Build a Budget with Google Docs

I graduated college with a hefty pile of student loan debt.  As soon as I got a job, I built a spreadsheet to manage where my paychecks would go.  Google Docs is my preferred spreadsheet because it's free, and I can access it from anywhere.

The first step is to make a summary sheet.  On this page, I calculate my net income and list out each category of expenses.  I designed my budget before I received any paychecks so I estimated how much of my check I would get by taking out a conservative percentage.  At first I assumed that I would only get 2/3 after FICA.  Once I got paid, I saw that it was closer to 3/4 so I adjusted the budget.  As benefit contributions roll in for insurance and retirement, I continue to adjust the net estimation.  It never has to be exact.  I just have to keep it realistic so I'm not budgeting money I don't actually have.

My sample budget template can be found here on Google Docs.  The budget is comprised of the basic layout that I use.  I left in some sample payments just to show how I use it.  The summary page has several breakdowns with the useful ones color coded.  There's the monthly budget and the bimonthly paycheck budgets.  Then there's the balance list that shows each category amount and the total amount for all funds.  These totals are taken from the transactions listed on each category sheet.  Every time a new transaction is entered on a sheet, the balance on the summary sheet is updated.

The category sheets are pretty basic.  There are columns for date, description, amount, and balance.  The balance column adds the previous row's balance with the current row's amount.  To update it I just drag the formula down.  The buffer category tracks income that is over the budget amount.  Extra money like gift checks or odd job payments go here.  I don't track gift cards since they have their own balance.  The student loan category can just as easily be labeled as any other debt such as credit cards or money you owe to someone.  The car category is where I put all car expenses including gas, insurance, and oil changes.  Food is any food expense.  Personal is anything for me that is not food like hygiene products, house cleaning supplies, pet food, books and whatnot.  House is mortgage, utility bills, and repairs or maintenance.  You could replace mortgage with rent.  I could estimate a tighter budget for house, but I like to leave lots of slack because unexpected repairs are rarely cheap.  I also use the slack to save up slowly for remodeling projects.

Installments is something I added a few months after I made my first budget.  I use it to track purchases that take many payments or purchases I save up for a little at a time.  It's easier for me to make this a separate fund than Personal because it gets too messy trying to keep up with it alongside regular expenses.  Installs are also a good way to transition out of using credit cards by treating savings as credit.  This takes two sheets to track properly.  The first sheet is just tracking expenses.  The Install Plan sheet is the goal sheet which lists the total cost of the item, the number of payments planned, and the size of each payment.  There are also dates tracking when I started payments, when I finished payments, and when I actually purchased the item.  I like to color code the dates when they are not finished just so I keep a close eye on those items.  I can make as many payments at a time as the installment fund allows.  Payments made on no interest credit plans don't have any rush so I calculate when the last payment will be and fill it in ahead of time, highlighting it in yellow so I won't forget it's not finished yet.

This budget template is very detailed because it is based on one I use it frequently.  I tinker with mine often based on varying needs.  I used to try to design a database application for a budget, but a spreadsheet is more flexible.  Flexibility is more useful when working with a new budget.  Feel free to copy this budget template for your own use.  That's why I made it public.