Project Budget Template (Excel)

What is in this template

This workbook has three sheets: Budget, Summary and How to use. It is built so you can plan every cost before a project starts and then track real spending against the plan.

Budget

Enter the project name, the total approved budget and the contingency percentage at the top. Below, list up to 40 line items. Each has a category chosen from a drop-down, a vendor or owner, an estimated cost and an actual cost. The sheet works out the variance, the share of the estimate used and a status of Not started, On budget or Over budget. Over-budget lines turn red. Under the table you get the contingency reserve in dollars, the budget available after contingency, the total estimated cost, the actual spend so far and the budget left.

Summary

A table of estimated cost, actual cost and the amount not yet spent for each category, with a total row and a bar chart that compares estimated and actual cost. Data labels are switched off on the chart so it stays clean. You can rename the categories in column A and the drop-down on the Budget sheet follows.

How to use

Short steps for the sheet, with links that jump between the tabs.

The sample data

The template opens with a made-up office refit. The approved budget is $30,000 with a 10 percent contingency reserve of $3,000, which leaves $27,000 available. Nine line items add up to $25,550 estimated. Six have actual costs and total $21,750, so $8,250 of the approved budget is left. The project manager time and site materials lines are over their estimates and show in red. Delete the sample rows and type your own.

How to use it

1. Type the project name, total approved budget and contingency percentage.
2. List every cost as a line item and pick its category.
3. Enter the estimated cost for each line before work starts.
4. As invoices arrive, type the actual cost in the Actual column.
5. Check the Status column and the Summary chart. Fix over-budget lines early.

Tips

• Keep contingency separate from line items. It stays in reserve for surprises and is not counted as planned spend.
• Update actuals weekly, not at the end of the project. Late updates hide problems.
• Use one line per invoice or quote so it is easy to trace a number back to a source.
• The Variance column only shows for lines that already have an actual cost. Lines with no actual are shown as Not started.

Frequently asked questions

More free tools: All free calculators · Small business budget template · Construction estimate template · How to make a project budget