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Use These Worksheets to Get a Handle on Your Finances

Do you ever feel like you're juggling too many balls? You're not alone. Money is a common source of stress, and it's easy to lose track of it all. But don't worry - we've got some helpful Google Sheets worksheets to get you back on track.

Financial well-being

Financial well-being is defined as a person’s ability to meet current and ongoing financial obligations, feel secure in their financial future, and make choices that allow enjoyment of life. (consumerfinance.gov)
If you're like most people, financial planning probably isn't your favorite thing to do. But it's important, and it's worth taking the time to get a handle on your finances. That's why we've put together this collection of financial planning worksheets.

Each budget worksheet will help you track a different aspect of your financial life. You can use them all together, or pick and choose the ones that work best for you. You can even customize them to fit your needs. So download them now, and get started!

What's included in the financial planning worksheet?

  1. Expense tracker
  2. Bill calendar
  3. Debt snowball calculator
  4. Sinking funds calculator
  5. Subscription tracker

What are some examples of personal financial planning?

Some examples of personal financial planning are:

-Making a monthly budget worksheet
-Tracking your monthly expenses
-Reducing debt
-Retirement planning
-Building an emergency fund
-Investing money

What are the benefits of financial planning?

Financial planning can help you achieve your personal finance goals, save money, and reduce stress. When you create a personal budget and track spending habits, you can see where your financial situation is going and make adjustments as needed. If you start managing debt, you can free up cash flow and improve your net worth. A budget plan for retirement allows you to take advantage of compound interest and ensures you won't outlive your savings. Having an emergency fund gives you a financial cushion in case of unexpected expenses.

How do I get started with a financial plan?

There are a few different ways to create a schedule in Google Sheets. And to help you decide here's a post on how to choose the best google sheets templates.

Expected income

Expected income is the amount of money you expect to earn in a given month. This can include your salary, wages, tips, and any other sources of income. Your monthly income may vary from month to month. It may be helpful to list three months of income and find the average. It's important to know your expected income so you can plan your financial goals accordingly.

Examples of financial goals.

Some examples of financial goals that are based on expected income include:
-saving for a down payment on a house
-paying off debt
-saving for retirement
-starting an investment portfolio
-creating a household budget

Tracking expenses

When you're trying to save money, it's important to track your expenses. This budget planner will help you do that. You can calculate how much money you spend on different things, like food, rent, and transportation. This way, you'll be able to manage your resources. And you'll know where you can cut back and save more money.
In the worksheet
  • List your expenses by category on the Setup tab
  • You can also decide the amount you have to budget for each category.
  • As you spend money throughout the month, record the transaction on the Transactions tab.
  • Be sure to select the correct category.

Some example categories include:

-Housing
-Transportation
-Food
-Utilities
-Communications
-Debt
-Subscriptions
-Family
-Pet supplies
-Entertainment

After some time spending patterns will appear. After tracking all of your expenses for 2-3 months, you'll have a good sense of how much to budget for each category.

Paying bills

Bills need to be paid on time so that you don't get in trouble.
In the worksheet
A bill calendar is one of the best tools you can use to organize when your bills are due.
  • On the bill calendar scroll to the right
  • select the kind of bill, the balance amount, and the date it's due
  • write down any other information you need to remember, like the phone number for customer service or the account number in the description
  • The calendar will auto-populate
When a bill is due, mark it on the calendar. This will help you stay organized and make sure you pay your bills on time. You may also want to set a reminder on your phone or computer to help you remember.

It's important to pay your bills on time so that you don't get in trouble with your creditors. Late payments can result in fees and penalties, which can add up fast. So be sure to use your bill calendar to stay organized and pay your bills on time!

If you want to learn about different calendars, take a look at "7 Best Google Sheets Calendar Templates".

Paying off debt

If you have debt, you're not alone. But don't worry - there are ways to pay it off.

Snowball method

One way is to use the snowball method. With this method, you focus on paying off your smallest ones first. Once you've paid off one, you move on to the next one. As you pay off more, you'll have more money available to put towards the remaining financial accounts. This can help you get ahead faster and save money on interest payments.

Avalanche method

Another method is called the Avalanche method. With this method, you focus on paying off your accounts with the highest interest rates first. This can save you money in the long run because you'll be paying less interest overall.
In the worksheet
You can compare both of these methods on the Snowball tab.
  • Fill the details of your debts like the balance and interest rate.
  • Then you can toggle between the two methods to see which has the lowest interest rate.
  • No matter which method you choose, it's important to make a plan and stick to it. 

  • Having a plan will help you stay organized and motivated. And remember, even if it takes some time, you can be successful!

Savings goals and Sinking funds

A sinking fund is a savings account that you use to save money for specific goals. For example, you might use a sinking fund for budgeting for a new car or a vacation.

To create a sinking fund, you need to set aside money each month until you reach your goal. This can be difficult, but it's important to stick to it so that you can achieve your goal.

In the worksheet
The Sinking funds tab makes it simple.

  • Fill in the name of your goal,
  • the date you need it by
  • and the amount you need
  • the calculator will tell you how much to put aside every month.

Monthly budget

One way to make saving easier is to use a budget. With a budget, you can see how much money you can afford to put towards your goal each month. This will help you stay on track and reach your goal faster.

Another thing to keep in mind is that you may need to adjust your goal if the cost of the item increases. For example, if the cost of a new car increases, you might need to save more money each month to cover the difference.

Saving for retirement

It's never too early to start saving for retirement. In fact, the sooner you start, the better. That's because of something called compound interest. Compound interest is when you earn interest on your investment, and then that interest earns more interest. The longer you invest, the more compound interest you'll earn. This can help your money grow faster.

Conclusion

If you want to take control of your finances, the first step is to get organized. The worksheet we’ve shared can help with that. It includes templates for expense tracking, bill calendars, debt snowball calculators, sinking funds calculators, and subscription trackers. So what are you waiting for? Get access to the worksheet and start taking control of your money today!

But I'm not just going to hand it to you. Oh no, that would be far too easy. You're going to have to work for it. In fact, you're going to have to complete a series of challenges if you want access to my exclusive worksheet. Are you up for the task? If so, keep reading. I've put together a set of challenges that will test your mettle and see if you're truly committed to taking control of your financial future. Complete these tasks and then email me at [email protected] with the subject line "I completed the challenge" and I'll send you the link to the worksheet. Good luck!

Just kidding!

You can access the Worksheet by clicking below.

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If you want to know about other templates and what they can do for you, take a look at these:
Business Templates for Google Sheets that aren't for Finance