Budget by Paycheck Excel Template

1. Introduction

Welcome to Analysistabs® Budget by Paycheck Excel Template! This guide will walk you through every feature to help you take full control of your finances.

This template is built on the "Budget by Paycheck" method, which is a form of "Zero-Based Budgeting." The goal is simple: before the month begins, you will create a plan that gives every bit of your income a specific "job" (whether that's paying a bill, buying groceries, or going into savings).

Please Note: An Important Note for Advanced Users

All sheets are protected to prevent accidental formula changes. If you need to customize the layout, you can easily unprotect any sheet. Go to the Review tab and click "Unprotect Sheet." No password is required.

2. Your Initial Setup

(The Setup & Plan Tab)

This is the most important step. You will only do this once, and then make minor updates as your finances change. This sheet is your "master plan" for your entire budget.

2.1. Set Your Currency

  • In cell H5, click the dropdown arrow to select your currency (e.g., $, £, €, ₹).
  • If your currency isn't listed, you can type it directly into the Currency List table on the right.

2.2. Editable Mode (ON/OFF)

  • Click the toggle switch in cell H7.
  • When ON, all cells you are meant to fill in will be highlighted in yellow. All other cells are locked and contain formulas.
  • We recommend keeping this ON at all times.

2.3. Build Your Master Plan

In the main table ("Set up your income, expenses, and budgets..."), you will fill out a row for every financial item in your life.

  • Income: List all your income sources (e.g., "Paycheck 1," "Paycheck 2," "Side Hustle").
  • Bills: List all your fixed, recurring bills (e.g., "Rent," "Internet," "Car Insurance").
  • Savings: Pay yourself first! List all your savings goals (e.g., "Emergency Fund," "Retirement," "Vacation Fund").
  • Debt: List all your debt payments (e.g., "Credit Card 1," "Student Loan").
  • Expenses: List all your variable spending categories (e.g., "Groceries," "Dining Out," "Gas," "Pet Care").

For each item, fill in the columns:

  • Pay Day/Due Day: The day of the month you expect to get paid or that a bill is due.
  • Paycheck: This is the key to this system. Assign each item to the paycheck that will pay for it (e.g., "PAYCHECK 1" or "PAYCHECK 2"). This ensures you have the cash on hand when you need it.
  • Budget/Amount: Your planned monthly amount for that item.

2.4. Achieve "Zero-Budget"

As you fill in your plan, watch the "PLANNED BUDGET - VS - TOTAL PLANNED EXPENSES" section.

  • This tracker shows you if your Total Income matches your Total Expenses (which includes all Bills, Savings, Debt, and Expenses).
  • Your goal is to make the status message in cell F17 read "ZERO-BUDGET".
  • "LEFT TO BUDGET": You have more money to assign. Add it to savings or an expense category.
  • "OVER BUDGET": Your planned spending is more than your income. You must reduce your planned budget in some categories until it balances.

2.5. Customize Your Lists (Optional)

On the right side of the Setup & Plan sheet, you can customize the lists used in your dropdown menus.

  • Departments: This list controls the Department dropdown in the Transactions tab. Use this to group your spending (e.g., "Housing," "Utilities," "Transport").
  • Currency List: This list controls the main currency selector. You can add your own currency code or symbol in the first cell of this table if yours is not listed.

3. Your Monthly Dashboard

(The Template Tab)

Once your master plan is set, you will create a unique dashboard for each month. Do not use the original Template tab for your budget.

3.1. How to Create Your First Monthly Sheet

  1. Right-click on the Template tab at the bottom of the screen.
  2. Select "Move or Copy..." from the menu.
  3. In the pop-up box, check the "Create a copy" box.
  4. Click OK.
  5. A new sheet (e.g., "Template (2)") will be created. Right-click this new tab and "Rename" it to the current month (e.g., "Nov-2025").

You will repeat this step every single month. This preserves your old budgets and gives you a fresh start for the new month.

3.2. Set Your Date Range

On your new monthly sheet (e.g., "Nov-2025"), you only need to set the month and year.

  • In the "Select Month" cell, enter the month number (e.g., 11 for November).
  • In the "Enter Year" cell, enter the full year (e.g., 2025).

The "Start Date" and "End Date" for that month will update automatically.

This is critical. These dates tell the dashboard which transactions to pull from your Transactions log.

3.3. How to Override Your Budget (Advanced)

Your new monthly dashboard automatically pulls all the planned "Budget" numbers from your Setup & Plan master list.

  • What if one month is different? (e.g., your electric bill is higher in the summer).
  • No problem. On your monthly sheet, you can type a new number directly into that item's yellow "Budget" cell.
  • This will override the master plan for this month only and will not affect your Setup & Plan sheet.

4. Your Daily Use

(The Transactions Tracker Tab)

This is the sheet you will use the most. For the dashboard to work, you must log all your spending and income here.

4.1. How to Log a Transaction

Every time you spend or earn money, add a new row and fill in the columns:

  • Date: The date the transaction occurred.
  • Amount: The amount spent or earned.
  • Category: The high-level category (Income, Bills, Savings, Debt, or Expenses).
  • Transactions: The specific item (e.g., "Groceries," "Rent," "Paycheck 1"). This must match an item you created in your Setup & Plan sheet.
  • Paycheck: The paycheck this transaction is associated with.
  • Department: The department you assigned to this type of spending.
  • Description: Any personal note you want to add.

4.2. The Mini-Dashboard

As you enter transactions, the charts on the right side of this sheet will update in real-time. This is a great way to see your spending at a glance without having to switch back to your main dashboard.

5. FAQs & Best Practices

Best Practices

  • Be Consistent: Log your transactions daily or every few days. The dashboard is only as accurate as the data you give it.
  • Trust the System: Before you buy something, check your monthly dashboard to see how much you have "Left to Spend" in that category.
  • Duplicate, Don't Reuse: Always create a new copy of the Template sheet for each new month.

Frequently Asked Questions (FAQ)

  • Q: Why can't I click on a chart or a cell with a number? How can I edit the template?A: The sheets are protected by default to prevent accidental changes. You can only enter data in the yellow-highlighted cells (when Editable Mode is ON) or the main table in the Transactions tab.If you are an advanced user and need to make edits: Simply go to the Review tab in Excel's main ribbon and click the 'Unprotect Sheet' command. No password is required.
  • Q: My dashboard isn't updating! I spent money, but it's not showing up.A: Check two things on the Transactions tab:
    1. Did you log the transaction?
    2. Is the Date of the transaction within the Start Date and End Date you set on your monthly dashboard? (This is the most common reason).
  • Q: How do I add a new expense category (e.g., "Pet Food")?A: You must add it to your master plan.
    1. Go to the Setup & Plan tab.
    2. Add a new row for "Pet Food" in the "Expenses" section of the main table.
    3. Fill in its planned budget and assign it to a paycheck.
    4. Important: You may need to adjust your other budgets to get back to "ZERO-BUDGET."

6. Contact & Support

Have Questions?
Please don't hesitate to reach out! Click the "Contact Us" button on the ReadMe sheet.

Need Customizations?
If you need this template customized for your unique needs (new features, different layouts, etc.), our team is happy to help. Click the "Let's Collaborate!" button on the ReadMe sheet to get in touch.

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