Hey all! I break down exactly how I’ve tracked and manage my expenses for the past 6 years. I haven’t missed a single one - and knowing this has helped me a ton! Enjoy! Follow me on Instagram: humphreytalks
Link to my Monthly Expense Sheet: https://docs.google.com/spreadsheets/d/167wPTCwyUQ7ht68SoDTLQMeRCxT5DmsI6euIvy0-1fs/edit#gid=793627675
Link to Spending Tracker: https://apps.apple.com/us/app/spending-tracker/id548615579
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I’ll explain two things: Why I track every expense, and how I’ve managed to track every expense for the past 6 years. So lets tackle the why first.
- I want a deep intimate knowledge of where my money is going, because if I know where my money is going we can accomplish a few things:
- Being conscious of spending
- Not making senseless purchases that I’ll regret later, every purchase has more consideration
When you’re inputting everything in, it is bringing more awareness to your spending and thus your money is more purposeful
- By building a long running history of my tracked expenses, I can tell when my spending might start getting out of hand, this especially guards against lifestyle inflation – for those of you who do know what that is, it’s basically when you start making more money, you feel like you can spend more money – and often times people start to spend more as a result of it.
- By not making senseless purchases, I’m able to budget more money into doing the things I actually want to do: treating myself to dinner out, going to a concert, travel, etc.
- I’m also able to understand what I spend on a monthly basis and am then able to make adjustments into how much I spend on different categories to hit my spending and savings goals.
1. Remove Your Ego
- It’s the #1 reason why people stop tracking, it’s embarrassing to face our purchasing decisions.
2. Enter Expenses Immediately
- Easy to do, won’t forget it.
3. Separate your Monthly and Discretionary Expenses
- Good to know how much your monthly recurring expenses total number is
4. Reward Yourself
- Or else how are you gonna keep going?
5. Summarize and Analyze
- Identify the trends, fix the leaks, and manage your money better!
My last caveat is that, one time purchases, especially large ones, I like to enter in on my spreadsheet as a separate line. It feels bad to enter it in to my monthly running total of discretionary expenses, and to avoid that – if I do have a one-time big purchase, it will be reflected in my spreadsheet later on.
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🙋🏻♂️ Who am I? My name is Humphrey Yang, I am an entrepreneur who has built businesses and am passionate about Personal Finance. This channel is dedicated to helping people (whether you’re 21 or 81) become better with their Money, Personal Finances, and Entrepreneurship, I hope these videos help.
📧 Contact me: If you have a question feel free to leave me a comment on my videos or follow me on IG and send me a DM! If you have a business related inquiry, please then send me an email at email@example.com
Disclaimer: I am not a financial advisor, any investment commentary are my opinions only. Some of the products and services that appear on this channel are from companies that I have an affiliate relationship with, such as Robinhood, for which I recieve a small percentage made via those links, but it doesn’t cost you anything extra!