Free Project Budget Overrun Templates and Checklists
Copy-paste ready templates. No signup required. No software to buy. These work in Google Sheets, Excel, Notion, or anywhere you can paste a table.
Project Budget Tracker
Track actual spend against budget with forecast at completion. The key column is Forecast at Completion -- that is where you will finish, not where you are today. Used by: Project managers, quantity surveyors, programme managers.
| Work Package | Original Estimate | Approved Budget | Committed Costs | Actual Spend | Forecast at Completion | Variance | Status |
|---|---|---|---|---|---|---|---|
| 1. Pre-Construction | $50,000 | $52,000 | $52,000 | $51,200 | $51,200 | +$800 | Complete |
| 2. Foundations | $180,000 | $195,000 | $195,000 | $187,000 | $195,000 | +$0 | In Progress |
| 3. Structure | $350,000 | $380,000 | $380,000 | $0 | $380,000 | $0 | Not Started |
| 4. M&E Services | $220,000 | $235,000 | $250,000 | $0 | $250,000 | -$15,000 | At Risk |
| TOTAL | $800,000 | $862,000 | $877,000 | $238,200 | $876,200 | -$14,200 | At Risk |
Monthly EVM Status Report
Track earned value metrics monthly. Use this alongside our EVM calculator. Used by: Project managers reporting to steering committees.
| Month | PV | EV | AC | CV | CPI | SPI | EAC | VAC | Status |
|---|---|---|---|---|---|---|---|---|---|
| Month 1 | $80,000 | $78,000 | $76,500 | +$1,500 | 1.020 | 0.975 | $980,392 | +$19,608 | Green |
| Month 2 | $160,000 | $152,000 | $158,000 | -$6,000 | 0.962 | 0.950 | $1,039,501 | -$39,501 | Amber |
| Month 3 | $250,000 | $226,000 | $265,000 | -$39,000 | 0.853 | 0.904 | $1,172,333 | -$172,333 | Red |
| Your data | Sum of PV | % done x BAC | Actual spend | EV-AC | EV/AC | EV/PV | BAC/CPI | BAC-EAC | RAG |
Change Order Log
Track every scope change request. Essential for preventing scope creep from silently driving overruns. Used by: All project types -- construction, IT, government.
| ID | Description | Requested By | Date | Cost Impact | Schedule Impact | Status | Approved By | Approval Date |
|---|---|---|---|---|---|---|---|---|
| CO-001 | Additional CCTV cameras in car park | Client security team | 15 Jan | +$8,500 | 0 days | Approved | J. Smith (PM) | 22 Jan |
| CO-002 | Upgrade to commercial kitchen specification | Operations director | 28 Jan | +$34,000 | +3 days | Rejected | -- | -- |
| CO-003 | Change entry door from aluminium to timber | Design team | 2 Feb | +$1,200 | 0 days | Pending | -- | -- |
Contingency Reserve Reference Guide
PMI and industry standard contingency ranges by project type and phase. Use as a starting point, then adjust based on your specific risk register.
| Project Type | Phase | Recommended Contingency | Notes |
|---|---|---|---|
| Construction | Concept / Pre-design | 20-30% | High uncertainty at this stage |
| Schematic design | 10-20% | Design intent defined, structure not | |
| Construction documents | 5-10% | Full design -- known scope | |
| IT / Software | Initial estimate | 25-35% | Requirements volatility is high |
| Detailed design | 15-20% | Scope better defined | |
| Megaprojects ($1B+) | Any stage | 40%+ | Flyvbjerg recommends 50%+ based on empirical data |
| Government (UK Green Book) | Any stage | Optimism Bias uplift required | Min 3.8% (roads, proved design) to 66% (IT, novel) |
Post-Project Budget Review Template
A one-page review completed within 3 months of project close. Without this, the same estimation errors repeat forever.
Frequently Asked Questions
What should a project budget tracker include?
A project budget tracker should include: original estimate, approved budget, committed costs (signed contracts), actual spend to date, forecast at completion, and variance. Organise by work package. Update monthly at minimum. The key column is "forecast at completion" -- not "spent to date", which tells you where you are, not where you will finish.
What is a change order log and why is it important?
A change order log tracks all requested scope changes: what was requested, by whom, the cost impact, schedule impact, approval status, and approval date. It is essential for preventing scope creep. Every approved change should increase the budget baseline; unapproved changes should not be built. Without a log, scope creep is invisible until the project is significantly over budget.
Want Auto-Calculating Templates?
The templates above are manual. For live dashboards with automatic EVM calculations, budget alerts, and team collaboration:
- Monday.com -- pre-built budget templates with formula automation and Gantt views
- Smartsheet -- powerful spreadsheet with EVM formula support and executive dashboards
- Wrike -- resource management and budget tracking with time logging integration