Project budget template

What is a project budget?

A project budget is the total estimated cost of completing each project activity over each phase of a project. It’s important as it helps set expenditure expectations and is critical in getting project approval, ensuring funds are ready at the right time, and measuring performance. This is a dynamic document that is constantly updated, monitored, and reviewed throughout the project.

How is a project budget different from traditional budgeting?

A traditional budget is focusing on a company or department over a specific period of time and covers all activities during that time period. A project budget is focused on one project and only accounting for expenses related to that project.

Who should use this free project budget template?

A project budget template is a great tool for anyone involved in project planning, execution, and financial oversight. Some users who can benefit from using our project budget template include: project managers and teams, business owners, finance and accounting departments, nonprofits, educational institutions, event planners, and more.

Why should businesses use a project budget template

Using a project budget template offers several advantages, including:

• Customization: The project budget template is designed to be customizable to match the specific requirements of your project.
• Automatic calculations: This project budget template in Excel incorporates built-in formulas that automatically calculate totals, variances, and other essential financial metrics.
• Expense tracking: Businesses can monitor actual expenses against the budgeted amounts, identifying potential overruns and making timely adjustments.
• Risk management: By anticipating potential costs and planning contingencies, businesses can mitigate financial risks and avoid surprises that could impact the project's success.
• Transparency: Using a project budget template fosters transparency among team members and stakeholders.

How to prepare a project budget template in Excel

Here’s how to do a project budget in Excel:

Step 1: Download project budget template.

Step 2: Enter project information.

Step 3: Enter project tasks.

Step 4: Input each person’s hourly rate.

Step 5: Assign a person to each task.

Step 6: Input planned labor hours for each task and input actual labor hours as tasks are completed.

Step 7: Input expenses associated with each task (travel, equipment, fixed, miscellaneous, etc.).

The project budget template should automatically calculate based on information entered in the budget. You can find more detailed instructions on how to use our project budget template upon download.

FAQ

What is the purpose of a budget template for projects?

Budget template for projects serves as a structured tool that helps in planning and managing project finances. Its purpose is to outline and organize the projected costs and expenses associated with the project.

What information does a project budget template include?

Elements found in a project budget template typically include information that helps in planning, tracking, and managing finances for the projects, such as:

• Project name
• Time period covered in the budget
• Department
• Project manager
• Project tasks
• Persons assigned to each project task
• Planned and actual labor hours
• Material costs and units
• Travel expenses
• Equipment expenses
• Fixed costs
• Miscellaneous costs
• Variance of budgeted to actual costs

Can this project budget template be used in Google Sheets?

Yes, download our project budget Excel template. Then in Google Sheets, follow these steps:

1. Create a new or open an existing spreadsheet.
2. Click File. Import.
3. Choose the Excel project budget template file and click Select.
4. Choose an import location option:
   Create new spreadsheet,
   Insert new sheet(s),
   or Replace spreadsheet.
5. Click Import data and you should have this project budget template in Google Sheets.