Using an expense calculator (or expense sheet) to track your monthly income and spending doesn’t have to be an onerous undertaking. With a little forethought and some good planning, it can be done with a minimum investment of time and effort.
In this part of the Basic Finance Video Course, we discuss why tracking your expenses is so critical to effective money management. But we also show you how to greatly simplify this task using allowances.
Besides simplifying financial record keeping, the use of allowances helps instill a built-in “pain of payment”. Find out what that is, and why it tends to make saving money easier for most people (see more information here). The effective use of allowances will help change your relationship with money so you make better spending decisions.
This is an absolutely fundamental installment in the course that cannot be missed!
What We Learn In This Video (Length 8:29)
What is an expense calculator/expense sheet?
How to complete an expense calculator/expense sheet.
- The Money Geek’s Expense Calculator (Fillable Excel Spreadsheet)
- The Money Geek’s Downloadable Expense Sheet (PDF for printing)
The difference between fixed and discretionary expenses.
How to effectively use a cash allowance.
The benefits of using a cash allowance.
Other Ways To Track Spending
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Important Disclaimer: the information above is for general informational purposes only and does not in any way constitute an offer for the purchase or sale of any security and is not intended to be considered comprehensive or personalized financial or investment advice. themoneygeek.info assumes no responsibility for the use or application of this information. Always consult a tax, investment, or other appropriate professional before adopting any new financial strategies.