My Budget Spreadsheet

Now that we are in the paperless society, have you converted to online budget software? There are so many different, yet effective software programs that allow users (you) to really understand your spending habits and see them visually (graphs).

Personally, I created my own budget spreadsheet with excel and I have found it to be very helpful. Microsoft Excel is a very powerful tool, especially when you know what tools and functions to use. I have included many graphs within my spreadsheet, drop down menus, macros, advanced calculations and many other functions, all in the name of budgets. Below is a snapshot of my spreadsheet.

The benefit of creating your own spreadsheet is the ability to mould it to meet your needs 100%. Since I have used my spreadsheet, I am able to compare spending habits over periods of time. For example; I previously talked about my Food cost over the last 6 months.

Other graphs that I have set up within this spreadsheet:
*Fixed Exp. Vs. Variable expenses
*Savings vs. Total Expenses
*Savings vs. Income
*Quarter Updates

I am happy that I have transitioned from pen and paper, to computer software. Not only is it enviro. friendly, I find it to be more motivating and allows you the ability to analyze in depth.

 

Food Cost- Analysis of the past 6 months

In order to be successful at saving money and creating wealth you have to plan, analyze and revise. Things change, nothing remains constant and therefore it is important to always be aware of your current decisions and any future decisions.

I started my budget in January 2009 and I have really noticed a difference both in my spending habits and my ability to save money. One area that everyone can relate to is: Food. Everyone needs food, 99% of people buy food. In January when I created my budget, I allocated $60 per week for food, for 3 people. I am happy to say that there have been maybe 3 or 4 times that I have gone over budget. You may think that $60 per week for 3 people is a lot of money just for food. Add that up, and it is $3120 per year. Generally, I try to buy healthy foods, non-packaged foods, sometimes organic, and a lot of fresh fruit and veggies—sadly these are all the more expensive items it seems. One thing that has really cut my food expense is the fact that 2 out of the 3 people do not eat meat (I do not eat meat).

So, I created my budget, planned for my expenses and now I am ready to analyze a good 6 month period ( Jan to June) to notice any trends or revise my budget. I have created a graph to show what I spent on food each month. Like I said before, I do spend a weekly amount, therefore I added the weeks in the month to get the monthly total. I had a rough month of March, but ever since then I am on the decline.

I am proud of myself for the fact that before the budget, I would buy a lot of pre-packaged foods and could easily spend $40 a few times per week. Now, that I am on track with my budget, I am able to increase my savings and have stronger goals.

Tip: really look at your food expenses. If they are not watched closely, it is so easy to spend too much money. Grocery chains know that we have to buy food, so they can almost get away with very expensive items. For more helpful information, refer to my previous entry about Grocery Shopping Tips.