Free Personal Monthly Budget Template

A personal monthly budget template helps an individual plan for his finances and manage their expenses most effectively. It has to be made sure that the user doesn’t fall into any debt trap where his expenses are more than his income. Instead, they only adapt to a debt-oriented style of living.

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Other Versions

  • Excel 2003 (.xls) OpenOffice (.ods)CSV (.csv)Portable Doc. Format (.pdf)

About Personal Monthly Budget Template Template

The personal budget template will capture all the available sources of income and expenses one needs to bear daily. Therefore, this template can help the user to keep track of his expenses and make sure they are spending within manageable limits where even if there is the utilization of debt that can be easily paid back with the income one generates.

Part #1

  • This section gives us a snapshot of the entire income figure, which one has. Henceforth, the expense figure is too. The net balance calculation happens here, which, if positive, means the person has enough income to capture all his expenses. On the other hand, if the amount here is negative, it should be the first trigger or warning where certainly the expenses are more than the income level of the concerned user.The projected balance gives us the final amount the user planned to save at the beginning and matches it accordingly with the month-end balance, which is nothing but the difference between income and expense.

Part #2

One may use this section to classify all an individual’s income. It may consist of various income streams: salary, interest from savings, dividendsDividendsDividends refer to the portion of business earnings paid to the shareholders as gratitude for investing in the company’s equity.read more, freelancing income, etc. All the monthly income stores and records in this segment, and a total is calculated based on the same.

Part #3

  • This section is more like the necessary amenities needed to run a living. Here the user will capture the electricity bill, gas bill, and groceries. These expenses concern the individual’s day-to-day living, and to some extent, the budget doesn’t vary much every month.This field has even any kind of home loan, property repair, and tax records. As stated above, these amounts tend to vary monthly to a minimal extent. The cost of electricity and water is also shown here as they belong to the basic amenity for living. Any furniture purchased or repairs made should also be captured in this section.

Part #4

Commuting plays a vital role in everyone’s living, and thus monthly, there should be a certain amount allocated towards this thing too. Either personal transport or public transport has a particular cost of usage. Fuel, in the case of private transportation, is the main category, which gets recorded here along with the parking charges and insurance premiums. Also, one should capture the cost of the ticket to utilize public transport here.

Part #5

Health and medical-related expenses are things from which no one can escape. This section primarily records all health-related expenses, including medical insurance premiums, doctors’ fees, and medicines costs. The life insurance premium also gets captured here, along with the medical cost of pets and vets.

Part #6

Gifts and donations are common today as most people adhere to donations, which are used as an avenue to bring about tax savings. Also, the culture of gifting people as a token of memory or appreciation is a common thing that one should record here.

Part #7

  • This section targets daily expenses like groceries, personal supplies, clothing, cleaning, salons, etc. Again, these expenses are part of the day-to-day lifestyle, and one cannot avoid them under any circumstances. Moreover, these expenses are common for having a healthy lifestyle. Therefore, one can conveniently allocate a set budget against them.This section also captures the cost of education or dining, especially when eating out. Having a pet in houses is very common, and this section also bears the cost of maintaining a pet.

Part #8

  • Entertainment these days is part and parcel of every individual’s lifestyle. From movies to OTT applications, one has to allocate a certain amount towards these attributes to enjoy a life apart from only working. Even books or the amount spent on activities related to one’s hobbies are captured here.Any sports subscription fee or gadgets purchased records here. The most crucial cost spent on travel also gets captured here, which is a high cost for every household in the US/UK.

Part #9

Any amount spent toward saving-related or investment-related activities is captured here and recorded accordingly. For example, nowadays, everyone plans for retirement and another investment fund for a secure future. Thus, all these bear a monthly or yearly premium, which should be recorded here accordingly.

Part #10

Credit cards and line of creditLine Of CreditA line of credit is an agreement between a customer and a bank, allowing the customer a ceiling limit of borrowing. The borrower can access any amount within the credit limit and pays interest; this provides flexibility to run a business.read more is a common thing that every individual possesses these days. Therefore, credit card usage is widespread. Thus, one should also record to check the spending if someone is over-utilizing the credit card compared to the income earned.

Part #11

The cost of oversubscriptions records here. For example, this section captures the monthly spending on newspapers and magazines. Moreover, this personal budget template segment shows any dues or subscriptions to online platforms.

Part #12

Last and finally, one can put all the other miscellaneous expenses under this section. Even petty expenses like the cost of postage and couriers or other meager expenses can be recorded in this part and included in the total expense of the month.

How to Use This Template?

The template is very useful in managing day-to-day expenses compared to the overall income. A personal budget template helps an individual plan finances and manage their expenses most effectively. Here, it has to be made sure that the user doesn’t fall into any debt trap where his expenses are more than income, and they only adapt to a debt-oriented style of living.

This article has been a guide to the Personal Monthly Budget Template. Here, we provide a free downloadable personal monthly budget template that allocates or plans the spending over time. Also, you can download and use this template in Excel, Google Sheets, or PDF format.

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