Every year starts with big plans, but sometimes we fail to accomplish them for one seemingly simple matter: lack of financial organization.
We have found many reasons, several of which are very justifiable, for our economic uncontrollability and continue to live life on the edge. But it is possible to get out of it and be able to balance the accounts, settle debts, avoid new ones, and still meet New Year’s resolutions. And the first step to keeping a spending control sheet.
Here are some of the financial benefits of using a spreadsheet:
Do you know the feeling of not knowing where the money went? With a spend control spreadsheet, this is the first problem that will be solved. By outlining all your fixed expenses (rent, financing, bills, etc.) and variable expenses (food, leisure, shopping, for example) you will be able to identify how your money has been spent.
Cutting of excess
Based on the financial mapping extracted from the expense control spreadsheet, it will be simple to understand what aspects you are exceeding. Unnecessary shopping, high energy consumption, food away from home, expensive leisure options are some examples of what can be reviewed, controlled and cut.
Simplified view of problems
Another benefit that adopting a spending control spreadsheet can give you a better view of what are the main financial bottlenecks and then outlining strategies for solving them. The most common problems are: multiple high interest loans, out-of-control loans, overflowed credit card, overdraft, etc. Each of these problems can be solved with discipline, organization, and resilience.
Predictability of costs
By being cost conscious, you can make them fit within your budget. A financial spreadsheet shows how much revenue you have and what your future expenses are. By cutting the excesses and sticking to the standard of living your budget allows, your accounts will soon be balanced and you can start saving or investing some of your money.
Financial Goals and Objectives
After using the expense control spreadsheet to solve the past and organize the present, it’s time to think about the future. What are your plans for 2017, besides being debt free? Financial goals and objectives are essential for good economic projection. You can plan a trip at the end of the year or, perhaps, save to open your own business. All of this can be put into the spreadsheet to save money and get there.
It is important to place the savings or investment as a fixed monthly cost, mandatory as an electricity bill or rent. Accumulating this amount can help you accomplish your goals!
Even with all these benefits in mind, do you find it complicated to set up a spending control spreadsheet? No need to worry anymore. Thanks to technology, there are many financial models and applications that can do it for you.
Adopting a financial expense control spreadsheet will make you enjoy life better with your finances in place. Leave a comment telling your experience!