A very easy to follow spending analysis template! This template in excel is pre-populated with formulas calculate how much on average you are spending in multiple budget categories like groceries and eating out.
When you are new to budgeting it is really hard to come up with how much you need to allocate for each category. I highly recommend looking at your bank statements for 3-6 months and doing a spending analysis.
In this template, there is a section at the top as an EXAMPLE to show how to use the template. There is then 6 months worth of boxes for you to plug in your own numbers. For each expense list the account, date, description as well as what category it would fall into. The formulas are prepopulated to total each category, month as well as a box at the bottom that shows an AVERAGE for each category and month. The average will show you what you are typically spending in each category in a month so that you can use that to make your monthly budget.
Some questions that I commonly get are:
-How do I know how much to allocate for each category?
-How much should I be spending for groceries?
-How do I know if I am overspending?
-What am I really spending?
-Did I really spend that much money this month eating out?
Here is a video showing how to use this spreadsheet: https://youtu.be/1BKA8pBwBPM
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