r/fican • u/MotorShopping8544 • 4d ago
Budget and forecasting
I need help. Pretty blind and manage my expenses very poorly.
What are some tools, habit and practices you follow to stay on top of your spending? I want to know what's the cash surplus I have to spend every month after living expenses.
Thank you!!
2
u/Chris-Coffin-Design 4d ago
Lots of bank apps have great spending insight features or tools. That's a great place to start to get a sense for where you're at. Also creating a budget is critical. All of this can be done in Spreadsheets (I did it for 6+ years). Now I have a more sophisticated & simplified setup made from those spreadsheets, but the function is the same.
2
u/MotorShopping8544 4d ago
Just that I bank with like 3 banks and then there's the family too. So pretty blind overall 😔
2
u/Chris-Coffin-Design 4d ago
Got it! That does complicates things. However I still suggest a general budget to sum all income & subtract all expenses. Spreadsheets *excel* at this sort of thing. Sorry I couldn't help myself.
1
u/Pleasant_Ad_6910 4d ago
Why three banks? Streamlining here would make it easier for you to gain insight into your spending habits. Otherwise you need to get more hands-on with tracking. Automating some of the tracking processes will make you more likely to stick to it long-term.
2
u/200tonsofbadluck 4d ago
Actual Budget is free and open source. Can run it on desktop in 20 seconds. If it's something you really want to be able to access remotely through a browser or mobile phone then you can self host or pay $3 per month to have PikaPods host it.
1
2
u/four_twenty_4_20 3d ago
Change your mindset. Instead of wanting to know how much you'll have left to spend, ask how much you'll have left to SAVE.
Also, track every penny you spend, etablish a budget that includes saving and stick to it.
1
4d ago
[removed] — view removed comment
1
u/MotorShopping8544 4d ago
Do you know what you monthly cashflow looks like? Plus or minus?
Is it just me thinking that we should have access to concrete tools that let us get these insights without breaking the bank 👀😩
1
u/Sundae7878 4d ago
I use my spreadsheet to track and plan my money. I update it daily if I made any transactions and it lets me know if I’m on track for the month and year. I also use it to plan for future expenses.
I find updating your spending at least weekly makes a big impact if you aren’t doing that already! I’d start there.
0
u/MotorShopping8544 4d ago
Is there some template you can share? Happy to pay!
How do you find the overhead? I wish there was something automated!
1
u/Pleasant_Ad_6910 4d ago
There are a few options that allow you to automate this, such as YNAB, Unified and Quicken. You would have to compare cost and features. I use a spreadsheet, myself, but a spreadsheet may feel overwhelming for you if you’re just starting out. * edited for typo and clarity.
1
1
u/aeb3 4d ago
I put everything I buy into a spreadsheet split up into different categories for food, hobbies, vehicles, house bills, pets, travel, etc too category is income, interest, dividends and a formula at the bottom gives the difference, end of the row tallies the total for the year and avg per month.
1
u/RightHonorReverend 4d ago
nothing beats pen and paper, print a monthly statement of your spending and savings accounts, highlight problem spending. bullshit spending is stuff you buy at the gas station, you could buy the same bullshit in bulk or generic branding. car, big cost. if you can use other means of transport, do that. cook your own food. people order to much uber eats, choose the convivence of someone else cooking, have an 'experience' at home.
its about continuously improving your spending, saving and investing habits. ive kept track of my Networth for the past 2 years and 3 months in an app called Bonsai.
1
u/No_Actuator_7706 4d ago
You can consider to easily create a cash flow statement on a google sheet. On one side list all your categorized monthly (and annualized) income and on another size monthly (and annualized) expenses, the difference is the monthly and annual savings. You can inject formula to calculate savings rate, forecast financial growth if you invest in the market (like index mutual funds), see what levers to optimize.
1
u/Big-Theory-5056 1d ago
I use Monarch. It’s great because you can share with your spouse and it keeps us on budget.
2
u/Septerra21 4d ago
I got multiple Google Sheets to track expenses and map back to income, etc.
I’ve been half tempted to build a website to track this but I know there are hundreds of apps out there that does this already.