How to Manage Your Finances

Finance Management

During these times of covid, inflation, and unemployment we all have faced Financial insecurities. No one would disagree on this, that we all have been worried about our finances for the past few years now more than ever.

Most of us don’t know how to save on our budget or even how to do budget. How much should we spend or how much should I save? Additionally most of the time we don't even bother to look at our bank statements and go through them to see, how much we saved this month.

Inflation

This is a tech era and there are numerous apps online that claim they can help you with budgeting and most of them do, but we are too lazy to download and learn how to work on those apps. Most apps ask for your bank information, which most people don't feel safe enough to provide.

To avoid all those worries the best way to manage your Finances is to keep track of your earnings and expenses. And what could be better than using our old school MS-Excel to keep track of your Finances?

Excel for Finance

All you have to do is create columns for different months and enter all the financial data. If you have earned money add it as (for example $4000). If you have spent money on any item, add it as (for example -$500).

Use the Sum Formula in Excel (for example SUM(A2:A100)) and it will automatically calculate and tell you if you have made any savings this month or not. If the result comes back as positive, Hurray! You have saved money for the month. And if the result comes back negative, then try to make sure, you are not spending too much on miscellaneous items.

This method is the most safe and easy to manage your finances from anywhere you want. I would recommend using Google Sheets so you can edit it on the go from your mobile devices and you don't have to wait t go back home and open up your computers or laptops to make the updates.