You’ve just been paid, and you’re feeling good. You’ve got money in your pocket and you’re ready to hit the town. But then you remember that you’ve got bills to pay. Rent, utilities, credit card debt…the list goes on.
Suddenly, your good mood starts to fade. You start to feel stressed out and worried about how you’re going to make ends meet.
And that’s when you realise that it’s time to get your finances in order.
One of the best ways to do that is to create a personal finance spreadsheet.
With a spreadsheet, you can track your income and expenses so you always know where you stand financially. You can also use it to create a budget and stick to it.
Creating a personal finance spreadsheet may not be the most exciting thing in the world, but it’s definitely worth doing if you want to get your finances under control.
So to get you started, here are 5 easy steps to creating your own personal finance spreadsheet!
What is Personal Finance Spreadsheet?
A personal finance spreadsheet is a tool that can be used to track and manage your finances. It can be used to track your income, expenses, and debts. It can also be used to create a budget and plan for your future financial goals.
In other words, it’s a valuable tool for anyone who wants to take control of their finances.
Why Personal Finance Spreadsheet is Important?
By tracking your income, expenses, and debts, you can get a clear picture of your financial situation and make informed decisions about how to best use your money.
A personal finance spreadsheet can also help you stay disciplined in your spending and budgeting, by holding yourself accountable to your financial goals.
And if you ever need to borrow money or apply for a loan, having a personal finance spreadsheet can help you prove to lenders like Jacaranda Finance that you’re a responsible borrower.
5 Steps to Creating Your Own Personal Finance Spreadsheet
Step #1 – Decide what you want to track
The first step in creating your personal finance spreadsheet is to decide what you want to track. Do you want to track your income, expenses, debts, or all of the above?
Think about what information would be most helpful to you and make a list.
For example, if you want to track your expenses, you could list out each expense category like rent, utilities, food, etc., and how much you spend each month on each.
If you want to track your income, you could list out your sources of income and how much you earn from each.
And if you want to track your debts, you could list out each debt and the interest rate, minimum payment, and balance.
Step #2 – Choose your software
Once you know what you want to track, it’s time to choose your software. There are a few different options when it comes to personal finance spreadsheet software such as Microsoft Excel, Google Sheets, and Quicken, so take some time to research and find the one that’s right for you.
Step #3 – Set up your spreadsheet
Once you’ve chosen your software, it’s time to set up your spreadsheet. This step will vary depending on the software you choose, but in general, you’ll want to set up columns for each of the items you’re tracking.
Assuming you’re using Excel, in your spreadsheet, you would want to set up columns for each of the items you’re tracking. For example, if you’re tracking your income, expenses, and debts, you would want columns for each of those items.
If you’re using Google Sheets, the process is similar. You’ll want to set up columns for each of the items you’re tracking.
Step #4 – Start tracking your finances
Now that your spreadsheet is set up, it’s time to start tracking your finances! Enter your income and expenses for each day, week, or month. Be sure to include all debts that you’re paying off.
Assuming you’re tracking your expenses, for each day, week, or month, you would want to enter how much you spend in each category. For example, if you spend $100 on rent, $50 on utilities, and $20 on food, you would want to enter those numbers into the appropriate columns.
Step #5 – Review your progress
Periodically review your personal finance spreadsheet to see how you’re doing. Are you sticking to your budget? Are you making progress on your debt repayments? Seeing your progress can be a great motivator to keep going!
Time to Get Your Financial Life in Order!
If you’re looking for a way to take control of your finances, start creating your own personal finance spreadsheet today.
With just a few simple steps, you can have your very own custom-made spreadsheet that will help you track your income, expenses, and debts.
So what are you waiting for? Get started today!