![]() Free. Unlike paying for a Microsoft Excel license, using the Google Sheets software is free! In addition, my monthly budgeting template itself is free, so there’s no need to pay a recurring monthly fee for a financial planning app.Here are some of the top reasons to use Google Sheets for managing your monthly budget: Google Sheets is one of the most popular and powerful tools for managing your personal budget. Boost your savings rate so that you can reach financial independence sooner.īenefits of using Google Sheets for managing your budget. ![]() Relieve stress and sleep better at night knowing your finances are under control.Understand your personal burn rate and build your emergency fund.Eliminate unnecessary expenses by taking control of your spending.Save for long-term goals like buying a car, saving a down payment for a house, and eventually retiring.Having a budget is important because it helps you to: Your budget is your map on the road to financial freedom. No matter how much money you earn each month, making and following a monthly budget is absolutely essential to building financial security for you and your family. With a zero-based budget, every dollar you earn is assigned to a specific budget category, which should include savings like retirement savings or savings to build your emergency fund. The zero-based budget is another popular budgeting strategy. On the Dashboard of this budget template, you can view the percentage breakdown of your average monthly spending by category to help follow the 50/30/20 rule. With this budgeting method, you target spending 50% of your after-tax income on needs, 30% on wants, and 20% on savings. The 50/30/20 budget is one of the most common percentage-based budgets. With a budget, you typically divide your income and expenses into categories, set a planned monthly amount for that category, and then measure your transactions over time to compare your actual finances against what you planned. ![]() The chart will update and show your monthly spending for that category over the course of the year.Ī budget is simply a plan for your personal income, spending, and savings over time.
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