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Managing a project’s budget can be overwhelming, but with the right templates, it becomes much easier. A well-designed project budget template helps you track spending, allocate resources, and ensure financial goals are met every step of the way.
In this post, we show you the best templates from Teamwork.com to streamline your budgeting process and keep your projects profitable.
What is a project budget template?
A project budget template is a tool designed to help you plan, track, and manage the financial aspects of your project. It acts as a roadmap for your spending, giving you a clear view of how much money you have, where it’s going, and how it aligns with your project goals. No matter the size of your project, a budget template helps you keep track of costs and avoid unexpected expenses.
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5 must-have templates from Teamwork.com for managing your project budget
1. Teamwork.com Time & Materials Project Budget Template
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Want to stay on top of your project’s budget every step of the way? Teamwork.com’s Time and Materials Project Budget template helps you stay on track, whether you’re working by the hour or with a set fee. It helps you track progress, catch budget problems early, and take action before things go off track. Perfect for one-off projects or those that need detailed task-based budgeting.
With user-friendly access for admins, project managers, and team members, this template ensures everyone stays aligned on budget goals throughout the project.
2. Teamwork.com Retainer Project Budget Template
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Teamwork.com’s Retainer Project Budget template manages recurring projects, like ongoing support or long-term client contracts. Whether you’re tracking hourly or fixed-fee budgets, this template automatically rolls over any surplus or deficit from one period to the next.
This template also makes it easy to manage recurring revenue without the headache of manual calculations. You’ll always know where you stand financially, so you can make adjustments and stay within budget by the end of the project
This template is your go-to for ongoing work like brand management, making it easy to manage your budget seamlessly across periods so you can stay focused on driving results.
3. Teamwork.com Task List Budget Template
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Teamwork.com’s Task List Budget template helps you manage your project’s budget by breaking it into smaller, easy-to-track parts. Instead of looking at the whole project at once, you can set budgets for specific areas like marketing, design, or product development. This makes it easier to see how each part is doing and whether it’s staying within budget.
This template is helpful for big projects with different teams, as it lets you spot problems early and fix them before they affect the whole budget. Whether you're tracking time, costs, or materials, this template gives you full control over the finances for each part of the project.
By splitting your project into task lists, you can better manage resources, avoid overspending, and make sure each team has what it needs to succeed.
4. Teamwork.com Project Budget Expenses Template
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Teamwork.com’s Project Budget Expenses template lets you track costs that aren’t related to hours worked, like travel, software purchases, or other one-off expenses. By adding these costs to your project’s budget, you can get a better idea of the project's overall profitability.
This template helps you manage fixed costs that may arise during the project lifecycle, keeping your budget up to date.
The Project Budget Expenses template is useful for project admins and users who need to ensure that all expenses are tracked correctly. Whether you’re handling a big project or a small one, it helps you see all your costs.
5. Teamwork.com Fixed Fee Project Budget Template
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With Teamwork.com’s Fixed Fee Project Budget template, you can easily manage projects where a fixed price is set with the client in advance. You can visualize how the project’s costs are stacking up against the agreed-upon fixed price, allowing you to catch any discrepancies early.
This level of transparency means you can track the financial progress of your project as it unfolds and make adjustments as necessary to avoid overspending. If you notice any areas where costs are increasing faster than expected, you can step in and take action before it becomes a problem. Keep track of your spending to stay on budget and use this template to easily manage and adjust your expenses.
The Fixed Fee Project Budget template is also ideal for sharing project insights with clients, giving them visibility and building trust. By keeping everyone aligned, it helps ensure the project stays on track both in terms of timelines and budget, making it a valuable tool for successful client collaboration.
4 key features to look for in a project budget template
Not all project budget templates are created equal. To find one that works best for you, here are four key things to look for:
Easy to use: A good project budget template should be simple and easy to use. It should have clear labels and be easy to understand. The simpler it is, the more likely you and your team will actually use it, making it easier to keep track of your project’s costs.
Customizable: Look for a template that’s easy to adjust as your project evolves. Projects don’t always go as planned, so you need a tool that lets you change expenses, add new ones, or fix mistakes without starting from scratch.
Tracking capabilities: The best project budget templates let you compare what you planned to spend with what you actually spent. This feature helps you see whether you’re over or under budget as the project progresses. Tracking keeps you proactive rather than reactive when it comes to managing your finances.
Scalability: The project budget template should work for projects of any size. A scalable template lets you start with a small budget and easily expand by adding more rows, columns, or categories without ruining the setup. This makes it a long-term tool you can rely on.
Better budgeting for projects starts with Teamwork.com
Budgeting for projects doesn’t have to be stressful. With Teamwork.com, you can easily plan and track your project budgets in one place. Divide your budget across specific tasks or time periods to see exactly where your money is going. Teamwork.com also lets you monitor your spending in real time, so you’ll always know if you’re staying on track or need to adjust. No more guessing or messy spreadsheets—only clear and simple tools to help you confidently manage your project’s finances.
Teamwork.com also helps you understand your project’s profitability with detailed Project Health Reports, so you can see how much you’re spending compared to your budget and identify areas where you can save. Teamwork.com's project team collaboration software helps your team share updates and stay aligned with your financial goals. Whether you’re managing a fixed fee or tracking expenses across multiple periods, Teamwork.com gives you the tools to stay organized, avoid overspending, and focus on delivering great results.
Teamwork.com gives you everything you need to make any project successful and profitable, now and in the future.
Teamwork.com is the heartbeat of the business. Thanks to Teamwork.com, we’re all 100% aligned now and working at full power, pushing ahead towards a clear goal.
Kfir Pravda
CEO at Pravda Media Group
FAQs about project budget templates
How to prepare a budget for a project template?
To prepare a project budget template, start by listing all the project’s tasks and their costs. Include any extra expenses like materials, labor, and unexpected costs. Make sure to leave room for changes if needed.
What should you include in a project budget?
In your budget, include costs for labor, whether for your team or any contractors you hire. Add any necessary expenses like software, subscriptions, or tools needed to deliver the service. Don’t forget to account for overhead costs, like office space or utilities, and leave room for unexpected costs that may come up during the project.
What are the benefits of a project budget template?
Using a project budget template can make managing finances much easier.
Here are some key benefits:
Keeps finances organized: A budget template makes it easier to track every expense in one place. It helps you avoid confusion and ensures you stay on top of your spending.
Improves accuracy: By using a set structure for project budgeting, you minimize errors and make sure all costs are accounted for. This leads to more reliable financial planning.
Easier to adjust: If unexpected expenses come up, a template lets you quickly update your budget. This helps keep the project on track without the stress of manual adjustments.
Increases transparency: A shared budget template ensures everyone is on the same page regarding financial goals. It improves collaboration and reduces misunderstandings about the budget.
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