Money might be a liquid asset, but it might as well be the wind—here now and gone in a blink. Over time and several unfortunate examples of bankruptcies, failed investments, and debt consequences, people should pay impartial attention to the right financial management. The income and expenses worksheet is a prime tool in keeping your finances in check, whether in business or private matters. Read more about this below.
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What Is an Income and Expense Worksheet?
An income and expense worksheet is a valuable tool that you can use to keep track of your finances. It provides details about your income and expenses, your money’s inflows and outflows. The goal of this worksheet is to help you establish your financial plan efficiently.
Why Track Your Income and Expenses
According to MarketWatch’s feature of the Nielsen data, a whopping 74% of employees live paycheck to paycheck. This popularized the hashtag, #WithMyNextPaycheckIWill on Twitter. While many consider the phrase, “money makes the world go around” a shortsighted notion, it’s undeniable that it creates possibilities and offers countless opportunities. However, its success is only possible with the right hands if you want to get the best out of your finances, learn how to track your income and expenses.
According to The Balance, there’s plenty of reasons why you should track your expenses. It helps you stay within your mean. When you’re constantly aware of the amount you’re receiving and releasing, you’ll know how to control your spending and fulfil your budgeting goal. It also helps you uncover unhealthy spending habits that you may be unconsciously doing for years. This gives you a new perspective on your financial attitude, urging you to make some changes in your lifestyle. Overall, when you make an effort to supervise your finances, it helps you achieve your financial goal plans.
How to Make an Income and Expense Worksheet
Here are some ways on how to make an income and expense worksheet:
1. Specify Your Income Source
Start by identifying your income sources. If you’re setting up a personal budget and relies mainly on your job salary, this should be easy. However, if you’re running a business and have multiple income sources that you can count on, they should reflect on your worksheet. On your document, dictate the amount and the description of your income. This way, it’s easier for you to assess where you’re pulling your daily expenses and how much you can allocate for your myriad of needs. For example, if you have a food place, you can separate the special orders or requests that you get for private clients and the gains you have from your establishment.
2. List Your Expenses
Your expenses will determine how much you’re going to take away from your budget allocation. If you wish not to exceed your allocation’s limit, refer to your income statement. Do you have more than enough to cover your needs? Do you need to make several adjustments because you’re budget’s tight? From here, you can proceed to identify your spending items. Make a comprehensive expenditure list starting with your fixed expenses. Next, identify your variable expenses. It helps if you set aside an amount for emergencies. Keeping your expenses in check helps you minimize credit and avoid unnecessary spending.
3. Decide on Your Format
When you proceed to format your worksheet, decide if you want to make a daily, weekly, or monthly format. Determine how you want to make your budget worksheet to look like. You can have a monthly budget and set up all expected expenses you have for the mount with a list of your generated income. If you’re uncertain about your monthly spending, you can break it down into weekly and daily worksheets that you can update regularly. This gives you a clearer perspective of your cash flow and continually keeps track of your finances.
4. Track on a Regular Basis
It’s necessary for you to track your income and expense worksheet regularly, so you’ll know if your budget plan is working towards a favourable path or it’s going down the drain. You can calculate your expenses against your net income and determine if your budget’s intact or if you’re looking forward to a gaping debt. The goal of your income and expenses worksheet is to help you keep track of your finances. You can only fulfil that purpose if you make it a point to update your income and expenses as they come.
What are the different categories of expenses?
The different categories of expenses are operating expenses, non-operating expenses, fixed expenses, and variable expenses.
What are the different sources of income?
The following are some of the different sources of income:
What are the different elements of good budgeting?
The elements of good budgeting are:
- Divided into spending categories
- Accurate forecasting
- Includes savings
- Tracks expenses
- Realistic goals
Franklin Clark once said, “Many folks think they aren’t good at earning money when what they don’t know is how to use it.” It’s true that the state of your finances often doesn’t depend on your circumstances but on how you manage it. Knowing how much you’re earning and planning how you’re going to spend it can help you better financial decisions. Let our income and expense worksheet templates help you do just that. Download now!
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