Income and Expense Tracker Google Sheets: A Beginner's Guide

Creating a budget can be daunting, especially for those who are new to personal finance. However, with the right tools and guidance, it can become a manageable task. In this article, we'll explore how to use Google Sheets to create an income and expense tracker that suits your needs.

Step 1: Categorize Your Expenses

When setting up your budget, it's essential to categorize your expenses. This will help you track where your money is going and make informed financial decisions. According to Mary Beth Storjohann, a financial planner and founder of Workable Wealth, 'Keeping it simple is great when you're just starting out.' You can start by creating categories for basic expenses such as food, insurance, rent, and utilities.

Step 2: Enter Your Income

Next, enter your expected income for the month. This will give you a clear picture of how much money you have coming in each month. Don't forget to include any irregular income, such as bonuses or freelance work.

Step 3: Set Up Your Budget Template

Google Sheets offers a free preset template called 'Monthly Budget' that's perfect for beginners. To access it, go to Google Sheets and click on the plus icon at the bottom of the screen. Choose 'Choose Template' and select 'Personal' > 'Monthly Budget.' The template includes a summary page for your monthly financial overview and a transaction page for tracking expenses and income.

Step 4: Track Your Expenses

Start by entering your starting balance, which is the amount in your account at the beginning of the month. Then, simply add your expenses as you go along. Google Sheets will automatically timestamp each expense, so you don't have to worry about keeping track of dates.

Step 5: Analyze Your Expenses

Once you've entered all your expenses, use built-in charts in Google Sheets to analyze your spending habits. You can create bar charts or line graphs to visualize your income and expenses and make informed decisions about where you want to cut back.

Creating an income and expense tracker using Google Sheets is a straightforward process that requires minimal effort. By following these simple steps, you can start tracking your finances and making progress towards your financial goals. So why wait? Try it out today and take control of your financial future!

Income and expense tracker google sheets