Construction Project Budget Template

As the project gets underway, log costs in the Actual Costs sheet whenever invoices arrive or labor hours are recorded. Assign each entry to a cost category and the totals roll up automatically. Track change orders in the Change Orders sheet as they come up — mark each one as pending until it's formally approved, then update the status. Approved change orders will automatically adjust your revised contract value, so your budget vs actual comparison always reflects current scope. Most project managers find it easiest to update the sheet once a week rather than in real time.

A construction project budget needs to track three distinct things simultaneously: what you estimated, what you've spent, and what you still have left to spend. Most contractors know their total contract value and have a rough sense of costs, but that combination alone doesn't tell you whether you're on track. You need variance by category — so you can see that your concrete costs are 8% over while your electrical is running under, and make decisions accordingly. You also need to account for change orders properly, keeping them separate from the original contract so you can see whether scope growth is actually improving your margin or just adding revenue with thin profit.