![]() ![]() The tool doesn’t require you to share any personal information (name, email, bank account passwords, etc.) - the same can’t be said of tools like Mint It’s completely free and will always remain so.If the dashboard visuals didn’t convince you to jump in and start budgeting, here’s why I think this spreadsheet is the best tool for the job: Why Should I Use This Tool For My Budgeting? In other words, you’ll have a neat and tidy snapshot of your financial picture generated for you each time you update your spreadsheet. Comparisons of your spending and income against your personal budget targets.Breakdowns into individual categories - i.e., how much of your total spending came from rent, eating out, groceries, car payment, etc.A month-by-month trending view of your finances.Your total income, expenses, and savings over any time period.It might just be me (it can’t just be me, can it?), but I love scanning through these visuals every time I open up the file. Think of this as the new mission-control room for your financial life. Say hello to your new financial dashboard!Īfter inputting your expenses and income, you’ll be presented with your own version of this. This helps me to feel in control of my spending, and be more confident in my long-term plans. It’s amazing to be able to quickly see how my income & expenses have trended over a long time period. In my personal spreadsheet, I’ve got more than 5 years of data tracked down to the penny. You can download the spreadsheet by clicking the links at the top of this post, or by clicking here for the Excel version or the Google Sheets version (both have the same features, but the google version sometimes runs a bit slower). I’d like to offer you a simple spreadsheet that you can use to track your budget, and visualize where your money is going each month. If you only have a vague sense of how much you spend in an average month, chances are that you’re underestimating the actual figure. Most of us have a laundry list of small or infrequent expenses that add up into a meaningful total - the lunches out, drinks with friends, new clothing, impromptu weekend trips, and the like… While it’s easy to list off monthly rent, internet, or Netflix bills, it’s harder to keep tabs on the “one-off” items. Many of us keep track of our budgets in our heads, often using a mix of precision, guesstimates, and “voodoo math”. Keeping track of your budget is the single most important step towards taking control of your financial well-being.īefore you can draw up a plan for a home down payment, debt pay-down, or retirement, you’ll need to understand how much money comes in, and how much money goes out. Why Should I Use This Tool For My Budgeting?. ![]() ![]() Time Value of Money at - Formulas for calculating future value of annuities.Savings Bond Calculator at - Includes the effect of federal taxes.Retirement Savings Calculator - Similar to the simple savings calculator, but specifically related to retirement (graphed by age) and less flexibility in making deposits.CAGR Formula - Explains how to calculate annual growth rate for an investment.401k Savings Calculator by - Similar to the calculator above, but specifically for 401k calculations, where you have an employer match, increasing salary, etc.But, by the end of the 30 years, my balance is almost twice what I put in. The graph shows that until about 10 years, the majority of the balance is the cumulative amount I've invested rather than interest earned. In the graph, the interest earned is the difference between the End Balance (blue line) and the Cumulative Interest (magenta line). The screenshot below shows that my estimated savings balance after 30 years is about $134,500. I'm pretty sure that my tax return will be at least $1000 so I enter that in the Additional Annual Investments field. I also want to deposit my tax return, but that will change from year to year. 42 Effective Ways to Save Money How Do I Track My Savings Goals? Using the Savings CalculatorĮxample: Let's say I start with $2500 in a savings account with a 4.0% annual interest rate (perhaps a CD or money market).
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