Money Management

Like most twenty-one year olds, I’m amazing at accidentally spending all my money by the end of pay day on things that I most probably didn’t need. I’ve looked at many different ways to try keep track of my money and I just never seem to be able to do it.

When I was in Italy, my boyfriends aunt mentioned her daughter has a spreadsheet that she tracks everything in. So when I got home, I looked for a tutorial on how to make a financial spreadsheet and I found a video from The Financial Diet on YouTube giving a step-by-step guide to making one.

I first set it up on Excel, however I moved it over to Google Docs because it made more sense to then be able to access it on my phone and iPad etc. So far it works amazingly! It calculates all my incomings (my wage varies month to month) and from there it works out how much I can put into my savings. I’ve done it to calculate 20% of my incomings for savings but you can adjust it as you want. You can then put in all of your expenses for the month such as petrol, spending money etc and it will total all of that up for you. The best bit for me is that it deducts your expenses from your incomings and tells you how much money you should have left over after that. This is the best bit for me because then I know what to expect in my bank at the end of the month and hopefully won’t go under.

So far this has been working really well for me and hopefully will keep me in line. I’m hoping to tick some goals off my list next year and need to start saving now to do it!