Free Budget Template for a Project

A project budget template refers to the budget prepared mainly by the companies working on different projects to handle the finances by a person. The budget starts with entering costs budgeted about the different areas such as material cost, labor cost, fixed cost, the miscellaneous cost for the period. Then, list down the actual cost incurred during the period and, lastly, derive the variance between the budgeted cost and the cost of the different tasks of the project with the variance of the project.

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Other Versions

  • Excel 2003 (.xls) OpenOffice (.ods)CSV (.csv)Portable Doc. Format (.pdf)

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About the Project Budget Template

A person starting a project involves different types of tasks to complete such a project. Therefore, one will require various resources to complete these tasks, such as material, labor, fixed cost, and other costs. So, for the project’s planning, the budget for such a project is required. The template, as given above, shows the budgeted costs expected to be incurred by the company concerning each task by dividing it resource-wise.

Elements

Following are the different details that are generally present in the template:

#1 – Heading at the Top:

One will mention the heading ‘Project Budget Template’ in the template. It will remain the same for all the projects and all the entities. It is mentioned so that the user will know the template’s purpose.

#2 – Summary Cost of the Project:

This summary cost is at the top left corner. It contains the details of the total budgeted cost during the period, the total actual cost during the period, and the total variance between the two. These figures will automatically populate from the values in the below-mentioned steps.

#3 – Details of the Project:

The details of the projects are to be filled in by the person preparing the budget by mentioning the name of the company, the project name or ID that distinguishes the project from other projects, the name of the project lead, and the start date of the project.

#4 – Budgeted Cost Task wise:

All the budgeted costs divide into the following categories:

  • Material Cost: One may calculate it by multiplying the number of units by the cost per unit.Labor Cost: One may calculate it by multiplying the number of hours by the cost per hour.Fixed CostFixed CostFixed Cost refers to the cost or expense that is not affected by any decrease or increase in the number of units produced or sold over a short-term horizon. It is the type of cost which is not dependent on the business activity.read more: This will contain the cost incurred by the company against its fixed expenses.Miscellaneous Expenses: All the other costs incurred by the company can consider under this category.

It is not compulsory to strictly follow these categories, and the same one can modify considering the applicable costs.

#5 – Actual Cost:

Under this, it will mention the actual cost incurred against each subtask and task.

#6 – Variance Cost:

A variance will show the deviation of the cost incurred from the budgeted one.

How to Use this Project Budget Template?

This article has been a guide to Project Budget Template. Here we provide you with a free downloadable project budget template to handle the finances by a person. Also, you can download and use this template in Excel, Google Sheets, or ODS format.

  • Individuals using the template must enter all the details required in the fields that are not already pre-filled. It includes details of the project, the different types of budgeted costs concerning each task, and the actual cost incurred for each task. For this, firstly, details of the project are to be entered. After that, it will enter all the expenses the company expects to incur for the project. For example, against subtask 1 under task 1 the number of units under the project will enter the rate per unit. After that number of hours required, we will enter the cost per hour, the fixed cost, and the amount of the miscellaneous expense. With these figures, the budgeted cost of that subtask will populate automatically. However, one can modify the category in the template. After that, it will enter the total cost incurred sub-task-wise. The above figures will automatically calculate the variance for all the tasks and subtasks and the whole project.

It includes details of the project, the different types of budgeted costs concerning each task, and the actual cost incurred for each task.

For example, against subtask 1 under task 1 the number of units under the project will enter the rate per unit. After that number of hours required, we will enter the cost per hour, the fixed cost, and the amount of the miscellaneous expense. With these figures, the budgeted cost of that subtask will populate automatically. However, one can modify the category in the template.

You can also take a look at our other useful articles: –

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