Are you tired of tracking your monthly expenses? Do you wish you had more control over your finances? Or maybe you are just looking for a more efficient way to keep track of your spending. Whatever the case may be, here are some tips to help you get started with creating a spreadsheet for your expenses:
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Create an interactive version of your monthly expenses worksheet. You will want to make a column for each month’s expense, and then you will want to create an interactive version that you can save to your computer. In that interactive version, you can add a drop-down list option for each expense type, and then you can input how much money you have spent in each category. Your first worksheet might be inaccurate, but do not worry about that now.
Save your personal budget. It is very likely that your expenses now exceed your income. In order to keep track of your monthly expenses, you will need to have a personalized budget that is based on your own unique financial situation. A monthly expenses worksheet can still serve as a guide to creating a more accurate budget, but if you have a detailed budget, you will be able to take account of your unique situation when making your decision about future savings.
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Make full use of the power of spreadsheets. Most people do not take the time to carefully plan out their expenses, and so they end up spending more than they intended each month on unnecessary things. If you make full use of a monthly expenses worksheet, though, you can ensure that every dollar you spend on living expenses is spent proportionally to the amount of money you earn. This will help to ensure that you do not live beyond your means. If you are going to budget for your family, then budgeting for expenses in a way that gives each family member a fair measure of the family income should be a top priority.
If you have not yet created a customized budget, then the monthly expenses worksheet that you have created can serve as a general idea of how much you should set aside each month for living expenses and then figure out your total disposable income at the end of the month. You can also look at your category worksheet to get a better idea of where your money is going. If your expenses on groceries and other categories are fairly consistent, then it should come as no surprise that your disposable income is pretty similar. If you find that your category expenses worksheet has gaps in between what you have paid and what you are making, then you may want to review it to figure out how you can make those dollars go further.
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Be sure to include all of your fixed expenses such as electricity, water, sewer, taxes, and repairs in your fixed expenses worksheet. It is a good idea to put in an estimate for each category so that you will get a better picture of where your money is really going. Remember that when calculating your fixed expenses, the costs for the months ahead are included in the costing of your bill. This can cause a lot of miscommunication between you and your spouse when you get ready to calculate your actual costs for the next month. If this is the case, then you may want to review your fixed expenses every month so that you will know exactly where your spending is going.
The flexible expenses worksheet is designed to make it easy for you to adjust your expense accounts as your household income changes. If your family experiences a substantial amount of income or if one of you becomes disabled, then you may want to change your fixed expenses account to a variable expense account. This way, you can budget money differently based on the circumstances. You will need to be very careful with a variable expenditure account because you cannot afford to write-off a large amount of variable expenses from your monthly bill, unless you are sure that there will not be a large change in your household income. If you ever become overwhelmed with your fixed expenses bills, then this may be a time to look for other alternatives to cut down on the amount of money you are spending.
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When looking at the monthly expenses worksheet after bankruptcy, make sure to compare it to the standard version of the worksheet. If you have a much larger disposable income after bankruptcy, then you may not need to worry so much about how much you are spending on things every month. However, if you still have a large monthly expenses bill, then consider using the bankruptcy worksheet on the standard version. Also, make sure that you are not trying to budget money that will go unused before you have fully paid back all of your debts.
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