Skip to main content

Tracking Spending and Budgeting

In order to keep my finances on the up and up, and to make sure I can save what I need to save, I set a monthly budget and I adhere to it by tracking every penny I spend.  To do this, I developed an excel spreadsheet with multiple worksheets.  I have 7 tabs in my spreadsheet: Checking, Cash, Savings, Fidelity, TIAA-Cref, Budget, and Income.

At the start of the month, I outline my anticipated spending in the budget, and my anticipated income in the income tab.  Whenever possible I get very specific in my budget.  For instance, I don't know how much I will spend on groceries, so I estimate, but I do know that I spend $4.95 every Monday at the bakery for my loaf of bread.  So Bread has it's own budget line ($4.95 X # of Mondays in the month).

Then, I open this document every day to record every purchase made with my checking account, or with cash.  ATM transactions are debits in the "Checking" tab that align with credits in the "Cash" tab.  The tally in the cash tab should always be exactly what's in my wallet; the tally in the Checking tab should always be exactly what's in my account.

Savings refers to the emergency fund that I am building up in an ING account.  I make monthly deposits, so these show up as debits in my checking account and credits in my savings account (interest being the other credit).  TIAA-cref and Fidelity refer to my 403B accounts.  The deposits to these happen pre-tax and include employer contributions, so the credits in these accounts do not refer to debits from checking.  For these accounts, there is just one monthly update, but having the tabs reminds me to keep track of my short-term and long-term savings. 

I created the different sheets using the accounts and budgets ledgers in the excel gallery (trying to create my own from scratch didn't go well).  For each item (checking, cash, etc.) just look for a ledger that has the details you want to record.  I use fairly simple sheets for savings and retirement, but detailed sheets for checking and cash. 

Also, choose your categories in the budget carefully and make sure the categories you use in checking and cash align with the appropriate budget items.  Each budget item should have a different category so your spending gets aligned correctly. Bread is 'bread' and groceries are 'groceries', so that my purchases from Metropolitan bakery are categorized as 'bread' and my purchases from Farm Fresh Express are categorized as 'Groceries.'  This allows you to then filter your spending by category to see how much you've spent in that particular category (don't forget to examine checking and cash). 

You can email me at drdustinkidd@gmail.com if you'd like a blank template version of this workbook.  It is a pain in the ass, but it makes a big difference with getting a handle on your spending. 




Comments

Popular posts from this blog

Internship Skills: Difficult Scenarios and Difficult People

Internship Skills: Difficult Scenarios and Difficult People For this exercise, we will take a look at difficult situations that can arise at work. --> Learning Objectives 1.      Pinpointing Your Triggers 2.      Recognize How Culture and Personality Influence Your Reactions 3.      Implement Healthy Conflict Resolution Strategies 4.      De-escalate Volatile Situations Pinpoint Your Triggers Discussion: What do you think your personal triggers are? What kinds of interactions have pushed your buttons in the past? Culture     Discussion: Where have you encountered cultural differences and conflicts in the past? What did you learn from them? Gender   Discussion: Where have you confronted gender differences in the past? How have you confronted them? Personality Discussion: Which personality type/s a...

Teaching Tools

I've added two new teaching tools to my regime this semester. 1. Skitch . Skitch is both a desktop application that lets you capture images easily, and a website that allows for easy image sharing . I'll use it this semester to capture images that we can discuss in class, and to take pictures of the blackboard at the end of class (to capture interesting brainstorming sessions). I can upload the pic via email, straight from my phone, and the students will have access right away. I can use the image capture software to circle parts of the reading, charts, graphs, etc. and bring those to the surface for discussion. 2. Slideshare . This program allows you to upload PowerPoint presentations to the Web. I uploaded all of my slides for the semester to one page where they can be accessed from any computer. It allows me to worry less about carrying the slides on a USB drive or having to upload them to the course Blackboard page, which sometimes doesn't open. It also makes fo...

Temple Email Basics

This post really just applies to folks at Temple University. As a Temple student, your initial email address may be set up as a random series of letters and numbers, such as TUR93847@temple.edu. That makes it hard for recipients to know who they are receiving emails from. Here are three easy steps to make your emails easy to identify! 1. In your email, click on the settings option. Then choose the option "Accounts." Then, under "Send Email as," click on "edit info." If your account is linked to multiple addresses, be sure to choose the correct address. Finally, enter your name and click on "save changes." 2. Still in the settings, click on "General." Scroll down to "Signature." Fill in a signature that includes your first and last name. You can also add other contact information such as an email address, business phone, or social media handles. Click on the box at the bottom that reads "Insert ...