How to make a detailed monthly personal spending table for effective spending management

If you are still having a headache in managing your monthly personal expenses with balance and financial independence, then the following article is definitely for you.

About the personal spending table

About the personal spending table

Personal expenditure table in the simplest sense, is a collection of information related to personal finances such as expenditures, investments, income, savings,… Such items should be declare clearly and transparently in the personal spending table so that when looking at it, people can balance and regulate spending reasonably.

Except for those who have a lot of transactions, have to manage and participate in many financial problems and need help from experts, the vast majority of people can make a personal spending chart on their own. reasonable in the following manner. Follow along!

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Determine who needs to be in the personal spending table

For the most accurate personal spending table, you need to determine the personal financial object that you need to monitor every day. Those can be your 3 main spending needs, or more. Specifically, the following three needs:

– Essential needs in life : are the needs for food, electricity, water, internet, … These are all indispensable needs in your daily life. Analysts say you need to use up to 50% of your personal financial resources to meet.

Of course, if you spend more than the 50% threshold, it means you are running a budget deficit and need to adjust the spending process so that the spending on essential needs is within 50%. Thus, you will have a more reasonable personal spending table.

– Personal spending needs: Each person will have different needs in personal spending such as shopping, entertainment, travel, study,… Such needs will account for 20% of the total. personal income.

Personal expenses are flexible expenses. On the other hand, individual needs are always great. Therefore, you need to limit your spending so that this item accounts for about 20%, which is the most reasonable and optimal

– Personal financial goals: These are the items in the investment and accumulation for the future . Investments in stocks, insurance, real estate, gold, … or there are people who choose to invest in education, necessary education for individuals, … These investments are many It will help you to think about the future. But if the investment is too large, the risk is high and the necessary expenditures for the present will also be affected. So 30% of total income for this item is best.

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Stick to your financial spending goals according to the 50/20/30 . method

Thus, according to this rule, the personal spending table will track and stick to your financial spending items according to the ratio of 50/20/30.

List revenues and expenses over time

To have a reasonable personal spending table, you need to master your current income and expenses. Fixed revenues or expenses will greatly assist in controlling the spending process in the table.

Once you have those revenues and expenses in place, it becomes very easy to chart your personal finances. One of the ways that many people choose is to create an Excel personal spending table . When using this table, all expenditures are shown in the table. At that time, people will know what they have spent, which needs to be adjusted, cared for or supplemented, …

List revenues and expenses over time

Time associated with spending goals

Many of you probably won’t notice this, but time is one of the most important issues for a spending dashboard.

You need to set specific timelines associated with the spending plan or goal you have set. When there is a specific time, you will have an invisible pressure as well as the motivation to push you to quickly arrange and complete them.

Time associated with spending goals

Instructions for making a simple Excel spending table

Excel is an effective tool in creating a personal expense management table. This is not too difficult because you just need to master the following rules to be able to make a table.

When tabulating, divide columns to enter information and data. The first column you enter data, the second column is the goal . Remember to include information about the spending activities you make, such as necessities, personal needs, and financial goals. With this content, you declare as detailed as possible to make the table more intuitive and clear.

After filling in the information, you need to come up with timelines to assign to the goal and complete it. For example, how long do you need this money to save?

To set up an expense management table, users use a separate Excel spreadsheet for easy management. Here are the steps for you to create your own personal spending chart.

Step 1: Open the Excel application on your computer or phone

Step 2: The creator needs to create 2 columns, 1 revenue column and 1 expense column. This is an important step that needs to be filled out completely and in detail to plan monitoring and implementation.

Step 3: Once you have complete information in the Excel table, you need to use simple statements to calculate. For example, you can use the sum statement by clicking the Autosum cell. Next, you click and drag the cells to be calculated together. Then, press Enter and you can sum them up. Applies to both revenue and expenditure columns.

Expenditure table in Excel

Step 4: Calculate the deficit or surplus each month. Do simple calculations on Excel and you can get your results. A positive number means you have a balance, and a negative number means you have a deficit

Step 5: Copy to calculate the results for the following months.

Track your spending with a spending sheet

Thus, it can be seen that setting up a spending management table in Excel is not difficult. With just a few simple steps, you can control and adjust your spending flow reasonably. Hopefully the information provided by lassho.edu.vn above has helped you gain more useful knowledge. See you in other posts!

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