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How to Use Google Sheets for Budgeting (Easiest Way in 2024)

How to Use Google Sheets for Budgeting

Creating a budget in Google Sheets is an effective way to organize and track your income and expenses. Follow the steps below to use Google Sheets for budgeting.

1. Name the Spreadsheet 'Monthly Budget'

Name your spreadsheet. Click on "Untitled spreadsheet" and type in "Monthly Budget."

how to use google sheets for budgeting

2. Create Columns for 'Income' and 'Expenses'

Create two sections: one for Income (Column A and B) and one for Expenses (Column A and C). Label the columns appropriately.

3. List and Enter Monthly Income Sources and Amounts

List your income sources under Column A and enter the amounts in Column B. Include items like part-time job, allowance, and freelance work.

4. Add and Quantify Monthly Expenses in Separate Rows

Under the same Column A, list your expenses, starting a few rows down. In Column C, enter the corresponding amounts for expenses like food, entertainment, phone bill, etc.

5. Calculate the Total Income Using SUM Function

At the end of your income items in Column B, use the SUM function to calculate total income. Type "=SUM(B2:B4)" assuming B2 to B4 contains your income figures.

6. Sum Up Total Expenses with SUM Formula

Similarly, calculate total expenses in Column C. Use "=SUM(C8:C13)" for example, depending on your expense rows.

7. Compute Net Budget by Subtracting Expenses from Income

Calculate your net budget by subtracting total expenses from total income. Create a cell in Column C (under your expenses total) for the net budget and use a formula like "=B5-C14".

8. Analyze and Adjust Budget to Avoid Overspending

Examine your budget. If expenses are more than income, identify areas for reduction. Make adjustments to align your spending with your income.

9. Regularly Update Actual Spending to Track Budget

Regularly update your spreadsheet with actual spending figures. This will help you stay on track with your budget.

We hope that you now have a better understanding of how to use Google Sheets for budgeting. If you enjoyed this article, you might also like our article on how to set up the Google Sheets modulo function or our article on how to set up the Google Sheets FORECAST function. 

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