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The first step in setting up your finance tracker is to create a comprehensive list of your expected income and expenses. Begin by organizing your data into categories and subcategories, which will later facilitate analysis and reporting. For instance, common categories might include "Utilities," "Groceries," "Entertainment," or "Salary."
Once your categories are established, create a table in Excel by using the keyboard shortcut Ctrl + T. Make sure to include headers and give your table a subtle format to improve readability. You can customize this list as needed, allowing for total flexibility in tracking your finances. Any changes added will automatically update in your formulas, saving time in recalculating data.