Hey everyone! I’ve been tracking my spending with a spreadsheet for a few years now. I’ve tried different tools, some that autofill transactions, but I keep running into the same problem—I end up just filling in the numbers without really paying attention to them. I look at what I made and what I spent, but I don’t know how to use that info. So, I’m curious—what do you all find most useful when it comes to tracking your budget?
We mainly watch to see if we’re in a surplus, breaking even, or overspending. If we have a surplus, we move it into a high-yield savings account. If we break even, that’s cool. If we overspend, we figure out what happened and make adjustments next month.
I keep an eye on how much I’m spending in each category, like dining out or gaming, and what percentage of my income goes to savings. If I’m spending 18% of my money on fast food, I know it’s time to cut back. I also track my subscriptions to see if I’m paying for stuff I’m not really using. For me, it’s about spotting patterns in my spending and making changes based on that.
I think the key to budgeting is setting goals. You’ve got all this data from your past spending, so maybe now’s the time to organize it and set priorities. Do you want to travel more? How much have you actually spent on it? Are you spending way too much eating out? Budgeting is about figuring out what you really want to spend money on and making it happen.
If you haven’t already, check out some tools like YNAB (You Need a Budget). They have a free trial and some great videos to help you get started. People swear by it and say it’s life-changing for managing money. Also, r/PersonalFinance, r/TheMoneyGuy, and r/MrMoneyMustache have some great advice on setting up budgets and long-term financial goals.
@Merlin
All awesome resources!
I agree, The Money Guy has some great content, and Ramit Sethi has interesting takes too.
The only thing I really focus on is how much cash we have left at the end of the month. My spreadsheet tracks income and bills over months and years, so I can see if we’re getting too close to draining our buffer or if we’re good.
Great question! I’m old school and use pen and paper. At the end of each month, I look back and ask, ‘Did we do well? Were there any surprises? What can we improve for next month?’ I also do a quarterly check on our assets and liabilities to see how we’re tracking, especially with paying off the mortgage.
I pay attention to whether my overall expenses for things like wants and needs stay within 10% of what I budgeted. If I go over by more than 10%, I make adjustments. I also track quarterly and year-to-date reports to see how I’m doing with expenses that don’t show up every month. Luckily, the tool I use makes this pretty easy.
@Zayden
What tool are you using?
It’s a tool I developed called Fina. Didn’t mean to sound like self-promo, but it works well for me!
I focus on what I’m spending and where I can cut back. If I notice I’m spending too much on certain things, I make adjustments the next month.
My partner and I have weekly meetings where we go through all our transactions, especially when money is tight. We categorize expenses like groceries, kids, and travel. It’s a lot, but we only do this when we need to get things back on track. It’s exhausting, but it helps us stay on top of our finances.
For me, it’s all about savings and investments. As long as I’m saving what I want, I’m not too worried about my spending.
As long as I’m avoiding overdrafts and not carrying any credit card debt, I’m happy.
I look at budgeting this way:
- What’s the minimum we need to cover essentials?
- Are we earning enough to keep up with rising costs?
- Do we have enough emergency funds for 6-12 months?
- Are we saving enough for future goals, like retirement or starting a business?
- Are we spending wisely?
Most apps help you track spending, but it’s hard to find one that helps you actually plan for these bigger questions.