Excel Budget Template – How To

1. Getting Your Excel Template Setup

In This Section We'll Review Setting Up Your Excel:

  1. Budget Categorization
  2. Monthly Budget
  3. Income Categorization
  4. https://youtu.be/YZfkAXzel8M

1. Creating A Budget

first step that you take when you're using this tool so when you're going through this will help you create a budget now we have the categories broken out so we have housing utilities food household items personal and so on so forth so up here we have the six different categories and then if you look down here we have the monthly income and then also any savings that you want so the first thing you want to do when you're getting started with creating a budget is you want to try to

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estimate your monthly income so you can go ahead and enter what you think your monthly income with average out to be and the other thing is with this tool once you do save this information it'll actually automatically creates this six thousand dollars each month so you won't have to go back through and add it back in as you add your expense items which is gonna be a little bit later on and that will show you we're just gonna be a little bit later on we'll go over that so the first thing you'll enter your monthly income and then down here you'll see that there's additional income so if you do have anything the extra that you received monthly it's not going to be maybe it's not consistent or it's coming

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from dividends or other types of investments you can go ahead and add it down here but do keep in mind the this budget over here will show the full 6100 but when we look at the actual income at a monthly view the only thing that will get copied over is that 6000 so this additional income could be added manually or you could set it up for auto payments through the other processes so once we have that set up the first thing I like to do is go through and four areas that you know about what you spend you can go ahead and just add those in so for housing and we'll go ahead and just use some some numbers on here real quick in one of the first things I do is I start off

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by going through and just entering estimates of what I think I spend each month and then we could go back through and fine-tune it a bit and look for areas where we can go through and cut costs let me go ahead and just enter some numbers in here I don't know if these are close or not but we'll go ahead and go with it and so for food and household items for groceries I usually include some of the household items and supplies in that 250 so I'm actually not going to use this category because it's a little bit difficult to break out later on so for the restaurants again there's kind of two different categories so this could you know if you're thinking about

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alcoholism bars that would be over in the entertainment so go ahead and entered this and then for personal I added health insurance and medical and these are just estimates what I think I'm gonna be spending and for personal hygiene I usually add you know things like haircuts maybe I should add a little bit more and then anything else that you would purchase I'm going to go ahead and add the debt in here and the debt your you can kind of do this into them in a few different ways one of the things that I recommend is as you go through you could either enter everything in and then enter debt last see over here we can see exactly how much money you'll have left over so you

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could wait to do this till the very end or you can just add in what your minimum payments are or whatnot transportation another thing with this you know for like car insurance for example I pay every six months so you can go ahead and just average that out over the course of I'm sorry you can break that into monthly expense then for things like car maintance I just add a little something there just in just in case okay so if I look at this current budget again haven't entered any savings in yet I can see a current break out of where I'm spending my money based off this budget it's kind of where I think I'm somewhere probably around here so I'm gonna go

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probably around here so I'm gonna go ahead and add what I'd like to have for the savings okay so now that we've entered this in we can go look over here so you can see it says great job came in under budget so we've got but for about two thousand dollars left over so if we come down here you can look and see so the total monthly budget is sixty three ninety three and that's going to include savings so we are over budget but again if we're looking just that the actual spend and we exclude savings that'll give you that two thousand there so you can go back through and kind of play with these a bit more once you've gone through and decided okay this is about what you think so let's say I come

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back here and change this to fifteen that way I'm at least under budget okay so now I'm coming in under budget so what we can do here is if we click the budget options this will pop up so what do we want to do next you can update income and budget information you can also clear it and this clear is basically gonna remove everything that you that you've entered or you can view your current income and budget information so if you've already gone through and saved it you can use this button or use this drop-down it executes and it'll actually import everything that you've already saved but we're what we're gonna do on this one is we're gonna go ahead and save this so I'm

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going to go ahead and execute okay so my information was updated right so this is for just the budget scenario this is just creating a budget so once you've gone through and finalized your budget the next step we'll go through and we'll import the spend data so we'll do it here and I'll have another video on that show you how to do the import of bank data you'll also be able to go through and quickly categorize all of your spend using some of the tools that we've built out so stay tuned for the next video Thanks

2. Import Bank Statements

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hi this is Ryan with our debt free lives calm today I'm going to go over how to import your bank statement data into our budget calculator tool so if you remember in the previous video we went through and created a budget so after you've gone through and created a budget the next thing you'll want to do is import your bank statements and if we go over here so if we look at the budget dashboard and those there's no data in there so in order to get that data imported you'll want to click on the bank upload tab now to import your bank data what you want to do is go to your financial institutions website so for example I went to chase com and then when under statements and you

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have the option to download all activity or all transactions and if you go to that usually there's going to be a few different options that you can download the data in and so there's the first one you'll see it might be Excel which you'll want to go with that one first if there's not Excel there may be something called CSV which stands for comma separated values and that also works and so after you go through and you download all of your statements and you may have a few different companies that you go through so for example I bank with US bank and Chase but I also have credit cards with Chase American Express and a few other company so you'll want to go through and download all of your recent

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transaction history and then with this tool so once you have it downloaded you'll just want to go ahead and copy and paste first thing you'll do is so when you when you grab the data so I'll use information from my Chase credit card I'll copy that over the first thing you'll notice is you'll want to paste the columns up top so you can see we have type transaction dates post the description and amount so once this is pasted in the next thing we'll do and if you do make a mistake you can hit clear and then recopy that information back in next you'll just click the import bank data and you'll see this screen pop up and so it wants to know if it's a credit card or a checking or

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savings account and so we'll go ahead and select checking or savings and then the bank statement format is actually you'll see over here we have just one column it's the amount some of them will actually have - it'll have a credit and a debit for this we're just going to have the 1 so we'll select that now next we want to select the transaction date column so we'll go ahead and find that so we have transaction date and you can see right here it's gonna list the top 10 entries under this column so you'll see that so for example if we went to let's say description it's going to show something the description on there so we want to make sure that that's the transaction date and it may be called

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something else you may just have a posting date you could also use that and then the next when you go to description you may have a few things in there some of the financial institutions will actually have some memos in there but you'll want to find the one that actually has a description of what you purchased and by that I mean the vendor that you went through and then lastly we'll want to select the posting amount and then you'll go ahead and click the validation check so everything the data was validated there wasn't any error so we're good to go so click OK and then you can see up here we have the upload summary so we have start and end date of the data number of transactions outgoing

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payments incoming payments and then net payments and so we have the all our spend transactions here over here you can see the incoming payments so these ones will not be uploaded and the reason why is these are payments that you're making so for example these would be make payments that you've made on the credit card yes so we'll want to remove those so we'll go ahead and click check for duplicates and what this is going to do is this is going to go through and look at any data that you already have imported so if you already have these transactions in orbit it'll actually go through and find duplicates and remove them out so you don't have to worry about when you pull

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don't have to worry about when you pull the data from your financial institution if the dates don't line up or you have some of the the old spent transactions it'll be fine the system will actually go through and automatically remove those so you can go ahead and click OK and we'll click upload spend and then it's going to pop up with this window but we're going to go ahead and go back I'm going to do a few more examples here so another one I'm going to do an import from American Express just so you can see the difference on there let's go ahead and just paste it in and we'll follow the same steps as before so we'll select credit card amount and then again eat and you'll notice here you see these

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numbers that's okay so that just means it hasn't been formatted correctly the tool actually take care of that for you so then we select the description and then the amount and click validation check so no errors let's see if you have the payments on there and then as you can see it went through and changed those two dates and we'll click check for duplicates and upload all right and then I'm gonna use one more example from City Bank here so you'll be able to see this is one that has the debit and credit and this is also a credit card so we'll do the same thing import credit-card and then this time we'll select credit in debit and so it'll be just like before we'll select the date

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there and then the description and then the debit amount column and then the credit amount column and we'll do again the validation checks so everything was fine all right we have our all of our transactions here we'll go ahead and click check for duplicates and then upload spend we've got this uploaded and then I'm actually gonna do one more so I'm going to use a checking account here just one more example so you can see exactly how this works so then we'll click import and then this time we'll select checking and savings and this has just the one amount so I'll do the date on there the transaction so you'll see here we have name and then we also have memo so we'll actually use the name on

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there and then the amounts okay and then we have our payments over here and then over here you'll see direct deposit and again we want to remove those since it's already being calculated so we'll click check purge I'm sorry check for duplicates okay and then once we've gotten to this point we've basically gone through and uploaded all of our transactions so here if we go to master naming and categorization this is where we'll go through and actually categorize all of the different vendors or transactions that we have the individual transactions you'll see on this page and we'll cover this in the next video so if you do have any questions please feel free to visit our website or send us a

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free to visit our website or send us a message

3. Updating Master Categorization

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So in the previous video we went over how to import your bank data And after you're done importing your bank data You'll notice that the screen will pop up for the classification of spend and income The other way we can pull that up is just by going to the main page and then if we click here You'll see a pop up just like this and we'll have a few Selection options on here so you could view your budget summary upload bank spend Classification of spending income is what we'll want. So we'll click that We'll click execute then. That's gonna bring up this over here. So what this is this is the master naming and categorization So if you notice for example, we have Albertsons We have a number of different entries on there now in order to go through and make this as efficient as possible So when I designed this tool it was to make things a lot easier So going forward if we go through and we categorize for example Albertsons Then when there's future transactions, we won't have to worry about Going back through and reclassifying it. So the first thing you'll notice up here is we have the search description so you can search So we can type in Albertsons We could also if you type in

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just the first few letters, it'll find anything that has the CH in there and so the next thing is the pending review and that just means there's Items in here that you haven't reviewed yet and I'll show you what I mean by that in just a moment. So Over here we have the dashboard so you can see there's total of 60 different descriptions that we have 0% of them have been reviewed and then as far as the category default what that is is Over here you have the option of always defaulting to this category. And so if you unselect this you'll see a Message pop up that'll say by unchecking this you'll have to manually categories each transaction and so that'll be done at the individual entries and I'm going to recommend that you go through and you always select the default Again, the reason why is it'll automatically categorize it over here where we have all the individual transactions So what I'm gonna go ahead and do is I'm just gonna show you Now for these let's say I want to go ahead and select thee now. You'll notice this is grayed out So we'll need to check this first So we'll want it to always default to this category and then it's gonna allow us to select a category so we'll go ahead and select food and household and then we'll Put it under groceries. And then this preferred description name. You can leave it blank or you can go ahead and type in

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The name that you'd like so here I used Albertsons I don't want the hashtag and then a number after I just want it to show us Albertson. So I'll go ahead and click Save So you'll notice the we've reviewed 8% or category II fault is at 8 percent also so I'm going to go ahead and update a few of these so you can select with the Category since I'm going to be using this a preferred Description name again. I'm gonna go ahead and just change this transportation and then gas and then click Save and then you can go ahead and clear that and you'll want to go ahead and categorize these so the nice thing is if you do double click It'll actually show you all the individual entries that you have So it'll help you try to identify What the actual spend was because with some of the description names you may not know exactly what it was but but if you see an amount, you may remember what it is, so Go ahead and go back here. So I'm gonna select This was under entertainment It subscriptions and you can continue to go through and update these so for this one, I'm gonna select food and household restaurant Jr

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so I'll go ahead and hit save there if You only want to see the ones that are currently pending review You could go ahead and click this and it will actually remove all the ones you've already categorized so if I go over here and for say Chevron, I select trans vacation gas that I'm gonna Clear that one type in Chevron save Okay, and then that's updated so it's disappeared Like I said is you're going through the nice thing about this is you'll be able to see your progress I'm being able to select multiple makes it a lot easier and quicker to categorize and usually what I do to kind of speed this up is I'll Stick with so for example restaurants I'll go through and try to categorize all the restaurants in here first and So for some of these categories you may not be too familiar with it And again, you can always go through and search if you go back to the budget scenario You can see what the subcategories are or you can just again click through here and try to find them

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Okay, so I've gotten a good portion of these down So I've just got a few that I've just got a few left that I need to categorize Okay, and so I have just a few left you can see I have 90% reviewed 90% in a category default Now let's say for Walmart. I want to actually go through and look at each individual entry and categorize it on my own then what I would do is just click that and then you could still enter a name for it and you'll see that 90% in the default category and 94% has been reviewed. So it's almost done Okay, so we do have all of them reviewed now, so that's a hundred percent so if we go over here and uncheck this we'll be able to see all the Categorization and we'll want to make sure that we first get this to a hundred percent Before moving on to the individual entries tab. So after this is complete then we'll go over here now In this one, you'll see that you have you can search by the description or the preferred description and again that preferred description Could be the Albertson's or whatever name we want to give this So you can type it in there and then over here we have the same type of dashboard so this is going to have all the transactions and Then this is going to be pending categorization So if you remember with Walmart, we set we don't want it to default to a category

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So there's 13 transactions that fall under that description and Then over here we have 92% of all transaction categorized So if we go over here we have the to do They see all its pulled all the Walmart ones in so I know these ones need to be updated Now you can go through and update these Individually at the category The there is a quicker way though, if you click on the transactions that require manual categorization we can actually go through and for example if I want to select these ones right here and I want to put those under Will say household items then I could go ahead and click update Ok. So now if we look at it we can see that the pending categorization is zero, and we're a hundred percent categorized so if you're wanting to add extra entries you can do so down here if you want to click the show all items and then Come down here and click. They create a new item and So for this one, you'll go ahead and just enter a date on your July for

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on your July for $20 then I'll say this is for a personal Haircut personal hygiene, so I got a haircut and do that and so I can go ahead and create that item and So that one was successfully created if I wanted to go back through and Create another one. I could go ahead and do so So let's say I wanted to create it for the 15th of every month and so you can add additional entries in here and so if we go down here you can see The entries you'll notice that with the description it's always going to have this asterisk next to anything that you've added manually so if it's not from the master categorization It's going to have an asterisk next to it. Just note letting you know that it was added manually This is great for anything that you've paid cash for another thing is you want to make sure that you've addressed all your savings So you don't want to forget about that so I could go ahead and say 500 and go into savings and then

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retirement accounts for 1k and If I come down here I could see that that was added So the next we can go over to the income sources and you'll notice over here That these will automatically be generated So whenever you enter or imports spend data Let's say it's December first and you imported some spend data for December first It's not going to automatically generate these and this is actually coming from if we go over And we look at The budget scenario whatever you entered here for your monthly income. That's what's gonna audit in rate So if you don't want it to auto-generate You'll have to just enter a zero here and then you can enter it manually so We'll go ahead jump back to Green so if we if we look at this right here, we can see the different paychecks. Now these ones cannot be duplicated So you can't duplicate or edit these ones, but you can go over here and you? Can add additional income so for example if we had a bonus? let's go ahead and say on and Then you could go ahead enter the amounts

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Frequency we're just gonna say at one time We're gonna select not reoccurring and then we're gonna click the add income entry You can see it populates right there. And if I wanted to for example Say on the 15th of every month I have let's say rental income of five hundred Head and click Add and Then to locate this I would just double-click in it'll transfer everything back and then I could go ahead and add it for the following the following months Say I just had someone living with me for those three months. So I have two three months of rental income so once you've completed this then you could go ahead and close out on this and Then we'll go to the budget dashboards the next video will cover how to use the budget dashboard

4. Using the Dashboard