I’d say on average it takes me 4 hours to do my finances each month. I’m a freelancer and have between 4 and 8 sources of income in a given month.
I log my income and expenses by going through my receipts, two credit card statements (to double-check everything), bank account, and investment account. I also review my wish list of things I’d like to have but don’t need and see whether they’re in the budget for the month.
I use two Google Sheets templates I created: one with a budget overview and general categories, and the other with a breakdown of individual purchases and income. Oftentimes I’ll log purchases a few times a month rather than all at once, so I can see how I’m doing in each category.
It feels like I spend a lot of time on this but maybe it’s the norm. I’ve tried budget apps, but they don’t break things down the way I like. I also have a complex career rather than just one source of income, so I practice flexible budgeting, which may contribute to the amount of time it takes me. Just super curious how other people do it and how long it takes you!
Wow, 4 hours sounds like a lot! I usually spend about 2 hours a month, but I have a simpler setup with just one job. I use an app that tracks everything for me.
Mika said:
Wow, 4 hours sounds like a lot! I usually spend about 2 hours a month, but I have a simpler setup with just one job. I use an app that tracks everything for me.
That’s cool! I’ve tried apps, but they just don’t suit my needs. What app do you use?
I’m in a similar boat! I have multiple income streams too, and I spend around 5 hours a month. I also use spreadsheets because apps just don’t cut it for me.
Parker said:
I’m in a similar boat! I have multiple income streams too, and I spend around 5 hours a month. I also use spreadsheets because apps just don’t cut it for me.
Glad to hear I’m not alone! Spreadsheets give more control, I think.
I spend about 3 hours. I just have one income source, but I like to keep detailed records. I also check my wishlist every month to see if I can fit anything in.
Westley said:
I spend about 3 hours. I just have one income source, but I like to keep detailed records. I also check my wishlist every month to see if I can fit anything in.
That’s a smart way to budget! It’s good to keep track of wants vs. needs.
Cameron said:
I’m pretty laid back about budgeting. I spend maybe an hour checking things. I just keep an eye on my bank account and set aside money for bills.
Nice! That sounds stress-free. I wish I could do that, but my income varies so much.
Budgeting is such a personal thing! I’ve tried to simplify mine over the years, but it still takes me about 4 hours too. I guess it just depends on your situation.
Rain said:
Budgeting is such a personal thing! I’ve tried to simplify mine over the years, but it still takes me about 4 hours too. I guess it just depends on your situation.
Exactly! Everyone’s situation is different. Thanks for sharing!