In the ever demanding age of today, where more is always less, running a house with a couple of kids, investing in their education and a bright future while maintaining a decent lifestyle is cumbersome.
While most of us, panic around the low wages and high demands, the smart one’s workaround this HUGE problem by maintaining a BUDGET!
How a Budget is maintained?
Well, the simple formula which has been down for ages is income and expenses should match, to ease things a lot more, owing to the digital age, various tools and apps are available to assist you in planning monthly household budgets. Many of these are in Excel format.
What are Excel Sheets?
Excel spreadsheets provide you with the option to monitor your actual expenses at the end of month in contrast to your estimated expenses.
Using an Excel Budget Sheet:
Excel Sheets allow you to record a wide range of categories of expenses to cover all the expenses that might be made during the month. Updating the sheets daily could be very useful to keep track of your expenses and budget limit.
Entering the Data:
The data can be entered in Excel Sheets in the form of different tables. For Example, You will find a table income in which you can enter your income resources, like wages, interests, refunds, savings transfer, etc. At the start, you can allocate the desired budget for every expense you want to manage. The total value for each table is separately calculated.
Monthly analysis is very helpful in attaining a better idea of your overall budget maintenance and the amount you actually save. It also helps in better planning for the budget of next month by presenting a realistic picture of the difference between your expenses and income and the amount you actually save.