In this article:

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. 

Automate everything you track in spreadsheets with Lido
Learn more

Automate manual tasks with Lido

Save hours on repetitive and tedious work. Lido is a new spreadsheet that connects your spreadsheets, forms, PDFs, and email inbox.

Trigger
Action
Select trigger
When a cell value in Google Sheets changes
Check Google Sheets for today's date
When a new row is added to Google Sheets
On new Google Form submission
Send me a daily reminder
On new Typeform submission
When a cell value in database changes
Check database for today's date
When a new row is added in database
When a new HubSpot customer is created
Select action
ADDCALENDAREVENT
Creates a one- or multiple-day calendar event with optional attendees
ADDHUBSPOT
Adds an object to Hubspot
ADDSLACKCHANNEL
Create a Slack channel, and optionally add a topic or members
CALLURL
Makes any HTTP request
CREATEGOOGLEDOC
Replaces [@column_name] values in a Google Doc with the corresponding table row's values
CREATEPDF
Replaces [@column_name] values in a Google Doc with the corresponding table row's values, then export it as a PDF
FETCH
Makes any HTTP request and returns the response
INSERTROWS
Inserts given array below defined values in given worksheet
SENDGMAIL
Sends an email using your Google account
SENDOUTLOOK
Sends an email using your Microsoft Outlook account
SENDSLACK
Sends a Slack message
SENDSMS
Sends an SMS message using your Twilio account
UPDATECELL
Updates cells with given values
UPDATEHUBSPOT
Updates a property of a Hubspot object
Trigger is required
Action is required
Get started