Budget Setup

 

Tutorial – Written Guide

Overview

The Budget Tab is where you’ll organize all your income, expense, debt, and investment categories. It's also where you will set all your budget goals. Don't worry if this feels overwhelming—at the end of this tutorial, I’ll share some tips to make setup easier if you’re unsure where to start.

Step 1: Setting Up Categories

Income Categories:

  • In the free version, you have up to 5 income categories.
  • In the premium version, you can use up to 10.

For example, you might input "Employment Income" or customize it to something like "Job Income - Kirk" to track your income separately from a partner or spouse. Add side jobs or investments like "Uber" or "Investment Income" to categorize all sources.

Once you enter these categories, they will highlight on the spreadsheet, making it easy to track.

Expense Categories:

  • Free version allows 10 categories.
  • Premium version offers 15 categories.

This is where you list your expenses like rent, groceries, and utilities. If you'd like more detailed advice on choosing categories, let me know in the comments or in an email.

Debt Categories:

  • Free version: 5 categories.
  • Premium version: 10 categories.

List all debts, such as credit cards or loans. You might want to group smaller debts (like credit cards) together by using a broad category like "Credit Cards" if you’re tight on space.

Investment Categories:

  • Free version: 5 categories.
  • Premium version: 10 categories.

Here, you can list investments like an emergency fund, savings account, or any investment portfolios you have.

Step 2: Understanding the Timeline

At the top of the Budget Tab, you’ll see the starting year that you set in the Settings Tab. If your spreadsheet is set to start in 2024, that will appear at the top of the page. You can scroll through to future years as well:

  • Free version: 3 years total.
  • Premium version: 5 years total.

If you move to a new year, simply slide over to the right for the next year.

Step 3: Entering Your Budget Amounts

Once your categories are set up, start entering your expected income amounts. For example, if you expect $5,000 in income, enter that amount. The spreadsheet uses zero-based budgeting, meaning every dollar needs to be assigned—whether it's for expenses, debt, or investments.

If you over- or under-allocate (for example, you enter $6,000 worth of expenses but only $5,000 of income), the spreadsheet will show an "X" to indicate that the numbers don’t match. At the bottom of the page, it will show you how much you are under or overallocated.

You’ll also see percentages showing how much of your income is going toward expenses, debt, or investments. If you prefer not to see this, you can disable these percentages in the Settings Tab by selecting "No" under the option to display allocation percentages.

Step 4: Avoiding Common Mistakes

There’s a total row at the bottom of each section—expenses, debt, and investments—that shows how much is allocated toward each category type in that month. The total column on the right sums up all your categories for the year.

Important: Don’t overwrite these cells, as this will cause errors in the calculations. If you make a mistake, simply click the "Undo" button at the top left of the page.

 

Tips for Avoiding Overwhelm

Setting up a budget can feel overwhelming, but here are two ways to make it easier:

Start with one month: You don’t need to fill out the entire year right away. For example, if you’re starting in August, just focus on that month. At the end of August, you can come back and set a goal for September. Plans often change, so there’s no need to plan too far ahead.

Enter last month's data: If you have no idea how much you spend in certain categories, start by entering your past transactions. Download your bank or credit card statements and enter the transactions from the previous month. This will give you a baseline to create your budget.

What If You’re Still Overwhelmed?

If you're feeling stuck or unsure where to begin, it’s okay to leave the Budget Tab blank for now. Focus on tracking your transactions. Just recording what you spend will give you a sense of control and improve your habits. You don’t have to fill out the entire budget right away. The goal is to start somewhere and build momentum as you go.

Conclusion

Now that you understand the basics of setting up the Budget Tab, you’re ready to get started. Remember to take it step by step and if you ever feel stuck, focus on what’s in front of you—track your spending, and the budgeting will follow.

 

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