how to create personal budget spreadsheet

How to Create A Personal Budget Spreadsheet

Too many people are flying by the seat of their pants to pay their monthly bills. However, creating a personal budget spreadsheet will help to relieve stress and put you on the right track financially.

Creating a personal budget spreadsheet is done by evaluating your income compared to your expenses. It allows you to make adjustments, so you aren't spending more than you are bringing in and it also helps you to set up a savings or debt repayment plan, and to know when exactly you may benefit from payday loans in South Carolina.

What Is A Personal Budget Spreadsheet?

A personal budget spreadsheet is a list of your revenue sources compared to a list of your expenses. While you can do this the old-fashioned way with pen and paper, it is a lot easier if you use a computer program.

Excel has a free spreadsheet program that is fairly simple to use that is probably already installed on your computer. Google Sheets also has a free sheet specifically aimed at personal and family budgets. All you need to do is to plug in the numbers and the math is calculated for you.

You can make adjustments on your personal budget spreadsheet as needed and these free sheets will adjust automatically as well.

7 Steps to Create A Personal Budget Spreadsheet

The worst part about preparing a personal budget spreadsheet is preparing to do it. That can be stressful and time-consuming, but you will find it is worth the effort.

1. Gather Your Paperwork

You will need to know your true income as well as your bills. That means you will need to face your paperwork. Gather bank statements, recent utility bills, your W-2s or 1099s, credit card bills, and mortgage and loan statements.

Also gather receipts for the past three months from grocery shopping, gas, and anything else you purchased if you have them.

2. List Your Income

On the top row of the sheet you are using, put "income" on the left side and list the months across the top. Then plug in your take-home monthly pay. The far-right column should have a total. If you have several jobs, list each job on a separate line. Then get a combined total for the right column.

personal budget spreadsheet

3. List Your Expenses

Start listing your expenses under the left-side column. Plug in the monthly numbers. The right column will have an annual total. Combine all the expenses in the right column and compare them to your income.

4. Separate Your Fixed Expenses from Variable Expenses

Fixed expenses are things like your mortgage and are non-negotiable. Variable expenses are things like groceries and entertainment. These are the things you cut to balance your budget.

5. Make Adjustments to Your Expenses

This is where you make your expenses meet your income. Some things, like utility bills, can be reduced by going on a fixed payment plan or through conservation. Variable expenses can be cut by using coupons, mobile apps, or just by reducing how many things you buy.

6. Monitor Your Budget

A personal budget spreadsheet does no good if you don't use it. One of the best methods is to keep a special holder or place in your wallet for receipts of what you get daily. Enter those into your personal budget spreadsheet for the month to see what you have remaining to spend.

Do the same as you pay your fixed bills. The end of the month will show if you saved money or overspent. Then, readjust as needed.

7. Prepare for Emergencies

Many people don't have money saved for when an emergency, like a car or home repair, is needed. This is the type of situation where payday loans in South Carolina can help. These are quick and simple loans that you can acquire in a single day. What makes them even easier is that your credit situation, whether it’s good credit, bad credit, or no credit, doesn't matter when you apply for payday loans in SC.

payday loans in south carolina

Getting Payday Loans In South Carolina

At Carolina Payday Loans, Inc., we offer a maximum payday loan amount of $550 for those who qualify. Getting started with this type of loan can be done online or in a store and can be completed in as little as 30 minutes.

To apply for payday loans in South Carolina, you will need:

  • A driver's license or government-issued I.D.
  • A blank check from an active checking account in your name.
  • The most recent pay stub from your job.

Applicants first submit a form online on Carolina Payday Loans, Inc. and a representative near you will call to explain the process and answer questions.

The representative will also schedule a meeting with you. Once you meet with Carolina Payday Loans, Inc.’s associate at a store near you, they will explain the loan terms, answer your questions, check your documents to make sure you qualify.

If you do, you can finish your application right there and then and get your money on the same day.

Submit Your Form for Payday Loans in South Carolina

While payday loans in South Carolina shouldn't be used to offset an overstretched budget, it can be responsibly used to pay for an unexpected and urgent expense not listed on your personal budget spreadsheet. Submit an online form with Carolina Payday Loans, Inc. today to find out if you qualify and give yourself the time to work through your financial situation. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.