Not dynamic : Data ranges become redundant when new records are added, resulting in established formulae needing to be altered. Overlooking these errors can be embarrassing and downright expensive, especially if important decisions are being made based on the data.
Most spreadsheet applications have built in formulas and functions that will do the math for you so you don't have to. You can keep a running balance of your accounts and you can have each category totaled as well. You can keep it as simple or make it as sophisticated as you please.
Financial templates are highly complex and they deal with very large and advanced calculations. These spreadsheets are used in mortgage, loans, and property investments and so on.
You may also want to track your current spending on one sheet with columns for different categories. Some individuals will list the budgeted amount in one column and then list the actual amount spent in the column next to it.