Free Construction Budget Templates | Smartsheet (2022)

In this article, you’ll find a variety of the most useful templates for the construction budgeting process, all of which are free to download and completely customizable.

Included on this page, you’ll find residential construction budget templates, commercial construction budget templates, and home construction budget templates, as well as a sample construction budget worksheet and a list ofcommercial budgeting tips.

Residential Construction Budget Templates

Excel Construction Budget Template

Free Construction Budget Templates | Smartsheet (1)

Download Excel Construction Budget Template

Microsoft Excel | Smartsheet

This residential construction budget template for Excel breaks down costs into a detailed list of categories, including site prep, water and sewer, foundation, masonry, plumbing, HVAC, appliances, and more. Enter costs for labor and materials to calculate totals. The template also shows the budget amount versus the actual amount you spent for each line item, so you can track the difference. You can easily customize this template to display your own project categories and tasks.

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Multi-Unit Construction Budget Worksheet

Free Construction Budget Templates | Smartsheet (3)

Download Multi-Unit Construction Budget Worksheet

Excel | Word | PDF

Create a comprehensive budget for an apartment complex, multi-family housing, or a residential building with multiple units. This budget worksheet includes sections for separating project expenses into categories. Add your own tasks, materials, and associated costs to get an accurate estimate of total expenses. The worksheet is available in Excel, Word, and PDF formats to simplify budget planning on a residential construction project.

(Video) 10 Free Budget Templates (Download Now)

Commercial Construction Budget Templates

Commercial Development Budget Form

Download Commercial Development Budget Form

Excel |Word | PDF

This construction budget form provides an outline for a development project budget. Edit the form to include your own expense categories, whether you are developing a new site from the ground up or renovating an existing commercial building. The template shows hard costs, service fees, expenses related to financing, and other miscellaneous costs. It also includes room for notes, where you can add details about percentages, square footage, tax records, or other information.

Commercial Construction Budget Example

Free Construction Budget Templates | Smartsheet (5)

Download Commercial Construction Budget Example - Excel

Download this construction company budget sample to get an idea of how a completed budget might look. Replace the text with your own entries to create a customized budget template. The example shows expenses for a generic commercial construction project, calculating costs per square feet. It includes lines for general conditions, insurance, contingency, and other costs.

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Home Construction Budget Templates

Contractor Estimate Template

Free Construction Budget Templates | Smartsheet (6)

Download Contractor Estimate Template - Excel

This new construction budget template allows you to create a detailed estimate, track projected versus actual costs, identify the status and progress of specific tasks, and document amounts owed. The template automatically calculates totals to help you avoid errors, and also includes start and end dates and provides separate sections for each part of the construction process to help you stay organized.

Home Renovation Budget Template

Download Home Renovation Budget Template -Excel

(Video) How to Make a Budget Template in Excel - Budget versus Actual Cost!

If you’re embarking on a remodel project, keep track of the money you spend and the funds that remain over the course of your project timeline. Whether you’re doing a kitchen remodel or renovating a whole house, compare the actual cost of labor and materials to your original budget. List project costs for an itemized view of individual and total expenses, and add notes to any items that you need to update or that require further explanation.

Sample Construction Budget Worksheet Template

Free Construction Budget Templates | Smartsheet (8)

Download Sample Construction Budget Worksheet Template

Excel | Word | PDF

The first part of this template shows a sample budget, including project details and costs, but you can create your own house construction budget template by editing the tasks and materials to suit your specific project. This is a thorough worksheet for estimating construction costs and planning an accurate budget. Avoid funding issues by carefully considering expenses in advance. You can use this template for building or renovation projects.

Construction Budgeting Tips

To avoid project delays, lost profits, and a lot of extra stress, it is vital to begin with an accurate cost estimate and realistic budget. Here are some tips to keep in mind when creating a construction budget:

  • Get Price Quotes: If you’re a contractor preparing a construction budget for a client, getting quotes from subcontractors and suppliers will allow you to provide accurate cost estimates. If you’re a homeowner planning a remodel, trying to figure out costs on your own may seem overwhelming. Find reputable contractors and design professionals who can help you create a realistic budget and project plan.
  • Create a Detailed Task List: Break your project down into all of the tasks that you need to perform. Doing this will help you determine labor needs, project scheduling, and budget requirements. Once you see all of the tasks that a project entails, you can determine costs based on the necessary number of workers, the jobs they will perform, the tools and equipment they’ll need, and other factors. Be realistic about how much time it takes to complete tasks, and plan your construction timeline and budget accordingly.
  • Utilize Cost Estimates: Allocate your budget based on initial cost estimates, which you create in order to determine a project’s scope and ensure financial feasibility. An estimate includes hard costs related to building construction, site work, and landscaping, as well as soft costs, such as engineering, taxes, insurance, permits, and fees. You need to account for all of these costs in a construction budget — and, over the course of a project, you should compare the estimated costs to the actual costs in order to track spending.
  • Be Realistic about Materials: As you consider what materials to use — whether you are a contractor communicating with clients or an owner researching options — avoid overspending by seeking out competitive bids from suppliers and choosing products based on your current financial resources.
  • Budget for Contingencies: Include funds for contingencies in order to cover unexpected potential costs, such as price changes, project delays, or emergencies. In a construction budget, you typically earmark a percentage of the total costs for contingencies.
  • Get Approvals: Depending on the type of project you’re pursuing, you may be submitting a final construction budget to your boss for a green light, or you may be giving it directly to a client for approval. It is essential to communicate with all stakeholders during the pre-construction phase to ensure that the necessary parties have approved the project design and budget, that you have implemented the requested changes, and that you have addressed all potential issues.
  • Review Your Budget Regularly: Cost estimates provide a starting point, and a budget allows you to control costs as much as possible over the course of a construction project. The budget is a tool for tracking progress and communicating with all relevant parties throughout the project lifecycle.

For more templates and more information on construction budgeting and project management, including how to calculate construction costs, see “Excel Construction Management Templates.”

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From pre-construction to project closeout, keep all stakeholders in the loop with real-time collaboration and automated updates so you can make better, more informed decisions, all while landing your projects on time and within budget.

The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed.

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time. Try Smartsheet for free, today.

(Video) Problems With Excel Project Budget Templates And Construction Budget Templates

FAQs

Does Excel have a budget template? ›

Creating a budgeting plan for your household can feel overwhelming and hard, but Excel can help you get organized and on track with a variety of free and premium budgeting templates.

Does Google have a budget template? ›

Budget n Sheets - Google Workspace Marketplace. Easy budget spreadsheet to annotate your daily expenses. Free, ad-free, open-source. Tag and track expenses, watch your credit card and cash flow, sync bills with Google Calendar.

Does Word have a budget template? ›

5 Steps to Prepare Budget in Word

Since we need to create a budget in Microsoft Word, we need to open a new document in the Word file. Go to the File menu, select New and open a blank document from the small window. Type a new Title “Budget Planner”. You can highlight the tile choosing from the Heading group.

Does Google sheet have templates? ›

Save time with templates in Google Docs, Sheets, Slides, Forms, or Sites. You can choose an existing template or create your own. Create eye-catching resumes, brochures, or newsletters instantly using Docs. Get an instant format for invoices, budgets, expense reports, or schedules in Sheets.

What is budget format? ›

“When we speak of budgeting formats, we are talking about the way in which budgeting information is structured, the kind of information that is required to justify budget requests, and what kind of questions are asked during the budget review process” (Morgan, 2002, p. 71).

What should a project budget include? ›

A project budget includes labor costs, material procurement costs, and operating costs for every phase of the project. It also includes resource quantities, costs, expenses, and cash flows.

What is the 50 20 30 budget rule? ›

Key Takeaways. The rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must-have or must-do. The remaining half should be split up between 20% savings and debt repayment and 30% to everything else that you might want.

What are the 3 types of budgets? ›

The three types of annual Government budgets based on estimates are Surplus Budget, Balanced Budget, and Deficit Budget.

What is budget formula? ›

The basic budget equation states that: Income – Expenditure = Profit. To determine an initial amount for your budget, there are three main areas to consider; your business's sales income, including all possible income streams, the total business expenditure for the budgeted period, and your estimated profits.

What is the best budget planner? ›

The 8 Best Budgeting Software of 2022
  • Best Overall: You Need a Budget.
  • Best for Couples: Honeydue.
  • Best for College Students: PocketGuard.
  • Best for Families: EveryDollar.
  • Best for Investors: Personal Capital.
  • Best for Saving: Albert.
  • Best for Beginners: Mint.
  • Best Free Option: Goodbudget.

What is the 50 20 30 savings rule of thumb? ›

The basic rule of thumb is to divide your monthly after-tax income into three spending categories: 50% for needs, 30% for wants and 20% for savings or paying off debt.

Does Microsoft have a budgeting tool? ›

My Monthly Budget provides a simple, visual way to help you manage your expenses and bills.

What Microsoft application would you use to create a budget? ›

Users can create budget plans either directly in the client (by using a configurable budget plan document page) or through Excel. Excel provides several additional capabilities. For example, you can use external data as a source for a budget plan, do custom calculations, and use Microsoft PivotTable and charts.

How do you create a budget table in Word? ›

Click the “Insert” tab and select “Table.” A grid appears. Drag the mouse across the grid to select three squares horizontally. Drag the mouse down for how many items you have in the first section of your budget, plus two additional rows for the headings and total.

Where can I get free templates for Google Sheets? ›

TheGoodocs - Free Google Doc Templates. A large number of Google Docs, Google Slides, and Google Sheets templates to boost your business. A large number of Google Docs, Google Slides, and Google Sheets templates to boost your business. Open and Edit thousands of flawless templates from professional designers.

How do I get free Google templates? ›

Use a Google template

On your computer, go to Google Docs, Sheets, Slides, or Forms. At the top right , click Template Gallery. Click the template you want to use. A copy of the template opens.

Is there a free Google spreadsheet? ›

Google Sheets is free, and it's bundled with Google Drive, Docs, and Slides to share files, documents, and presentations online. It includes almost all of the same spreadsheet functions—if you know how to use Excel, you'll feel at home in Google Sheets.

What is a simple budget plan? ›

Try the 50/30/20 rule as a simple budgeting framework. Allow up to 50% of your income for needs. Leave 30% of your income for wants. Commit 20% of your income to savings and debt repayment. Track and manage your budget through regular check-ins.

Do you think the 50 30 20 rule is appropriate? ›

Some Experts Say the 50/30/20 Is Not a Good Rule at All. “This budget is restrictive and does not take into consideration your values, lifestyle and money goals. For example, 50% for needs is not enough for those in high-cost-of-living areas.

How do I make a budget spreadsheet in Numbers? ›

How To Create A Budget on Apple Numbers - 2021 - YouTube

How do I create a formula in Google Sheets? ›

Use a formula
  1. Open a spreadsheet.
  2. Type an equal sign (=) in a cell and type in the function you want to use. ...
  3. A function help box will be visible throughout the editing process to provide you with a definition of the function and its syntax, as well as an example for reference.

Is Excel free? ›

Excel is also available for free as a mobile and tablet app for Android and iOS. You can find the Excel Android app on the Google Play store while the Excel iOS app is on the Apple App Store.

How do I Create a daily expense sheet in Excel? ›

Click the cell that you want to use to calculate your total in the income column, select the list arrow, and then choose the Sum calculation. There are now totals for the income and the expenses. When you have a new income or expense to add, click and drag the blue resize handle in the bottom-right corner of the table.

How do you calculate monthly expenses? ›

To get the average, add up the amount of money spent for 12 consecutive months, then divide by 12. This will give an average of how much has been spent per month. Calculating average monthly expenses requires actual or estimated figures for all monthly costs.

What are the examples of budget? ›

An example of budget is how much a family spends on all expenses in a month. An example of budget is how much a person plans on spending on a new bed. An itemized summary of estimated or intended expenditures for a given period along with proposals for financing them.

What are some common budget formats? ›

There are four common types of budgets that companies use: (1) incremental, (2) activity-based, (3) value proposition, and (4) zero-based. These four budgeting methods each have their own advantages and disadvantages, which will be discussed in more detail in this guide.

What are the 5 main components of an operating budget? ›

What Are the Parts of an Operating Budget?
  • Revenue. This includes all the different ways a company makes money by selling goods or services. ...
  • Variable Costs. These are costs that rise or fall in lockstep with sales volume. ...
  • Fixed Costs. ...
  • Non-Cash Expenses. ...
  • Non-Operating Expenses.

What are the 4 types of cost? ›

Costs are broadly classified into four types: fixed cost, variable cost, direct cost, and indirect cost.

How do you estimate a project budget? ›

Compile a list of tasks and the resources required to complete them. Identify and allocate resources to tasks based on your team's capacity. Estimate the task length to create a project schedule (with some buffer) Calculate the project cost based on a chosen estimation method.

How do you calculate project cost? ›

How to Calculate Project Costs
  1. List all the steps involved in bringing your project to fruition. ...
  2. Estimate how much time each step will take. ...
  3. Compute your internal labor costs. ...
  4. Figure your external labor costs. ...
  5. Research the materials you'll need to complete the project. ...
  6. Tally the cost for all these materials.

How do I Create a daily expense sheet in Excel? ›

Click the cell that you want to use to calculate your total in the income column, select the list arrow, and then choose the Sum calculation. There are now totals for the income and the expenses. When you have a new income or expense to add, click and drag the blue resize handle in the bottom-right corner of the table.

What is the 50 20 30 budget rule? ›

Key Takeaways. The rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must-have or must-do. The remaining half should be split up between 20% savings and debt repayment and 30% to everything else that you might want.

Does Microsoft have a budgeting tool? ›

My Monthly Budget provides a simple, visual way to help you manage your expenses and bills.

How do you create a budget for a construction project? ›

Planning Your Construction Budget
  1. Property. Property costs vary greatly depending on location and project scope. ...
  2. Professional Fees and Services. ...
  3. Materials. ...
  4. Labor. ...
  5. Equipment and Tools. ...
  6. Project Management. ...
  7. Liability Insurance and Professional Bonds. ...
  8. Utilities and Taxes.

What is budget format? ›

“When we speak of budgeting formats, we are talking about the way in which budgeting information is structured, the kind of information that is required to justify budget requests, and what kind of questions are asked during the budget review process” (Morgan, 2002, p. 71).

What should a project budget include? ›

A project budget includes labor costs, material procurement costs, and operating costs for every phase of the project. It also includes resource quantities, costs, expenses, and cash flows.

What is the formula for budget? ›

The 50/30/20 budget divides your after-tax income into three separate categories: 50% for needs, 30% for wants and 20% for savings/financial goals. This approach is best for younger, average-income earners who have paid off their high-interest debt.

What is the best chart to show budget vs actual? ›

Budgets Vs Actuals using line type charts

If the budget Vs actual chart needs to include a time element, in order to see the trend, then line charts are a good choice.

How do you calculate budgeting example? ›

Effort
  1. Months = number of months in the period.
  2. Percent Effort = entered value.
  3. Monthly Hours = Percent Effort * 173.3 (standard hours in a month)
  4. Person Months = Months * Percent Effort.
  5. Example. Months = 12. Percent Effort = 80% = 0.80. Monthly Hours = 0.80 * 173.3 = 138.64. Person Months = 12 * 0.80 = 9.6 months.

How do you write daily expenditures? ›

Every time money leaves you, write down the date, the exact amount, and the expense category. Plan to record your transactions for at least a month. If you carry around a little notebook or smartphone, you can log your transactions as they happen.

How do you record day to day expenses? ›

A 6 step introduction to managing your day-to-day expenses
  1. What are expenses? ...
  2. Record your expenses daily. ...
  3. Review your expenses weekly. ...
  4. Consider storing your receipts online. ...
  5. Keep expenses separate from other costs. ...
  6. Make sure your categories are consistent.

How do you manage your daily expenses? ›

Follow the 50:30:20 rule – By spending 50% of your salary on your needs and 30% on your wants, you can make sure you're not spending too much on things you don't need – and also ensure that some income is set aside as savings. Needs would include expenses on rent, mortgage, utilities, groceries, clothes etc.

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