How to Use a Budgeting Spreadsheet to Track Your Finances
No matter if you are stuck in handling debt consolidation loan issues or want to manage your savings in a very strategic manner, the budgeting spreadsheet will help you better. It will simplify your process of manual work and help you gain control of all your budgeting chores. In an organized spreadsheet, you can easily track your income, and get insights on your spending, investments and possible flow of your monthly budget with your effective planning and goals.
Here, in this blog, you will learn how to use your budgeting spreadsheet to track all your finances as effective money management is in demand these days, be it for an individual or a big business tycoon.
Follow all the steps provided below:
Why Choose a Budgeting Spreadsheet? Know Here
A budgeting spreadsheet helps you tackle your financial issues by managing them effectively. It helps you know your regular spending habits with the best of clarity, customization features and tracking progress.
With a smart and quick budgeting spreadsheet, you can easily check or monitor your financial data which helps you know your finances very easily. With top-class customization features, you can handle your budget very effectively which decides your financial situation with your planning and goals.
The tracking ability of this budgeting spreadsheet will help you access spending and savings you have made at a particular point in time, which makes you an informed decision-maker.
How to Use Your Budgeting Spreadsheet? Know Here
Make Your Tool Selection: The first and foremost task is to choose your finance management or budgeting tool from a reliable service provider.
These tools are available online and you have to make your selection as per your preference. You can select:
- MS Excel: This application helps you provide good budgeting resources with various types of quickly implementing formulas and budget management features.
- Google Spreadsheet: This spreadsheet is becoming very popular these days as it allows you to access your records anywhere anytime right on your digital device as this spreadsheet works on a cloud server.
- Free Templates: You can take the benefits of free money management templates offered by several applications like MS Excel, Google Spreadsheet and other service providers.
Setting-up Your Spreadsheet
Now, it’s time to set up your spreadsheet by customizing it as per your preferences. You can easily create your header at the top, define relevant categories, fix salaries and investments, adding necessary columns and bars. These things will help you manage various types of insurance, debt consolidation loans, EMI repayment, passive income, your monthly salary, grocery spending, dining out, entertainment expenses and much more.
Add Columns for Calculating Amounts
You have to add extra columns for calculating aggregate amounts. These things will help you make your budgeting spreadsheet more appealing and help you check or review your data related to savings, spending or investment very clearly. You can add columns for:|
- Estimated Amount
- Gross Amount
- Differences (if any)
Include Your Income
Now, it’s time to include your income. Here you can easily conclude your monthly salary, bonuses you get from your employer, freelance income or any other sources. The inclusion of these income sources will help you get an estimate of how fund you have in hand, or how much you are spending every month.
Estimating All Your Expenses
Now, you can easily create an estimate of all your expenses related to past spending habits, You can manage your expenses and income by comparing past bank statements and you can easily categorise each of them into annual or irregular expenses. Also, if you want, can easily go with monthly expenses which will help you maintain stability in your income, spending and expenditures.
Track Your Expenses
Now, you have to track all your expenses which you have spent on medical fees, your child’s education, your household daily essentials, personal spending and other big purchases. The analysis of these things will help you tackle things very easily which help you make good strategies for limiting your unnecessary spending in order to put a cap on your financial instability.
Review Your Budget Regularly
Regular budget management and its review help the person to know the actual or estimated amount of the money you have spent on a particular product, The spreadsheet will provide you with the best opportunity to manage all your spendings in and outflows of financials very easily.
Conclusion
Effective budgeting helps the person manage their income sources, daily or monthly spending to various types of expenses. You can easily get a robust budgeting spreadsheet from Microsoft or Google with the name MS Excel or Google Spreadsheet. Both have their own perks which help you make money management a balanced approach.