Last week we talked about organising your finances in general.

show me the moneyToday, as promised, I’m going to give (yes, give) away my financial tracking spreadsheet!! This is my BABY that I created in 1999 and have been using every year, ever since.

Download it NOW and if it helps you, please spread the word and tell your friends about it!

The 5 reasons I use this spreadsheet and am officially a spreadsheet nerd are as follows:

1. To ensure due diligence – we all know that every now and again, banks make mistakes. If you’re logging onto your internet banking or checking your statements regularly, you’ll pick up on those mistakes.

2. To stay on top of things – By tracking our expenditure diligently, you’ll also get an idea of how much you’re spending, and how often. Sometimes we can whip out our credit card, swipe swipe, and bam, before we know it, we’re in debt.

3. To understand exactly what charges I’m paying, and why I’m paying them. Have you ever been caught out by bank charges? I know I have. Credit card repayments are often notoriously difficult to understand and to navigate. Pay your account today and you could be slugged with a fee that you wouldn’t have had to pay if you delayed your repayment to tomorrow! It’s mad! But that’s the way they do it. I’d rather stay on top of that than pay ridiculous fees for no reason

4. To understand exactly how much principal and how much interest you’re paying on a loan. I’ve designed the spreadsheet so for each personal loan or home loan, you can see how much you’re paying off your principal and how much interest you’re paying. An eye opener to say the least.

5. To forecast debt reduction and savings accumulation.  The beauty of this spreadsheet is it allows you to see into the future – without a crystal ball!

How to use the spreadsheet.

Credit Cards

Some of us have more than one credit card, so I’ve created 3 sheets for credit cards.

  1. Enter your opening balance in the yellow cell.
  2. Each time you spend on your card, or pay off something on your card, add the details into the spreadsheet.
  3. Spending goes in column C ‘Cost’ and payments go in column D ‘Payment’.
  • Your balance will calculate automatically.

Saving Accounts

Again, some of us have more than one savings account, so I’ve created 2 sheets to track savings.

  1. Enter your opening balance in the yellow cell
  2. Each time you make a deposit or withdraw funds, add the details into the spreadsheet.
  3. Deposits go in column B ‘Deposit’ and withdrawals go into column C ‘Withdrawal’.
  • Your balance will calculate automatically

Pay

Do you currently have a budget? Do you know what your pay needs to be spent on? If not – now you can !!!

  1. Enter the date for the first pay of the year into the yellow cell
  2. Enter how often you are paid into the green cell. For weekly, enter ‘7’. For fortnightly, enter ’14’. For monthly, enter ’30’
  3. List all your bills in column A. This list could include such things as:
  • Groceries
  • Mobile Phone
  • Home Phone
  • Broadband
  • Cable TV
  • All different insurances
  • Gym membership
  • Regular donations
  • Credit card repayments
  • Personal loan repayments
  • Mortgage/rent repayments
  1. Enter the MONTHLY cost for of these bills into column B. All other columns will calculate automatically.
  2. Enter your Gross Pay into row 31
  3. Enter your tax into row 32
  • Net pay and remaining spending money will automatically calculate

Bills

Each month you probably have both variable bills and fixed bills. Variable bills meaning that the amount payable differs month to month. Fixed bills meaning that you always pay the same amount.

  1. Enter variable bills into rows 2-9
  2. Enter fixed bills into rows 12-19
  • Total bills will automatically calculate

Personal Loans

Some of us have more than one personal loan, so I’ve created 2 sheets for personal loans

  1. Enter your opening balance in the yellow cell.
  2. Enter your annual interest rate into the pink cell
  3. Enter the term of the loan, in MONTHS, into the blue cell
  4. Enter the date for the first repayment into the green cell
  5. Enter any extra loan repayments, month by month, into column G
  • Your total repayment will automatically calculate
  • Your interest will automatically calculate
  • Your principal repayment will calculate automatically
  • Your closing balance will calculate automatically

(Australian) Tax Return Estimator

  1. Enter your income into the yellow cells in rows 2-5
  2. Enter your income tax paid in the yellow cell in row 6
  3. Enter capital gains tax paid in the yellow cell in row 7
  4. Enter your deductions into rows 12-21
  5. Enter rebates in the yellow cell in row 28
  • Taxable income will calculate automatically
  • Tax on taxable income will calculate automatically
  • Medicare levy will calculate automatically
  • Total tax payable will calculate automatically
  • Tax refund will calculate automatically.

Mortgage

  1. Enter opening balance in yellow cell
  2. Enter annal interest rate in pink cell
  3. Enter any extra loan repayments, month by month, into column G
  • Your total repayment will automatically calculate
  • Your interest will automatically calculate
  • Your principal repayment will calculate automatically
  • Your closing balance will calculate automatically

 

And that’s it in a nutshell.  Grab your copy of the spreadsheet!  This may seem overwhelming but give it a red hot go.  If you have any questions about the spreadsheet or if you’d like anything added for a future version, just let me know in the comments below!