The built-in summary tab provides a handy visualisation of your financial standing over the year, allowing you to easily spot any months where your income is going to be lower than your expenses. This is your bank balance at the beginning of the year, as it will then apply your expected/planned saving each month (by taking your expected income minus your expected expenses) to provide you a forecast of your expected end of year balance.
#GOOGLE SHEET HOUSEHOLD BUDGET TEMPLATE UPDATE#
On the tab “Setup”, you’ll need to update your “starting balance”. If you wanted to add a completely new category then it will require some changes to the way the spreadsheet has been built, which is out of scope of this article.
This is because the summary tab automatically calculates the sub-total for that category i.e in the screenshot above it will calculate the total for “Insurance”, and so it doesn’t matter if you rename or delete one of the sub-categories such as “Health” underneath it.įeel free to update this to fit your finances. They have quite a comprehensive list of default categories, but if you want to rename or delete certain sub-categories then the summary tab will automatically update.