In this post, you’ll learn exactly how to use a Monthly Budgeting Template to take control of your income, spending, and profits.
Running a business all by yourself can be exciting, but also stressful, especially when it comes to money. That’s why every solo business owner needs a simple, clear, and practical Monthly Budgeting Template.
Let’s break everything down into simple steps.
Why a Monthly Budgeting Template Matters for Solo Business Owners
If you don’t track your money, you will lose it. A Monthly Budgeting Template helps you:
- See how much money you make each month
- Track every expense, from rent to data bundles
- Know where your money is going
- Plan for tax, savings, or big expenses
- Avoid surprises or last-minute stress
What Should Be in Your Monthly Budgeting Template?
Your Monthly Budgeting Template should be simple, not scary. Here are the basic sections every solo entrepreneur should include:
1. Income
- Total sales from products/services
- Other income (e.g., tips, affiliate links, digital downloads)
2. Fixed Expenses (Same amount every month)
- Rent or co-working space
- Internet and phone bills
- Monthly software/tools (Canva, Zoom, etc.)
3. Variable Expenses (Changes month to month)
- Delivery/logistics
- Raw materials or inventory
- Ads and promotions
- Transport
4. Savings
- Emergency fund
- Business growth (e.g., new tools or training)
5. Taxes or Deductions
- Monthly tax estimate
- Debt repayment if any
6. Profit
- Income: (Expenses + Savings + Tax) = Profit
Sample Monthly Budgeting Template (For Nigerian Solo Business Owners)
Let’s take the example of Sarah, a solo cake baker in Lagos:
| Category | Item | Amount (₦) |
| Income | Cake orders | 250,000 |
| WhatsApp cake class | 50,000 | |
| Fixed Expenses | Rent | 30,000 |
| Data + WiFi | 8,000 | |
| Canva Pro | 5,000 | |
| Variable Expenses | Ingredients | 45,000 |
| Delivery (riders) | 20,000 | |
| Ads (Instagram) | 15,000 | |
| Savings | Emergency fund | 10,000 |
| Taxes | Tax estimate | 15,000 |
| Profit | Final monthly profit | 152,000 |
Sarah’s Monthly Budgeting Template shows where her ₦300,000 came from, her major expenses, and how she made a healthy ₦152,000 profit.
How to Set Up Your Monthly Budgeting Template
You can create your Monthly Budgeting Template in:
- Google Sheets or Excel
- Notion or Airtable
- A physical journal
The goal is not fancy design, but clarity. Make columns for each category, list actual numbers, and review it at the end of each month.
Pro tip: Colour-code income in green, expenses in red, and profit in blue. This makes the data easy to glance through.
Tools That Can Help You Budget Better
In addition to your Monthly Budgeting Template, consider using:
- Wave – For tracking expenses online
- Google Forms – For logging sales daily
- Budgeting Apps (like PiggyVest) – For saving automatically
Customise Your Monthly Budgeting Template By Industry
Your budget will depend on what you do, so make your Monthly Budgeting Template match your specific business.
Here are examples:
Freelancers (Writers, Designers)
- Income: Clients, retainers, gigs
- Expenses: Internet, subscriptions, workspace
Retailers (Mini importers, Skincare brands)
- Income: Online store, WhatsApp orders
- Expenses: Shipping, packaging, marketing
Content Creators/Coaches
- Income: Courses, consulting, brand deals
- Expenses: Video gear, editing, ads
4 Common Monthly Budgeting Mistakes to Avoid
Even with the best Monthly Budgeting Template, many solo business owners fall into avoidable traps. Let’s look at the most common budgeting mistakes and how to fix them.
1. Forgetting Small Expenses
It’s easy to remember rent or data bundles. But what about those daily ₦100 payments?
Small expenses like sachet water, POS withdrawal fees, bank charges, and last-minute transport costs can add up quickly. If they aren’t tracked, they silently eat into your profit.
Solution: Always record even the tiniest expenses. Use your phone notes or a simple app like Google Keep to jot them down instantly.
2. Overestimating Profits
Many solo business owners assume they’ve made money just because sales look high. But not all that glitters is gold.
If you count money that hasn’t hit your account or forget to subtract expenses, you’ll end up making wrong decisions.
Solution: Only record income after it’s received. Never base your budget on promises or pending payments.
3. Ignoring Savings
Some people believe they can’t save until they “make it.” But if you can’t save ₦5,000, you won’t save ₦50,000 either.
Skipping savings puts your business at risk. Emergencies will come. Opportunities will arise. Without savings, you’ll miss out, or go into debt.
Solution: Add a fixed savings line to your Monthly Budgeting Template, even if it’s small.
4. Not Reviewing Your Budget Regularly
A budget that gathers dust is useless. Many people create a budget once and never look at it again.
Without regular reviews, you won’t see where you’re overspending or how your income is changing.
Solution: Make the first Sunday of every month your “Budget Day.” Set a phone reminder. Take 30 minutes to check your numbers, update expenses, and plan for the next month.
Avoiding these mistakes makes your Monthly Budgeting Template more powerful and your business more profitable.
Don’t Miss: 6 Powerful Ways to Make Your Brand Go Viral in Nigeria in 2025
Conclusion
Budgeting isn’t about being strict. It’s about knowing where your major expenses are going and where your major income is coming from.
If you’re serious about running a sustainable business in 2025, start tracking your money today.
