As a professional financial planner, I have come to appreciate the value of financial planning spreadsheets. I use spreadsheets almost every day to track our finances and find them invaluable in that they make it easy to keep track of income and expenses. These days, even in the digital age, it is very difficult to take all the expense details and itemize them when you have so many different types of receipts.
But with financial planning spreadsheets, it is possible to log into your account and see everything you need to know without having to manually sort through what looks like a million pages of receipts. And that is not all. With the advent of computers, these spreadsheets can be maintained online, so you can always refer back to them whenever you have any questions about your spending or your income.
Most of the spreadsheet programs on the market today allow you to create your templates so that you can quickly and easily get started creating a budget for your household. You can set up your budget based on your annual income and any other expenses you may want to factor in. As long as your computer has access to the Internet, you will have the data that you need to move forward with your budget.
The next thing you can do with your financial planning spreadsheets is to review your account. You can go back and see how much money you have coming in, and how much you are spending. If you find that there is a discrepancy between what you currently have and what you spend, then you can make some changes to help make the difference.
This is especially true if you see that you had a lot of money at the beginning of the previous year and you only spent a small portion of it at the end of the year. By considering this information when setting your budget, you can see whether you have enough money to pay off debt or be more careful with your money.
The way that these financial planning spreadsheets work is that you enter the information that you have entered during the year into the appropriate columns or rows of the spreadsheets. The sheet will then tell you how much money you have coming in, where it is coming from, how much you have spent, and how much is left.
It is also possible to go back and change what you want to include in your budget before you submit it. For example, if you want to include items that aren’t part of your expenses, you can go back and input that data into the appropriate column, or up and down arrows on the appropriate row. That way, you can see at a glance what exactly you are going to have leftover.
The bottom line is that there are many ways that financial planning spreadsheets can help you. While you can just use them to set up a budget, you can also use them to see exactly where your money is going. And in case you need to make changes, it is easier to track the information, because you will have a basis to compare before you change anything.