I find that it is a bit pointless to track every transaction you make but rather just combining them by category at the end of the month. It is not something that makes you list all your transactions on a granular level however. The monthly expenses spreadsheet I created focuses on budgeting by breaking out the spending into numerous categories. If I know I have to make a large expense of say many thousands of dollars, this means I might lower my spending in the next month to compensate. It’s only when I need to spend a lot of money on a big purchase where I need to be cognizant of where I am with my finances. Therefore, tracking expenses down to the very dollar is not so useful because I have enough money to cover my day to day expenses. However, due to the size of my portfolio, market moves means my portfolio can move in a day what I spend in a month. In addition, my monthly expenditures is something like a few thousand dollars a month. You can’t get to this stage without having a good grasp of your finances. In addition, I’ve saved and invested so much over the years that I’ve already achieved financial independence. However, I don’t find it particularly useful because I am already very observant of my spending habits, and my spending changes month to month depending on what big things I may purchase. Monthly budgets vs your actual expenditures are a good way to discern if you’re financially responsible. Monthly budgets are a good way to make sure you know exactly how much money you’ve made and how much you’ve spent. If you don’t have the wherewithal to know exactly how your money is being spent and why you can’t save money, then this spreadsheet is for you. This means you need to keep track of how much money comes in via salary, side hustles, stock dividends etc, vs how much money you spend.Ī lot of people spend so much of their lives living paycheck to paycheck even with a high salary because they just don’t have a good grasp of what their money is being spent on. Tracking your budget is particularly useful if you are starting out your financial journey. When is a monthly expenses tracking useful? This is because services like will track all of your expenditures that you make with a credit card or debit card but there are other expenses that it doesn’t pick up on like the ones you make with cash. There are so many apps to track budgeting but I always found that a spreadsheet is the way to go. I get paid twice a month and I like to pay all my bills near the end of the month so I know exactly how much I spent in one month. Most people get paid once or twice a month and your credit card billing cycle is always on a monthly basis. I track my expenses on a monthly basis because it’s a good way to create a start and end date to your expense cycle. The one and only secret to maintaining a budget is to be consistent. This means always following your plan and sticking to it. This means really looking after how much money comes in and how much money goes out. Over the years, I’ve managed to get a grip on my finances by following a close budgeting schedule. Between racking up credit card debt, student loans, high cost of living in New York, and just a general sense of YOLOing (before it was a thing, I was in a terrible financial state. When I first started working coming out of university, I was all over the place with my finances. Having a firm grasp on your budget is the first step to financial success and freedom. For a list of all my credit card and travel hack related posts, click here.ĥ.1 Continue Reading: Why use a spreadsheet to track your monthly expenses?.In addition, I’ve been trading and selling options for the past few years to generate extra income during early retirement and I’ve also created an options tracking spreadsheet for this purpose. For those looking to track their stock portfolio, this is the spreadsheet I use to track my stock investments.As well as my Restaurant List Tracker spreadsheet for keeping track of all the restaurants you have been to in your hometown or abroad.Also, check out my travel itinerary planning spreadsheet which is perfect for organizing and planning your trip!. The ultimate spreadsheet to track all your credit cards, sign on bonuses, and annual fees.Here is a list of my other spreadsheets that may help you in your path to financial success! This spreadsheet is for those looking to record their incomes and expenses by categories using a Google spreadsheet. I love spreadsheets for all facets of life and this next spreadsheet is for tracking my monthly expenses and budget, and to help you get a grasp of your finances. Options Wheel Strategy: Ultimate Passive Income Generator.How To Pay 0% in Taxes: Step by Step Guide.Financial Independence (FIRE): How To Retire Early.How Travel Hacking Affects Your Credit Score.How I Travel The World And Fly For Free.The Ultimate Guide To Travel Hacking & Credit Cards.
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