Free workbook · Step-by-step guide
Monthly Budget
Excel template.
Start with take-home income, plan expenses and savings, then compare the plan with what actually happened. This free Excel budget template calculates category totals, the money left over, and the difference between planned and actual amounts.
By Devon Coombs, CPA, MBA · Assistant Teaching Professor of Finance and Faculty Director of Real Estate Finance, Santa Clara University · Guide reviewed October 10, 2026
How do I make a monthly budget in Excel?
- Open the Instructions tab. Replace the sample income with monthly take-home pay and other money available to spend.
- Enter fixed expenses, variable expenses, and savings in the planned column. Budget for annual bills by setting aside a monthly amount.
- Update the actual column from your records. Avoid counting a credit-card purchase and its later payment as two separate expenses.
- Review the remaining balance and category differences. Decide where to adjust next month’s plan.
Worked example
A budget with a $200 cushion
- Take-home income
- $5,000
- Fixed expenses
- −$2,800
- Variable expenses
- −$1,300
- Savings
- −$700
$5,000 − $2,800 − $1,300 − $700 = $200 left unallocated.
Know what the model leaves out
The 50/30/20 comparison is a starting guideline, not a required standard. Housing costs, debt, dependents, and irregular income may call for a different split. Fixed and variable expenses are not automatically the same as needs and wants.
Common questions
Should a budget use gross income or take-home pay?
For a spending budget, use take-home pay after payroll taxes and deductions. Do not subtract the same payroll deduction again. A gross-pay affordability analysis is a different exercise.
How do I budget for expenses that happen once a year?
Divide the expected annual cost by 12 and set that amount aside each month. Keep the planned saving and the eventual payment consistent so the same cost is not counted twice.
Build the next part of your plan
Built as an Excel workbook. If you import it into Google Sheets or Numbers, check formulas and formatting before relying on the results. Devon Coombs Academy is an independent educational resource; these downloads are not an official Santa Clara University product or personalized financial advice.