for a better tomorrow.
In the last article, we described how to calculate percentile in Excel. In this one, we will write about how to create a budget in Excel.
How to Make a Budget in Excel Using a Financial Spreadsheet?
To make a budget in Excel, you can use a premade Excel Budget Template or custom free sheet templates from various spreadsheets, such as Google Sheets, Vertex42, PearBudget spreadsheets, etc.
Budget spreadsheets you can download from here:
- MS Budget Spreadsheets
- Free Vertex42 Budget Spreadsheets
- PearBudget Free Budget Spreadsheet
- Google Sheets
Budgeting does not mean that you need to cut your budget on necessities like food, gas, etc., but it means you decide what your income will be for a month, what you can buy this month, and what will be in the next. This is not a difficult task if you get used to it.
Happiness can be found anywhere; it is typically unnecessary for money to bring joy if one is satisfied with a regular and easy monthly budget and is not in debt. That is real happiness.
So, let’s start budgeting. We need a plan, and a project requires a pen and paper. Although this is the essential step, let me introduce that you can even draw your draft/plan on your laptop using different excellent software that has been developed for us.
This unique software has been developed and in use for many years, and some are new. So let’s look at each software’s and see which is best for you.
It is easy to access all the information and data. This also benefits you by allowing you to analyze and process how much you are earning and how much you will spend for the month, allowing you to make a budget according to your needs and the money in hand. Create a spreadsheet/worksheet to track your expenses and income because this is a reliable technology option.
Download Excel Budget Templates
Below, you can download a free Excel budget template for various situations.
- Download the home renovation budget template Excel Free
This home renovation budget template is made in Excel; you can download it for free. You can easily change numbers and colors. Each item that you click will open the budget calculation tool. - Download daycare budget template in Excel: The daycare budget template is created in Excel and calculates family, group, and informal daycare budgets. You can download it for free.
- Download the hotel budget template in Excel. The hotel budget template is well-designed but has only a simple form where you can add costs. You can download the hotel budget template for free.
- Download Baby budget template Excel. This baby budget template is created in Excel and has two versions with more than 100 items you will need for your baby. In addition, you can download the baby budget template for free here.
- Download the Capex budget Excel template. The Capex budget Excel template represents the Capital Expenditures Budget Template. You can download the CAPEX budget template for free.
- Download grocery budget Excel template: This colorful budget template can help you plan your grocery shopping or as a food budget Excel template. You can download the grocery budget Excel template for free.
- Zero-based budget template Excel: Here, you can download the Zero-based budget template in Excel, where the budget starts from zero for each new period. The difference between the budget income from all the sources and the expenses from all the sources will come to zero.
- Download 50 30 20 budget Excel Template. The 50-30-20 Budget spreadsheet breaks down your expenses into three categories: 50% need expenses vital to living, 30% want expenses that are not vital but improve quality of life, and 20% want savings. You can download the 50-30-20 budget Excel template for free here.
- Download budget variance analysis template Excel: Budget variance analysis represents the difference between planned and actual values. Usually, we compare basic and standard costs. Please download the budget variance analysis template in Excel format here.
- Download the Christmas budget Excel template: A Christmas budget template can help you manage holiday spending. Here, you can download the Christmas budget Excel template for free.
- Download church budget template Excel – The church budget template can help you analyze all costs and advance budget calculations for your ministry. You can download the church budget template in Excel here for free.
- Download time-phased budget template Excel: The time-phased budget template represents a project management template where you can add labor, materials, and time activities like in the Microsoft project. Here, you can download the time-phased budget template created in Excel.
- Download Training budget template Excel: The training budget template is an Excel spreadsheet page where you can add all expenses and income for the training business. Here, you can download the training budget template created in Excel.
- Download vacation budget template Excel (Business travel budget template): This is a simple but well-designed Excel template for analyzing vacation expenses. You can download the vacation budget template (business travel budget template) made in Excel for free.
- Download factory budget template Excel: The factory budget template is an Excel spreadsheet with basic factory expenses and income. It is an excellent tool for calculating manufacturing costs. Here, you can download the factory budget template in Excel.
- Download the home renovation budget template Excel Free
Hotel budget template in Excel
Creating a budget plan for a hotel in Excel can be complex. Still, it’s necessary to ensure that the business is financially stable and able to meet its financial obligations. In this guide, we will outline the steps needed to create a budget plan for a hotel in Excel.
Step 1: Gather Information
The first step in creating a hotel’s budget plan is gathering all the necessary information. This includes the hotel’s revenue, expenses, and hotel seating costs. It is essential to be as comprehensive as possible when collecting this information, as it will form the basis of the budget plan.
Step 2: Create a Spreadsheet
Once you have gathered all the necessary information, the next step is to create a spreadsheet in Excel. Start by opening a new workbook and creating a new sheet for the budget plan. Label the sheet “Budget Plan” or something” similar.
St “p 3: Create Columns
The next step is to create the columns for your budget plan. For example, you will need to create columns for the following:
- Revenue: This column will track all of the hotel’s revenue streams, hotel room revenue, food and beverage revenue, and any other sources of income.
- Expenses: This column will track all of the hotel’s costs, including whotel’stilities, rent, insurance, and any other fees.
- Operating Costs: This column will track the hotel’s operating costs, maintenance and repairs, marketing and advertising, and any other costs associated with running the hotel.
- Total: This column will calculate the hotel’s total revenue, exphotel’sand operating costs.
- Profit/Loss: This column calculates the hotel’s profit or loss based on its total revenue, expenses, and operating costs.
Step 4: Enter the Data
Now that you have created your columns, the next step is to enter the data. Start by entering the revenue data in the revenue column, followed by the expenses data in the expenses column, and the operating costs data in the operational costs column.
Step 5: Calculate Totals and Profit/Loss
Once you have entered all the data, you can calculate the totals and profit/loss. To do this, you will need to use formulas. The formulas you will need to use are:
- Total: =SUM(cell range) – this will calculate the hotel’s total revenue, exphotel’sand operating costs.
- Profit/Loss: =Revenue – Expenses – Operating Costs – this will calculate the hotel’s profit or loss bashotel’she total revenue, expenses, and operating costs.
Step 6: Review and Adjust
Once you have calculated the totals and profit/loss, it is essential to review the budget plan and make necessary adjustments. This may involve adjusting expenses, revenue projections, or operating costs.
Step 7: Save and Update
Finally, once you have reviewed and adjusted the budget plan, saving and updating the documentary is essential; this will help ensure that the hotel remains financially stable and can meet its financial obligations.
After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management.
At Promtfinance.com, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification.
Read more on Daniel Smith's biography page.
Contact Daniel: daniel@promtfinance.com