Hi Leo-Finance community,
as the title says ... how are you tracking your personal financial situation?
One of the methods I use is by maintaining a personal balance sheet. I looks something like this.
I didn't put any absolute figures in. Is there any rule on posting personal financials in that regard in our community?
I will elaborate further more on the methods I use for personal finance tracking in my upcoming posts.
Would love to read your feedback!
Stay safe
My bank has this function called "insights".
It categorizes electronically executed payments based on words used in the transaction.
I check this overview monthly. You can compare it to other months.
You can also categorize payments manually.
A very useful function. It saves me a lot of time doing this manually in a spreadsheet.
Posted Using LeoFinance Beta
My Bank App offers something similar. To bei honest, I prefer the manual was as it is more variable and lets me create specific calculations the way I want and need them. 👍
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Hello Joseph!
A very nice post why because so many people don’t care about their financial situation. It’s such a pity, I mean I’m also not the best at this area yet but at least I started a few weeks ago. I created an amazing excel table which shows me every month where I spend my money to get more financial control. I’m looking forward to your future posts about it! 😊🤷♂️
Nice! For sure it's as easy as creating an Excel spreadsheet and maintaining it at least on a monthly base. I have done this for 10 years now, and the methodologly has really evolved and is absolutely helpful in finding a base for financial decisions.
Posted Using LeoFinance Beta
For 10 years... thats quite some time! Nice! 💪 I just started 😅
I would like to see your Excel concept If somehow possible 😎
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Got you a screenshot 😊
It's my template with some examples - let's say I earn 1000 EUR through my business and payout 500 EUR to myself... btw all cells filld with white are calculated by formulas. 🤗
Sweet, I have a little bit of a different approach. I will explain it in my upcoming posts. 👍
looking forward to it! 😊
Guau man that is amazing form of controlling where your money gone, the budget is the most commont simple form to know about our money but people did not do that, they do not do
as an account your structure of general balance i love it because the structure is same to the enterprise balance.
Thanks a lot.
Posted Using LeoFinance Beta
You're welcome. Let me put of that way: The balance sheet itself does not show you where your money went, rather where it currently is. In one of my next posts I will explain a methodology to track where and how your money flows.🤓
Posted Using LeoFinance Beta
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