If this spreadsheet does not meet your needs, consider aĬlick here to download our FREE Monthly Household Budget Spreadsheet Choose "Open" to immediately open the template for editing, or choose "Save" to save the template to a location on your computer. This will reserve 10% of your salary for things such as savings or unexpected expenses.Ĭlick on the below image or link to download the spreadsheet. When creating your budget, try to keep your total expenses less than 90% of your salary. Once you have your budget created, you can also use the spreadsheet to compare your actual income and expenses to your budget.Ĭreating a budget is an excellent way to reduce debt, analyze expenses, or plan for future purchases. The spreadsheet separates common expenses into fixed and variable. See below for an example.This FREE Monthly Household Budget Spreadsheet will help you create your own, personal budget. It’s useful to have on hand as you create your business budget because it serves as your baseline. Now that we’ve discussed how to track your income, expenses, and actual costs, you can better understand your finances-and make better financial decisions for your small business-by creating an income statement.Īs we mentioned earlier, your income or profit and loss (P&L) statement shows how much profit your business has made, or how much you’ve lost. Step 4: Make better financial decisions for your small business Which brings us to our fourth and final step: Use this information to make better decisions for your small business. Your intentions might be good when it comes to what you should be spending, but if you aren’t going to adjust this in practice, you won’t find much use in a budget. Why is this step so important? Because it’s like holding a mirror up to your finances. You’ll do this to see if what you estimated reflects the actual expenses leaving your bank account. Here’s where you’ll revisit our business budget template on a monthly basis to track what you’ve actually spent on each line item you entered in step 2. To get an accurate budget, make sure to include all streams of revenue in your inventory.įields to input actual income and costs highlighted in our business budget template Depending on your business model, you might have several sources of revenue, such as a subscription service or online classes. We’ll cover that later on.įor this first step, we’re most interested in your revenue. Profit: Cash your company makes from business operations, including gross profit, operating profit, and net profit.ĭon’t have an income statement handy? No problem. Revenue: Income generated through the sale of goods and services from business operations, after deducting returns and allowances such as discounts.Įxpenses: Cost to produce goods and services sold as well as operating expenses. An income statement shows how much profit your company has made, or how much you’ve lost. To find out how much you’re bringing in, you can refer to your profit and loss (P&L) statement, also known as your income statement. Why not? Because your income determines how much you’re able to spend. You can’t create a budget without taking inventory of your income. Step 1: Take inventory of income to determine what you can spend Rather than create a budget spreadsheet yourself, use our budget template spreadsheet to jumpstart your budget plan. How to use our free small-business budget template
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