How I Manage My Money: My Financial Mastersheet for Income, Expenses, Net Worth, and Budgeting, by Humphrey Yang on YouTube. 13 min 7 s.
- Video length
- 13 min 7 s
- Time to do it
- 45 minutes
- Difficulty
- Easy
- Steps
- 8
What you need
Steps
Open Google Sheets and create a blank spreadsheet. Name it something like Master Financial Sheet so you can find it later in your Drive.
Add a Summary tab at the front. Put your total income, total expenses, total assets and net worth in one block so you see the big picture first.
Create an Income tab. List each income source in a row with the amount and how often it arrives, such as salary, side work or interest.
Add an Expenses tab. Give each row a date, category, description and amount, then add a running total column so the sheet adds up as you type.
Split fixed costs into their own section or tab. List rent, insurance, subscriptions and loan payments with their monthly amounts.
Build an Assets and Net Worth tab. List each account and asset with its current value, then subtract total debts to get your net worth.
Fill in one real month of numbers. Check that the summary totals match your tabs before you rely on them.
Insert a chart from your expense categories and one for net worth over time. Put both on the summary tab so trends are easy to spot.
Tips and common mistakes
Update the sheet on the same day each month so the numbers stay comparable.
Use data validation on the category column so you do not end up with ten spellings of the same expense.
Keep the sheet private and never store full card numbers or passwords in it.
Questions
Can I use Excel instead of Google Sheets?
Yes. Download the sheet as an Excel file and open it in Excel or another spreadsheet app. The formulas work the same way.
How often should I update it?
Once a month is enough for most people. Update it more often if you want a tighter grip on day to day spending.
Do I need to track every single purchase?
No. Group small purchases into categories like groceries or eating out and track the category total.
This guide was drafted from the video's details and general task knowledge. It has not been checked against the full video. Check the video and relevant product instructions before following a procedure. Report a correction.
