Project managers use project budgets to estimate the total cost of a project. A good project budget template consists of a detailed estimate of all expenses that most likely will arise before the project is completed. These project budget templates can vary, with some large commercial ones being several pages long.
5 Steps to Write a Project Budget
Step 1: Define All Labor Costs
Based on the scope of the project, and what it is for, there may be numerous labor costs to consider. You have to consider the special training if any that the worker or individual has to undergo before providing their services in your project. It is useful to have an idea of the labor you require before you write down the budget.
Step 2: Material Cost Estimate
Once labor costs are covered, you have to look into how much the materials required for your project will cost. This will include how much of the particular material you will need and some research about where you will get the material from, transport details, etc.
Step 3: Potential Travel Costs
You will have to look at geographical details and/or constraints before deciding how much you might have to spend on travel to get to the venue of where your project is taking place. This will also include the travel to the place of supply of your materials as well or the distributor.
Step 4: Time is Money
If this project involves, for example, freelancers or other paid individuals, this too must be calculated beforehand and mentioned in the budgets. It will do well for you to keep in mind the salaries that must be paid to these individuals according to the amount of time that they spend working on your project.
Step 5: Additional Costs
If your project involves the use of additional elements like software that must be bought, with licensing fee, etc., this too must be added to the budget, even if you decide to use the software of your choice. This applies to any equipment that may be required as well. At the end of it all, do make sure to maintain a leeway for any additional costs as well and keep some money aside for the same.
10+ Project Budget Templates
1. Template for Project Budget
Make use of this ready-made project budget template which can be customized to your liking, no matter what your preference may be. This project budget template is a straightforward one that constitutes the necessary funds that are needed to implement a project of your choice, for your company or organization.
2. Basic Project Budget Template
This free budget template is ready for use for your company or organization. It produces the fund estimates for the deliverables of your company as well. It is specifically modified to help you, as a project manager to estimate the cost of the project that you are working on.
3. Monthly Project Budget Template
With these program budget sample templates you will be able to draft a document that entails the total amount of authorized financial resources that has been allocated for a particular purpose of the project for the period of one month. This will help you keep up to date with any changes in your budget.
4. Sample Project Budget Template
This sample project budget template will help you keep your estimates realistic when planning your budget for your project. With a more accurate budget like this, the process of the entire project will be smooth. It gives you the space to plan ahead in order to give you a head start and you will be prepared in case of sudden expenditures.
5. General Project Budget Template
This sample monthly budget template is based on the context of the country and the regional situations in general and in relation to the budgets of other projects in that particular country or region. This will give your project a comparative angle by which the client will be sure of what they can expect.
6. Simple Template for Project Budget
This sample IT budget template allows you to allocate funds based on the nature of your project. It reflects the thought that goes into creating your project budget. It takes into account the contribution from other people or organizations and differentiates it from the expenses part of the budget.
7. General Research Project Budget
With research budget template projects and such, this budget would do well to provide detailed information for each project cost, making use of the columns to show how each of those costs has been calculated. You can also provide a short justification for each cost which will aid in your reimbursement if necessary.
8. Basic Budget for Project
This cost-effective simple budget template is created with extensive research that is done beforehand, at the time when the budget is being created. When the project is a large scale, and there are multiple people and organizations involved, the project manager will find it easy to include all of it using this budget.
9. Default Project Budget Template
A good project budget has the total program cost broken down by major cost items which include direct labor, with individual labor categories or persons with the associated labor hours and labor rates. You will find all of this in this building budget template and it also includes indirect costs with overhead, general and administrative expenses.
10. Example of Project Budget Template
Using this sample budget templates, you can make a record of the major program tasks by phase, and an itemization of major subcontracts and equipment purchases. Additional costs such as IT costs, travel costs and other monthly project funding requirements can be added too. This will help in the smooth completion of your project.
11. Construction Project Budget Template
Construction projects are usually more cumbersome as compared to other projects and budgets play a very important role here. With this construction budget template, you can create an essential document for budgeting while avoiding the hassle of creating your own template. This helps reduce the already heavy load of paperwork.