Tools

My finances template is the excel spreadsheet that I use all of the time. This is how I manage my finances and I usually update it weekly. I have specific instructions on how to use it in my Finances Template post, but here is a quick crash course below. 

The Cash Flow Tab helps prevent me from overdrawing my checking account, which is very important since NSF/overdraft fees are extremely expensive. I typically keep a low balance (Less than $1,000) in my main checking account for a number of reasons. Checking account’s interest rates are extremely low and I can get a higher return in the stock market or a Money Market Savings Account. With technology advancement, there has been an increase in fraud as well. So I try to keep a smaller amount to limit my risk. I update this tab weekly. 

The Actual Spending Tab helps me track spending and it summaries spending at year end. This is important to be able to see your highest spending categories and it can help you decide on a credit card so you can maximize earning points. I update this tab weekly. 

The Credit Cards Tab is essentially “balancing my checkbook”. This is where I make sure all charges on my credit cards match my transaction history on mobile/online banking. I update this tab weekly.  

The Savings Growth Tab is mainly for motivation. It helps me show savings growth over time for whatever savings goal I have. You can manually enter in data and I typically update this monthly. 

The Balance Sheet Tab shows a snapshot of your net worth. Data is tied from the Savings Growth Tab and you can manually enter in other data. I typically update this quarterly.  

Finances Template