This chart also helps calculate month-over-month variance analysis Variance Analysis Variance analysis is the process of identifying and analyzing the difference between the standard numbers that a company expects to accomplish and the actual numbers that they achieve, in order to help the firm analyze positive or negative consequences. For example, in July, the person can say that my monthly expenditure is close to $5.7K, and next time if they want to meet the savings target, they might have to adjust or cut down on some of the expenses. One can utilize this data to calculate the monthly expenses by taking an average. It shows that in those two months, the person has less business income, which is why he fell short of savings. For example, if we see the April and May data, the target saving is short by $73 and $51, respectively. This template helps track monthly expenses and shows the months where one did not meet the target savings. In this case, the person earns an average of $8,892 per month, has a target savings of $3,000, and an average monthly expense is $5,681. They can also change the range to see the average of any period they want to see and analyze. It will show the total and average of the income and expenses. Any person using this personal budget spreadsheet template can only enter the expense and income amount and adjust the formulas given in the Excel template. The Excel template attached here shows January to December, but for convenience, the table in word shows from January to June for six months. Now, if we look at the chart, it shows the monthly expenses from Jan to June.
Of course, the chart is not exclusive, but a person can always make changes and include the multiple heads of expenses they incur.
The above example shows the receipts from salary, business, and various expenses.
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