Excel Tutorial: How To Make Excel Sheet For Monthly Expenses


Tracking monthly expenses is crucial for maintaining a healthy financial lifestyle. It helps to understand where your money is going, identify areas for potential savings, and ultimately stay on top of your budget. In this Excel tutorial, we will provide a brief overview of the steps to create an Excel sheet for monthly expenses so that you can efficiently manage and monitor your spending.

Key Takeaways

  • Tracking monthly expenses is crucial for maintaining a healthy financial lifestyle.
  • Creating an Excel sheet for monthly expenses helps to understand where your money is going.
  • Using Excel for expense tracking can help identify areas for potential savings.
  • Formulas in Excel can be used for automatic calculations of total expenses and organizing expenses by month and year.
  • Adding visual representations like charts can make it easy to understand expense distribution at a glance.

Setting up the Excel sheet

When it comes to keeping track of monthly expenses, using an Excel sheet is a great way to stay organized and on top of your finances. Here's how to set up an Excel sheet for your monthly expenses:

A. Open Excel and create a new workbook

To begin, open Excel on your computer and create a new workbook. This will give you a blank canvas to work with for your monthly expenses.

B. Name the workbook and save it in a specific folder for easy access

After creating the new workbook, it's important to give it a name that will help you easily identify it. You can name it something like "Monthly Expenses" or "Budget Tracker." Once you've named the workbook, be sure to save it in a specific folder on your computer for easy access. This will make it simple to open the workbook and add new expenses as they arise.

Creating categories for expenses

When you are creating a monthly expenses Excel sheet, it is essential to organize your expenses into categories. By doing so, you can easily track and manage your spending in a more efficient manner. Here are the steps to create categories for your expenses:

A. Choose the main categories for expenses

  • Start by identifying the main areas where you typically spend money on a monthly basis. This could include utilities, groceries, transportation, housing, entertainment, and any other regular expenses.
  • By breaking down your expenses into these broad categories, it will be easier to gain insight into where your money is going each month.

B. Input the categories into the first row of the Excel sheet

  • Once you have identified the main categories for your expenses, input these categories into the first row of your Excel sheet.
  • By entering the categories at the top of your spreadsheet, you can then input your actual expenses below each category as you track them throughout the month.

Inputting expense details

When creating an Excel sheet for monthly expenses, it is important to input the expense details in an organized manner. This will help in better tracking and management of your finances. Here’s how you can input the expense details:

A. Create columns for date, description, amount, and payment method

Begin by creating columns for the date of the expense, a brief description of the expense, the amount spent, and the payment method. These columns will help you maintain a clear record of your monthly expenses.

B. Input sample expenses for each category to demonstrate the process

To demonstrate the process, let’s input sample expenses for each category. For example, under the date column, input the dates of the expenses. In the description column, input the details of the expenses such as "groceries", "rent", "utility bills", etc. In the amount column, input the respective amounts for each expense, and in the payment method column, input whether the expense was paid via cash, credit card, or any other method.

Using formulas for automatic calculations

When creating an Excel sheet for monthly expenses, it's important to utilize formulas for automatic calculations. This not only helps in saving time but also ensures accuracy in the calculations.

  • A. Use the SUM function to calculate total expenses for each category
  • The SUM function in Excel allows you to quickly add up the total expenses for each category. Simply select the range of cells containing the expenses for a particular category and use the SUM function to automatically calculate the total.

  • B. Utilize the MONTH and YEAR functions to organize expenses by month and year
  • Organizing expenses by month and year is essential for budgeting and tracking spending patterns. Using the MONTH and YEAR functions in Excel allows you to automatically extract the month and year from a date, making it easier to categorize and analyze expenses.

Adding Visual Representations

When it comes to tracking your monthly expenses, visual representations can be incredibly helpful in understanding the distribution of your spending. Adding pie or bar charts to your Excel sheet can provide a clear and concise overview of where your money is going.

A. Insert a Pie or Bar Chart to Visualize the Distribution of Expenses

To insert a pie or bar chart in your Excel sheet, first select the data that you want to represent in the chart. This could be your monthly expense categories along with the corresponding amounts spent. Then, go to the "Insert" tab on the Excel ribbon and choose the type of chart you want to add. For a pie chart, select "Pie Chart" and for a bar chart, select "Bar Chart."

B. Format the Chart to Make it Easy to Understand at a Glance

Once the chart is added to your Excel sheet, it's important to format it in a way that makes it easy to understand at a glance. This includes adding a clear title, labeling each section or bar with the corresponding expense category, and using colors that are easily distinguishable. You can also add data labels to show the exact percentage or amount for each category, making it even easier to interpret the chart.


Creating an Excel sheet for monthly expenses is a simple and effective way to track and manage your finances. To recap, you can start by opening a blank Excel sheet and organizing your columns for date, expense description, category, and amount. Then, input your expenses as they occur and use formulas to calculate totals and create a visual representation of your spending.

  • Benefits of using Excel for expense tracking include the ability to easily analyze your spending patterns, create customizable reports, and set budgeting goals. Additionally, Excel allows for simple data entry and manipulation, making it a user-friendly option for managing your monthly expenses.

By following these steps and utilizing Excel for expense tracking, you can gain a better understanding of your financial habits and work towards improving your budgeting and saving strategies.

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