I found this tool very useful!  Most Excel budget templates are boring.  This on the other hand was great.  I could quickly import my information!  Check it out!

Excel Budget Template

What Makes A Good Excel Budget Template

That's why you need the right resources and tools. If you’re wanting to create a budget the first thing you’ll need to do is find a good budget planner template.   Now there’s a lot of these on the market, so you’ll notice if you go online you may find 100 different ones.  This is why selecting the right one that is built just for you and for what your goals are is going to be key.  Ourdebtfreelives has an personal budget planner template that allows you to enter your expenses.   It also allows you to run different simulations to see what impact it will have on your budget.  Try using the Excel Debt Snowball Calculator!

In addition it also helps you create a monthly budget with it's monthly budget template feature.  Now this is very important if you’re trying to achieve financial freedom. So some of the categories that you may use for your budget may include: housing, transportation, and personal debt.  Having the option to select a number of different categories is important.  This is why you want a budget planner that allows you to change categories/sub-categories and also make any additional modifications to your income or your expenses. Next you’d want to make sure that your budget planner has a view where you can look at actual versus budget, and then a break down by category of your expenses.  This will allow you to quickly go through and identify areas where you may be overspending or under spending.  Then you can go through and make modifications to your original budget.

 

How To Use The Excel Budget Template

excel monthly budget template

1. The allows you to enter nine different income sources now you can break those down by category which includes earned income, asset income, and portfolio income.  Next you can go through and look at the sourcing name and you can change that to whatever you’d like in the preferences we have the option of changing your monthly income is fixed or actual which means you could put the actual income in each month or use whatever is currently 60 in their next we have monthly income break out and that can be broken out by either just categorize the other or income category

 

2. The monthly budget allows you to select up to five categories with each having up to six subcategories that will summarize your monthly budget giving you a total budget along with the total budget excluding savings

3. When entering actual expense data into the Excel budget planner template you’ll want to make sure that you pull each of the categories and step categories

Excel Budget Template Dashboard
 
4. On the dashboard for the budget review you’ll be able to see what you actually spent for the month and then also for each of the different categories in addition you’ll have your monthly income along with your budget summary and that’ll go back for the last six months of actuals so it’ll show you your total expenses total savings and total cash balance The Excel budget template also has a monthly breakdown of budget versus actual’s for each of the subcategories this will show your budget for that subcategory and then the actual and then the difference between the two this is useful for determining which areas you may be understanding or overspending and

 

 

 

Just tried out the Debt Snowball Calculator Excel by www.ourdebtfreelives.com.  I was impressed on how easy it was to use!

 

Our Excel based debt snowball calculator allows you to quickly input all of your debts and determine which to pay off first.  The reason it's called a "snowball" is because as you start paying off your debt accounts you then apply that money to other debts.  You can start to see an impact within a few months, obviously this depends on aggressive you are.

 

 

Listed Below Are the Steps to Quickly and Effectively Payoff Your Debt Using Our Debt Snowball Spreadsheet:

 

1.  Start Off By Listing Out All of Your Debts:

  • Pulling your credit report to get a list of all of your debts): Student loans, car loans, credit cards, mortgages, etc…

2.  Collect The Following Information:

  • Minimum payment
  • Interest Rate (ARP)
  • Total Balance

3. Next Open & Input Your Debt Account In Debt Snowball Spreadsheet:

Excel Debt Snowball Calculator

3. Excel Debt Snowball Calculator - Example

  • Go to the Debt Accounts Tab
  • When entering debt accounts make sure to put them in descending order (highest to lowest) by Interest Rate (APR).
  • Debt Account Name: Enter the name(s) of your debt account.  Note: Make sure to use a different name for each debt account
  • Debt Category: Select from the drop down the debt category.
  • Minimum Payment: Enter the minimum payment on all debt accounts.  Note: Use the fixed monthly payment for installment debt (car loans, student loans, personals loans...)
  • Current Total Balance: Enter your most current balance.
  • Start Date: This is the date you plan to start paying off the debt.  I'd recommend using today's date as the start date.

Excel Debt Snowball Spreadsheet4. After Entering Your Debt Accounts Go To The Debt Dashboard On The Excel Debt Snowball Calculator:

  • Change the preferences to see the impact it will have on your account.
  • Checkout our video for more information.

Now it’s time to start paying off your debt!  Remember that for every extra dollar you apply towards your debt will save you money in interest payments.  After paying off your first debt, you’ll want to begin paying off the next recommended debt. Do this until this one is paid off. Now continue this process until all debts are paid off.

Retirement Calculator

Retirement income as a percentage of pre-retirement income is another personal finance topic that bounces all over the place and gets people flustered. Just like whether to invest or pay off the mortgage early, it’s hotly debated (or as hotly as something in personal finance can be debated). Flexo at Consumerism Commentary had a really nice post on the topic a couple of months ago.

So how much of your pre-retirement income do you need to plan on replacing in retirement?  You can check out a free retirement calculator.

Conventional wisdom

The most common number you’ll hear on this topic is 80%. ‘Shoot for replacing 80% of your pre-retirement income.’ It’s a refrain that’s mostly useful, I think, to get people in the frame of mind for retirement planning. And I also think it’s a reasonable number. This is the percentage put out by firms like Fidelity, Schwab, and T. Rowe Price.

My analysis

I used to actually be one of those people who erred on the high side. I figured with what I’d want to do in retirement, I’d need more like 100% of my pre-retirement. But lately I’ve been thinking and I’ve come to a different conclusion. I think I will personally need something like 75%.

I came up with 75% of pre-retirement income after doing just a little analysis. Starting at replacing 100%, I reduced that amount by the following: 7% Social Security taxes; 19% 401(k) savings; 15% Mortgage payment.

In retirement, I obviously won’t be saving for retirement - either on my own or through Social Security - so right there I can reduce the amount I need to replace by 26%. Furthermore, since we’re accelerating the payment of our mortgage, we won’t have that payment (though we will still have to pay property taxes and insurance, obviously). The mortgage is considerably more than 15% of our income right now, but by the time we retire, it will be a good deal less thanks to inflation.

Going in the other direction, some expenses will be much higher in retirement, namely health insurance and long-term care insurance. So I tacked on 11% for those. Then I added a ‘buffer’ of 5%. Leaving me with a grand total of 75%.

I’m not saying my number is necessarily right, even for me. The point is, I gave it some thought instead of just going by what a book or article says.