If you have a good understanding of how to copy, insert, and delete rows, it should be a piece of cake. The second most difficult part of using the money management template is learning to enter transactions into the Transaction worksheet correctly and efficiently. I've tried very hard to include a comprehensive set of income and expense categories, so if customizing the categories is too scary, just try to use the default list. The conditional formatting just highlights the categories not within the main list. I've added conditional formatting to help prevent these types of mistakes, but the spreadsheet is definitely not error-proof. What you need to watch out for: If you assign a transaction to a category that is not included in the Budget or Report worksheets, the expense won't show up in your reports and you'll think you have more money than you really do. Video Tutorial (Customizing Budget Categories) Essentially, you just need to make sure that the categories are exactly the same in all worksheets. Luckily, you only need to do this once with maybe a bit of tweaking each year. The most complicated part of using the old version is customizing the budget categories. The new version of the money manager is easier to customize, but many people still prefer the original version because it groups the expenses into separate categories. Update (XLSX version only): Added a new Goals worksheet that you can use for tracking the balance of various savings and expense funds. For example, tags would allow you to filter or search for specific expenses that might cross over multiple categories, such as a #CAR1 or #CAR2 tag for tracking expenses associated with a specific vehicle. A new "Tags" column was added to the Transactions worksheet to let you add your own unique tags as needed. Update (XLSX version only): A separate "Accounts" worksheet was added for editing the list of accounts and summarizing the balances in each account. It includes the transactions and the weekly report all on one worksheet. We've created a Weekly Budget template that is based on the money manager. This may be helpful for creating the following year's budget. Track Your Yearly Spending - Due to frequent requests for a yearly report, I have added a new worksheet that calculates an Income & Expense Report for an entire year grouped by month. Just change the Year and Month to view the report for a different month. actual amounts, and is updated automatically as you enter transactions. Please contact the firm for further information.- Track Your Monthly Spending using the monthly budget report which includes graphs, compares budget vs. Personalized financial planning and investment advice can only be rendered after engagement of the firm for services, execution of the required documentation, and receipt of required disclosures. The information presented here is not specific to any individual's personal circumstances. Consult your financial professional before making any investment decision. Past performance does not guarantee future results. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Investing involves risk including the potential loss of principal. The opinions expressed, and material provided, are for general information, and should not be considered a solicitation for the purchase or sale of any security. Some of this material was developed and produced by IRC Wealth to provide information on a topic that may be of interest. Please consult legal or tax professionals for specific information regarding your individual situation. The information in this material is not intended as tax or legal advice. The content is developed from sources believed to be providing accurate information. Investment Advisory services offered through Investors Research Corporation, dba IRC Wealth, a registered investment advisor.
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