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 a necessary exercise and an essential investment in 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 Financial Spreadsheet?
To make a budget in Excel, you can use 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 the necessities like food, gas, etc., but it means you decide what will be your income for a month and what you can buy this month, and what will be in the next this is not a difficult task if one gets used to it.
Happiness can be found anywhere; it is typically unnecessary that money brings joy if one person is satisfied with a month’s regular and easy-going budget and is not in any debt. That is real happiness.
So let’s start budgeting need a draft 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 so fears that have 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 to see which one is best suitable for you.
Easy to access all the information and data. This also benefits 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 here the baby budget template for free.
- Download the Capex budget Excel template. The Capex budget excel template represents 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 to 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. 50 30 20 Budget represents a spreadsheet that breaks down your expenses into three separate categories: 50% needs expenses vital to living, 30% wants expenses that are not vital but improve quality of life, and 20% are savings. You can download here 50 30 20 budget Excel template for free.
- 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: Christmas budget template can help you to manage holiday spending. Here you can download for free the Christmas budget Excel template.
- Download church budget template Excel – The church budget template can help you to 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 represents an Excel spreadsheet page where you can add all expenses and incomes for the training business. Here you can download the training budget template created in Excel.
- Download vacation budget template Excel (Business travel budget template): Vacation budget is a simple but well-designed Excel template where you can analyze vacation expenses. You can download the vacation budget template (business travel budget template) made in Excel for free.
- Download factory budget template excel: The fThe factory budget template represents an Excel spreadsheet with basic factory expenses and income and 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, its a necessity 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 operating 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.
Step 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, including room revenue, food and beverage revenue, and any other sources of income.
- Expenses: This column will track all of the hotel’s costs, including wages, utilities, rent, insurance, and any other fees.
- Operating Costs: This column will track the hotel’s operating costs, including 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, expenses, and operating costs.
- Profit/Loss: This column will calculate the hotel’s profit or loss based on the 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, expenses, and operating costs.
- Profit/Loss: =Revenue – Expenses – Operating Costs – this will calculate the hotel’s profit or loss based on the total revenue, expenses, and operating costs.
Step 6: Review and Adjust
Once you have calculated the totals and profit/loss, reviewing the budget plan and making necessary adjustments is essential. This may involve adjusting expenses or revenue projections or changing 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.