This article will focus on using MS Excel. Why MS Excel?
Because MS Excel is an incredibly powerful tool for getting meaning out of vast amounts of data. And it also works really well for simple calculations and tracking almost any kind of information. The key for unlocking all that potential is the grid of cells. Cells can contain numbers, text or formulas. You put data in your cells and group them in rows and columns. That allows you to add up your data, sort and filter it, put it in tables, and build great-looking charts.
Furthermore there are more than 600 built-in functions in the latest MS Excel 2016 that we can use to help us be more efficient.
Click New and choose from Template, or type the following Template name to download the template for you to use:
a) Family Budget Planner
The description for this template says that it calculates the difference between projected and actual costs each month with this comprehensive family budget template, which breaks down costs by category.
Why I feel this template is a good template to have? Because it allows us to input our monthly family expenses and we get the summary on what we spend monthly.
b) Personal Expenses Calculator
If we feel that the Family Budget Planner is too much for us to handle, go for this alternative. We can input all our monthly expenses into this template.
The description for this Template is Use this smartly designed template to keep track of your personal expenses. Add dates to specific transactions and Excel will automatically bucket them for monthly viewing.
Why I feel this template is a good template to have? Because it allows us to be more specific and input all our expenses in one single location and view the summary of all our monthly expenses by categories in one single page. We can also enhance the template by modifying it to be our Monthly Income Statement, which I have done personally for my own use.
c) Net Worth Summary
The template says that if we ever wanted to know how much we’re worth, this easy to use template will calculate that for us. Simply input your assets and liabilities and visually see the result.
Why I feel this is a good template to have? We can have a graphical summary view of how much we are worth by category. Have a try to see are you positive or negative net worth.