The expense tracker in Google Sheets is a simple spreadsheet that is related to monitor the expense either personal or business. The Expense tracker is helpful in analyzing the profit of an organization as well to monitor the monthly income of any individual. The expense tracker can be created on Google Sheets with customization according to the user’s preferences.
This blog will help to understand the creation of the Expense tracker in Google Sheets with the help of an example. Let us start the blog with the importance of the Expense tracker in Google Sheets.
What is the Expense Tracker in Google Sheets Important?
There are a lot of reasons why the Google Sheets expense tracker is significant, including:
- It helps to manage expenses by creating a good budget
- It helps to analyze the spending patterns of the income
- It helps individuals to calculate the tax at the end of the year easily
- It provides insights into the financial health
- The individuals can access the expense tracker easily in Google Sheets and can update it as well
How to Create the Expense Tracker in Google Sheets?
There are two convenient ways to create the expense tracker in Google Sheets:
- Using the “Monthly Budget” template of Google Sheets
- Creating your own template for the Expense tracker in Google Sheets
Method 1: Create the Expense Tracker using the “Monthly Budget” Template
Different kinds of templates are pre-installed by default for a variety of applications in Google Sheets.One of the templates is “Monthly Budget” which can be used to manage the income by tracking the expenses. For example, we want to create an expense tracker for my monthly salary by using this “Monthly Tracker”. Open Google Sheets and select “File” from the menu bar to accomplish this, a drop-down menu will appear, choose “New” and then “From template gallery”:
Multiple templates of Google Sheets appear, now select the “Monthly Budget” template:
The “Monthly Budget” template of Google Sheets has been opened:
Now Define the parameters such as “Planned” and “Actual” Income and Expenses. Then you can track the expense from this Google Sheet as well as calculate the profit or savings at the end of the month.
Method 2: Make your own custom expense tracker template in Google Sheets
Another way is to create your own expense tracker with your defined columns. For example, we will create an expense tracker for “Paul’s Expense” by opening a new Google Sheet:
Now in the first row of the sheets, define the required parameters such as “Date”, “Expense”, “Amount”, and “Payment Method”. Also, add the headers of the defined values:
Also apply the formulas where needed, for example, in the next cell to “Savings” use the formula:
Hence the Expense tracker in Google Sheets has been created to monitor “Paul’s Expense”.
To create the expense tracker in Google Sheets, either use the default template of “Monthly Budget” from the template gallery or create a new spreadsheet. In this blog, both the methods of “Expense Tracker” in Google Sheets have been demonstrated with the help of simple examples.