Personal Finance Manager 2020 (Free Excel Budget template)

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Personal Finance Manager

EXCEL BUDGET TEMPLATE

This is a simple free Excel template that focuses on making it easy for you to know what’s happening with your financial situation especially when you have multiple bank accounts, credit card accounts and cash. It also helps you set budgets and see how you are actually doing against your budget. With simple data entry, the template provides you instant access to actionable information in a consumable form that can answer key questions regarding your personal financial situation. Specifically, the template helps you in knowing the following:

  • How much money is in my different bank accounts?
  • How much do I owe on credit cards?
  • On what items am I spending my money on?
  • Am I exceeding my monthly budget? If so, in which categories?
  • How are my expenses trending over time?
  • Am I spending more on any specific expense category over time?
  • How much am I saving every month? How does that add to my net balance?

Download Personal Finance Manager 2020 (Windows)

Download Personal Finance Manager 2020 (Windows) with Sample Data

Download Personal Finance Manager 2020 (Mac)

This version doesn’t use Pivot Tables and Slicers. 4 Charts that are available in Excel 2010 file are not available in this.

Requirements:

Excel 2010 and above for Windows

Excel 2011 for Mac

VERSION HISTORY

V2 launched March 2015:
Improved features (increased number of accounts to 20, increased number of categories and subcategories to unlimited, added new chart on account balance trends, version for Excel for Windows 2007 and Excel for Mac 2011) – Details Here

V1 launched May 2013


VIDEO DEMO

Click here to view on YouTube


HOW TO USE THE TEMPLATE

The template has 3 worksheets: 1) Settings 2) Transactions and 3) Report.

STEP 1: Enter information in Settings worksheet

  • Enter Accounts (bank accounts, Credit Card Accounts and Cash Accounts)
  • Set your starting balances of accounts
Personal Finance Management - Accounts Set up
Personal Finance Management – Accounts Set up

 

  • Create categories & Subcategories (trust me, this helps)
  • Set your monthly budgets
    Excel Budget Template - Set Categories and Budget

 

STEP 2: Entering transactions in the Transactions worksheet
When you open the template, there will be no records in the Transactions worksheet (as shown in the image below). Start entering your own transactions.

Enter Financial Transactions
Enter Financial Transactions

 

3 Types of Transactions:

  • Income and Expense: By default, all the Income and Expense transactions should be entered as positive amounts.
    • Special case (Refund): If you purchased an item at a store, you would enter an Expense transaction with positive amount. If, a few days later, you returned the item to the store for some reason and get a refund, then you should enter the refund as a new Expense transaction with negative value.
  • Transfer: When money is transferred from one account to another, create two records
    • ‘Transfer’ type with negative amount from the account you are taking the money from.
    • ‘Transfer’ type with positive amount for the account you are depositing the money into.
    • Examples of Transfers are Credit Card Payment (transfer from Bank account to Credit Card account) and ATM withdrawal (transfer from Bank account to Cash)
  • Drop down menus are available for easy data entry in these fields (Type, Category, SubCategory, Account).

After you enter your transactions, the Transactions worksheet would look like this image below.

Sample Money Transactions
Sample Money Transactions
STEP 3: View ‘Report’ worksheet
Since there are pivot tables and charts, please refresh the data by going to Data ribbon and refresh all (or keyboard shortcut Ctrl+Alt+F5) . This updates the charts with your new transactions.
How to refresh Report in the Excel Budget Template
How to refresh Report in the Excel Budget Template

Report sheet is locked to prevent accidental editing of formulas. To unlock, use password indzara

The report has four pages.

1) Summary

  • Summary of your current financial status
  • Current balance in each of your accounts
    Personal Finance Manager Excel - Report - Summary of Accounts

 

You can find balances for any period in each of your accounts

Choose Bank Account in Report
Choose Bank Account in Report

 

This can be helpful when your bank statements and credit card statements actually have their billing cycles different from calendar months. This allows you to compare your statements with the data you have in this template and confirm that you have not missed any transactions.

Transaction Summary for chosen Period – Beginning and Ending Balance
Transaction Summary for chosen Period – Beginning and Ending Balance

 

The chart shows the trend of month-end balances in the account chosen.

Month end Balances of finances
Month end Balances of finances

 

2) Monthly Financial Analysis

Please choose one month at a time using the slicers at the top.

View total Income, expense and savings

Excel Budget Template – Income, Expense and Savings compared to budget
Excel Budget Template – Income, Expense and Savings compared to budget

 

Understand where the money came from and where it was spent, in the month

Monthly Income Categories Breakdown and Expense Categories Breakdown
Monthly Income Categories Breakdown and Expense Categories Breakdown

 

  • Track whether you have exceeded the monthly budget.
  • Also see the comparison of expenses to budget by each category
  • Categories that exceeded budget will be highlighted in red
Compare Monthly Expense in each Category against Budget Set
Compare Monthly Expense in each Category against Budget Set

 

Understand expenses by Subcategories.

Understand Expenses by Subcategories
Understand Expenses by Subcategories

 

3) Trends of expenses, savings and net balance

Trend of expenses over time and comparing against monthly budget

Excel Budget Spreadsheet – Are my Expenses under Monthly Budget
Excel Budget Spreadsheet – Are my Expenses under Monthly Budget

 

Trend of savings and net balance over time

Excel Personal Budget Spreadsheet – Track Savings every Month and Net Balance/Worth
Excel Personal Budget Spreadsheet – Track Savings every Month and Net Balance/Worth

 

4) Trends of transactions by Categories and Sub Categories

Trends of transactions by Categories and SubCategories
Trends of transactions by Categories and SubCategories

 

I hope you find this template useful in managing your personal finances easily.

For more excel templates on money management, please visit https://indzara.com/personal-finance-free-excel-templates/

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321 thoughts on “Personal Finance Manager 2020 (Free Excel Budget template)

  1. Hi indzara

    You have done good work thinking all these over and helping people who find difficult to manage the finance . It would be very helpful if you can think of Adding the SIP fund tracker , Shares Tracker to see the asset live updated in this . It would be good if you think of adding LIC & Other saving stuff all together.

    It will be much better if you can think to make it a app because Most of the time the spendings happen on the go and we might miss or forget to enter it in excel later as the excel in mobile is tedious to enter these data.

    1. Thanks for using our template and sharing your valuable recommendations.

      We will try to incorporate them into our future releases.

      Best wshes

  2. I’m using this template past six months it works good,

    I’ve one doubt in this excel sheet, Credit accounts paid amount also a part of monthly expense but it not show in monthly financial analysis . how to add credit amounts to expenses .
    I request you to clarify this .

    Regards,

    1. Thanks for using the template.
      If you are referring to credit card payment, it should be considered as a transfer transaction and hence not part of expenses. As we are entering each expense transaction already we should not enter the credit payment again as an expense.
      Please let us know if any questions.
      Best wishes.

      1. Thank you very much, for your kind reply…..

        Regards

  3. Hi Indzara,

    First of all I would like to express my sincere gratitude for the sharing of these valuable resources.
    I am facing an issue with this excel sheet; it is getting corrupted when I use it for some time. Also very difficult to save transactions on the go.

    I request you to share Google sheet equivalent for this excel sheet. It would mean a lot to many of us.

    Thanks a lot.

    1. Thanks for using our template and sharing your positive experience.

      This template is designed to work on MS Excel. The list of template compatible on Google sheets are at https://indzara.com/free-google-sheet-templates/.

      We are in the process of making other templates compatible with Google Sheets gradually.

      Best wishes

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