{"id":34941,"date":"2022-11-09T10:22:23","date_gmt":"2022-11-09T10:22:23","guid":{"rendered":"https:\/\/toggl.com\/blog\/?p=34941"},"modified":"2025-11-11T14:35:31","modified_gmt":"2025-11-11T14:35:31","slug":"project-budget-template","status":"publish","type":"post","link":"https:\/\/toggl.com\/blog\/project-budget-template","title":{"rendered":"Free Project Budget Template for Excel & Google Sheets"},"content":{"rendered":"\n

Are you a project manager looking for a project budget template? You’re in the right place!<\/p>\n\n\n\n

Creating a project budget<\/a> is relatively straightforward. But not all project managers can successfully manage and track a project’s budget.<\/p>\n\n\n\n

Use this free project budget spreadsheet to track the financial details of your next client project.<\/p>\n\n\n\n

Free project budget templates<\/h2>\n\n\n\n

This free project budgeting template focuses on tracking hours for specific tasks within a project.<\/p>\n\n\n\n

Download your Google Sheets template<\/a> or Excel template<\/a>.<\/p>\n\n\n\n

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Toggl Track’s project budget template<\/figcaption><\/figure>\n\n\n
\n Further Reading:<\/span>\n
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\n \n \"Project\n Project Budget Management: How To Create, Tips & Best Practices<\/span>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n \n\n\n

Project budget template elements<\/h2>\n\n\n\n

Let’s look at the different elements of this simple project budget template.<\/p>\n\n\n\n

Hourly rate<\/h3>\n\n\n\n

Pretty self-explanatory. Enter your hourly rate. This will calculate the project costs and show you how profitable the project was once you’ve delivered the project. <\/p>\n\n\n\n

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Task ID and name<\/h3>\n\n\n\n

Task IDs and names are based on using our Work Breakdown Structure<\/a> template as part of a project cost estimation<\/a> process. <\/p>\n\n\n\n

If you don\u2019t use the WBS<\/strong> template, enter the names of each task you need to complete to deliver the project.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n
\n Further Reading:<\/span>\n
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\n \n \"Work\n Work Breakdown Structure (WBS): Definition, Benefits & Steps<\/span>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n \n\n\n

Assigned to and status<\/h3>\n\n\n\n

Assign each task an owner if need be. This will help to know who is accountable for each task.<\/p>\n\n\n\n

The status of each task can be updated as the project progresses. This will then update the progress bar in green above.<\/p>\n\n\n\n

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Estimates and actuals<\/h3>\n\n\n\n

Estimated hours are based on the hours you and your team estimated for each task when you scoped the project out.<\/p>\n\n\n\n

The estimated cost will be automatically calculated based on the hourly rate you enter.<\/p>\n\n\n\n

Actual hours and costs are automatically generated once you start tracking time on the project<\/a>.<\/p>\n\n\n\n

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Profit<\/h3>\n\n\n\n

The profitability for each task will be automatically calculated based on actual hours minus estimated hours.<\/p>\n\n\n\n

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Totals<\/h3>\n\n\n\n

The total for all columns will be displayed at the bottom of the spreadsheet. The cell on the right-hand side will show you how the project is making or costing you as you track hours against each task.<\/p>\n\n\n\n

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How to track a project budget with this template<\/h2>\n\n\n\n

The first step is to enter the project tasks and their estimates inside the ‘Budget’ tab.<\/p>\n\n\n\n

Note:<\/strong> this template works best if you follow the project estimation process in our project cost estimating<\/a> post. <\/p>\n\n\n\n

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This will then calculate their estimated cost based on the hourly rate you enter.<\/p>\n\n\n\n

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Once you’ve done this, you can start tracking time for each project task via the ‘Tracker’ tab inside the project budget template.<\/p>\n\n\n\n

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Enter it here whenever you or your team spend time on a specific project task.<\/p>\n\n\n\n

This will automatically update the ‘Actual hours’ and ‘Actual cost’ columns in the ‘Budget’ tab within the template.<\/p>\n\n\n\n

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Once you’ve completed the project and tracked time against all tasks, the total project cost and profit will be displayed at the template’s bottom (and top).<\/p>\n\n\n\n

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When to use this project budget template<\/h2>\n\n\n\n

Here are a few scenarios in which you can put this template to good use.<\/p>\n\n\n\n