Are you ready to get your finances in order for the new year? If so, then creating a yearly financial spreadsheet is a great place to start. This will help you track your spending and income so that you can stay on budget and reach your financial goals.
But if you've never created a financial spreadsheet before, don't worry! In this post, we'll cover the basics of setting up your spreadsheet and offer some helpful tips for staying organized throughout the year. As Marc Hall, Yencil's Chief Customer Officer, says, "the important thing is to just get started. Go back to January 1, 2023 track where your money is being spent."
Creating a yearly financial spreadsheet is the perfect way to get a clear view of your financial picture. Start by choosing exactly what you want to track - this can include income, spending, savings, debts, and investments - and set up your spreadsheet accordingly. Carefully consider the categories that make sense for you and decide the best approach for tracking your finances over the year. Adding data regularly throughout the year makes it easy to track progress and trends, giving a more comprehensive snapshot of your financial situation. The results of your effort will most likely give you peace of mind in knowing where your money is going, so take time to develop an organized system that allows you to identify areas that need improvement.
When it comes to creating a yearly financial spreadsheet, having a format that works with your particular needs and preferences is an important part of the process. Many people opt to use either Excel or Google Sheets to track their spending and income, as they provide comprehensive tools that enable users to easily create customizable tables, charts, and graphs. With these programs, you can also share data with others and enjoy the convenience of being able to store your financial spreadsheets in the cloud, allowing access anytime and anywhere.
Starting a yearly financial spreadsheet is an essential task for getting a detailed overview of your financial situation and tracking any changes year over year. It's important to be thorough when entering in your information, as it can give you valuable insight into where you're making money, where it's going, and what changes you need to make. Before beginning your spreadsheet, be sure to include all categories of income and spending such as bills, groceries, entertainment, salary or job-related income, rental property revenue - any source that contributes to or takes away from your bank account. Taking the time now to be detailed will help immensely down the road if something goes awry with your budget or finances.
Think you could use a better understanding of your yearly finances? Here's an easy solution that can help: review your financial spreadsheet near the end of the year. Take a look at where you have spent most of your income and review any changes or expenses that need to be taken care of. By making small improvisations and analyzing where you are putting your money each month, you can save significantly more than anticipated. Yencil's Chief Customer Officer Marc Hall has been using the same spreadsheet for over 10 years, making incremental changes to add more information and ease of use. He has uploaded this spreadsheet template to Yencil for free, and it is a great place to get started. As Marc said, "Just Start!"