Why I'm Able To Track EVERY Expense For The Past 6 Years (How to track expenses)
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- Опубликовано: 27 июл 2024
- Hey all! I break down exactly how I've tracked and manage my expenses for the past 6 years. I haven't missed a single one - and knowing this has helped me a ton! Enjoy! Follow me on Instagram: humphreytalks
Link to my Monthly Expense Sheet: docs.google.com/spreadsheets/...
Link to Spending Tracker: apps.apple.com/us/app/spendin...
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I’ll explain two things: Why I track every expense, and how I’ve managed to track every expense for the past 6 years. So lets tackle the why first.
Why:
- I want a deep intimate knowledge of where my money is going, because if I know where my money is going we can accomplish a few things:
- Being conscious of spending
- Not making senseless purchases that I’ll regret later, every purchase has more consideration
When you’re inputting everything in, it is bringing more awareness to your spending and thus your money is more purposeful
Identifying Trends
- By building a long running history of my tracked expenses, I can tell when my spending might start getting out of hand, this especially guards against lifestyle inflation - for those of you who do know what that is, it’s basically when you start making more money, you feel like you can spend more money - and often times people start to spend more as a result of it.
Maximizing Budget
- By not making senseless purchases, I’m able to budget more money into doing the things I actually want to do: treating myself to dinner out, going to a concert, travel, etc.
- I’m also able to understand what I spend on a monthly basis and am then able to make adjustments into how much I spend on different categories to hit my spending and savings goals.
How:
1. Remove Your Ego
- It's the #1 reason why people stop tracking, it's embarrassing to face our purchasing decisions.
2. Enter Expenses Immediately
- Easy to do, won't forget it.
3. Separate your Monthly and Discretionary Expenses
- Good to know how much your monthly recurring expenses total number is
4. Reward Yourself
- Or else how are you gonna keep going?
5. Summarize and Analyze
- Identify the trends, fix the leaks, and manage your money better!
My last caveat is that, one time purchases, especially large ones, I like to enter in on my spreadsheet as a separate line. It feels bad to enter it in to my monthly running total of discretionary expenses, and to avoid that - if I do have a one-time big purchase, it will be reflected in my spreadsheet later on.
👊 If you like the work and appreciate the value it may bring, please show it some love and drop me a Like and a Comment (I reply to every single one!). If you're feeling extra 💥⚡️🔥 you can share this video with your friends and on social media!
🙋🏻♂️ Who am I? My name is Humphrey Yang, I am an entrepreneur who has built businesses and am passionate about Personal Finance. This channel is dedicated to helping people (whether you're 21 or 81) become better with their Money, Personal Finances, and Entrepreneurship, I hope these videos help.
📧 Contact me: If you have a question feel free to leave me a comment on my videos or follow me on IG and send me a DM! If you have a business related inquiry, please then send me an email at humphreytalks@gmail.com
Disclaimer: I am not a financial advisor, any investment commentary are my opinions only. Some of the products and services that appear on this channel are from companies that I have an affiliate relationship with, such as Robinhood, for which I recieve a small percentage made via those links, but it doesn’t cost you anything extra!
Thanks for checking out this video guys. I worked hard on this one I appreciate ALL your feedback and comments so far! I am hoping that this video HELPS you save money long term, allows you to be more AWARE of your finances, and inspires you to track! If you have any questions, leave them for me in the comments and I'll get back to them ASAP. Your support never ceases to amaze me, thank you thank you- I appreciate you all!
Humphrey you're the man! You should develop a "finances for millenials" curriculum or summat. Maybe work with the personalfinanceclub guy! I love what both of y'all are doing!
Do you have an Android alternative?
Humphrey what if you have an android phone, can you recommend a good free app to use that easy to use as I am not that tech savvy?
Thank you for including the parts on mindset and avoiding tracking due to guilt. I'm a mental health professional the belief that some of the most helpful things as far as productivity often start with a healthy mindset so thank you for including that and keep up the good work!
Found this 3years after and I am blown away by the simplicity but profound way to track my expenses.
Thank you Humphrey!
I have been tracking my monthly expenses with your provided sheet and it made me realize how much I spent on online shopping in July🙄 I combine my monthly expenses and discretionary expenses in one sheet, because I can easily access the sheet in drive :D Thank you for providing the sheet!
You are so welcome!
I'm so happy this was recommended to me :) love watching you!
Thanks for the video Humphrey. I feel like you understand what I go through, and this is exactly what I need to fix my spending habits.
I just got my first job and while I had a strong financial education growing up I have never had any significant amount of money to track. I have watched a bunch of videos on budgeting and expense tracking and am probably having too much fun with it lol. I love taking my favorite parts of each system and adapting them into my own. So far I have tracked everything for the last 2 weeks and it is super easy, either doing it in the moment or 5min at the end of the day.
Same! It's been a year for you now, how's it going?
@@ChillGuy511 depends on what is going on. We've had two busy seasons where I've let things slip but then gotten back to it when things calmed down
@@ciannacoleman5125 So lifing life? Seasons you say?
Today's the day I finally decided to check my ego and get finances in check! I loved that this video made managing finances seem more approachable :)
This was a crazy video because I spent hours searching RUclips reviews of apps looking for a manual entry app! I have ADHD and have been looking for a method like this for 20 years! Awesome video, thanks!
Hey, i agreed with u. He suggested the right apps to track all our expenses. Me too, long time searching for the right apps just like u!😢
This was perfectly simplified. I've tried the auto trackers, but it limits my control and like you said the cash spending. Plus tracking the different cards used can get confusing. I just downloaded the " Spending Tracker and I'm still going to use my spread sheet. Thank you!
I've been struggling to organise and track my spendings for months, this video made it so simple and the spreadsheet looks really helpful, thank you
Thank you so much. Being able to create your own categories is best part of this app
I’ve had a multiple of side jobs, part-time, starting to get into my full-time/official gigs of my career. I’m 21 and I’ve been down many rode’s! I’am an active college student, live with my father, and it’s confusing/overwhelming/can be stressful af to handle it all. Along with the chaos of life and unpredictablensss of it all. I’d stumbled upon your video praying I’d give me some clarity towards my frowning expenses, handling my future taxes. I’d started filing through the many jobs I’ve had either that be independent contract types (1099) or my aim jobs having me file out W2 it can be a lot.
Hope sharing my experiences and what I’ve learned can be of some awareness to others. I’ve worked a trampoline park, two big known health food grocery stores before, youth sports coaching to obtain my coaching licenses, worked at my old high schools snack bar, and I loved chasing the money but I’d never found a fit yet where I could be consistently stuck at for years on end.
I’m an entrepreneur but I can work for others, I’ve got ideas but want to share them, I need networking and recourses. I should talk to my counselor and see if I could get into freelance, business, etc but my major is Athletics, Training/Coaching Fitness, Kinesiology, Health/Nutrition but I need and want a federal job that backs me up with solid coverages (Insurance, Vacation/Paid Leave, Good Breaks, Protection, Education/Training, etc) haha 🎉😅
Wow! Brilliant structure to saving. It's simple and adaptable. Thanks, man! Appreciate it.
You have no idea how much the spreadsheet template helps! Bless You
This was an incredibly helpful video, thanks so much for making it. I searched the whole internet for something like this and the closest thing I ever found was YNAB which I hate. Thank u fr
Why do you hate YNAB?
Wow, I rarely comment but I was looking for a very simple way to tack expenses manually and you gave me the answer plus some bonus tips! Thanks so much, this is two years later and this video is still helping people!
Glad it helped!
I totally relate about removing your ego. That makes sense now. Thank you for sharing your experience. I am now tracking my expenses and intended to be it a habit.
I've tracked all of my expenses since 2012. A year per Google spreadsheet. Thanks for the video. I'm glad I'm not the only one.
Thank you Humphrey for sharing your spreadsheet! I appreciate all your helpful and concise content!
You are welcome 🙏 thx for watching!
@@humphrey Love your video and also your spreadsheet. For long time I try to avoid to manage my finances and be more proactive with the money. Love and Light to your for your great heart.
I love Your part about the ego, encouraging to keep a clear honest head.
Another great reason to budget is because since so many of us use autopay and bills have become paperless, the only to know what companies are charging is to make a budget and expense sheet which forces us to be aware of those charges! Otherwise we can get to a place where the bills are getting paid but we might not be aware of the individual charges!
Thank you sooo much for these templates. Best thus far
Best video! I've been searching for a system exactly like this! Thanks!
Informative , relevant still today in 2022 , helpful and easily implementable solutions. I enjoyed the whole video Thank you Humphrey
I'm going to barrow your expense tracking spread sheet. Dude, I'm desperate for some kind of process that will keep me accountable. Thanks so much for the content.
One of the most helpful finance guys on youtube
Really liking the format of your delivery now! Clearly you've improved. I personally use the monthly expense tracker template from google docs and customized some formulas and rows to suit my needs. The planned and actual costs is really helpful and the bar graph as well help visualize how much I've spent. The best part is that I could just copy the sheet for the next month and re-strategize when I need to when I think I spent too much from the previous month. The only downside is that it is tedious to view it on a yearly basis but I'm working on another sheet as a personal project that hopefully would help me with that.
I personally have all my months for the year on one tab, so i have condensed columns for just each month.
Thanks Humphrey!!! I downloaded the Excel sheet and your Spending Tracker--- they are both wonderful! Im getting ready to change my financial life around :))
Awesome! Lifestyle inflation point is important. I love the intro!
Thx Adi!
I just found this video 2 years later and I have been tracking every expense for the past 3 years since college. I was looking for a more efficient way because I was dreading how I would go through the statements and write in each expense only seeing at the end of the month how I have been doing budget wise with my discretionary expenses. The spending tracker is definitely a game changer.
i just started to try to track every single expense today, reason: i dont know where all my money gone to! even tho i dont buy expensive stuff but just seems like my money is disappearing! so ur video is sooo helpful...after watching ur video, i realised i was hit by the "lifestyle inflation" with food & random shopping... since almost everywhere is going cashless now, it's much easier to track using my different credit card / bank / paypal statements. and the amount just shocked me, i thought my monthly expense was just X amount, but in the end it turned out to be 2X amount!!!
It was the Mandy Moore CD for me. You're the best.
Mandy Moore preceded my love for Taylor Swift ;)
@@humphrey I appreciate the video Humphrey. Any advice on tracking income for tax purposes? I want to be able to know how much I will pay in taxes throughout the year. Any help will be greatly appreciated 🔑💡💯
Thank you greatly for this video because I have been looking for an app like this for a while now!
Wow I got so tired this morning of my money just running out. just because I have more this month it really confuses you on spending more then you actually need. I had to do something & came across your video & honestly this is so helpful the app is so easy to use & friendly thank you so much your help, really it means a lot.
I don't think Graham would be happy with that $5.00 coffee purchase
100% not. :)
🤣
😂
😂
I too track all my expenses seriously and whatever I spend on unnecessary things won't make me unhappy but it makes me mindful of my next purchase and putting my money to better use. that's the whole idea behind tracking.
Thanks for posting!! I have a Google spread sheet, I was searching for a good app to track my spending and your video came up. I will track my spending with an app and take your advice from this video immediately. Really well done Thank you
Thanks a lot for the time and sharing this, very helpful :)
Good information! That's a good way to keep track of your expenses.
Absolutely! Thanks Joe.
Thx for sharing the spreadsheet!! ❤
Tracking my expenses from 2014. Build my own huge database at excel. Glad I’m not the only one who doing it.
Yesss, the same time I did. We are expense bro's
Solid Video! Thank you for creating this.
Been looking for an expense tracker. Thanks so much!
Really appreciate your energy toward making such great content. I am a newcomer to this finance management domain as I have just started earning.
Looking forward to your videos.
♥
Thank you Humphrey! I am here today only because my phone has crack and
I had to send it away for repair and I scared to death that the checkbook app I have been using for 10 years won't reload when the phone comes back. Time to start looking for something else just in case. I also don't like those bank syncing ones. They don't get the categories right and they do to the penny when I round up to the whole dollar so I always have a little cushion. I have tracked ever expense in every account for over 10 years. Even my child's 529 and my retirement account. I really like to be able to see my entire net worth in one place
Thanks! Great video. No snakes under the grass, just value.
This video was awesome. Thank you!
I use a budgeting app to track both my monthly and discretionary expenses. But I still copy all those categories totals into a physical ledger (hand written). Because I like to look at it on paper in a ledger. I think it’s easier to see my monthly spending trend. And compare month to month.
I know it’s old school.
Fab video this is so helpful!!
Glad it was helpful!
Thank you for this I've been in a cycle for years and I know I'm still young but just realized that I really do need to remove my ego and just be more serious... but I will give you an update on how's my budgeting/expense going
Brilliant!..following in ur footsteps😇
Great video!
Here to start on the 1st. It seems like a long interesting process.
One of the most powerful and a useful apps out there. So simple and so awesome!
It really is!
Life saver thank you
Thanks for this.
thanks for the google doc!
Was used to getting huge raises and bonuses that i knew were temporary in the military but it's hard going back to reality of having average pay
“Huge raises”, “Bonuses”?
thank you this is very helpful
Glad it was helpful!
thank you for this video humphrey! it was really informative and just what i needed. my question is: my credit card statement has to be paid in the middle of the month, so my monthly statements don't align with my monthly tracker. i was wondering how you track "credit card monthly payment"?
Using your Google tracker. Modified it slightly but works perfectly. A+
amazing!
I really enjoyed info. My only concern is being able to use the google spreadsheets. Was the best way to use the spreadsheet.
Question:
When you have a utility bill that changes slightly each month (as opposed to a subscription that is always the same amount), do you still check the “Repeating” option for that item and then just manually adjust the amount every single time? Or do you re-enter the bill as a new item each time?
Liked your video. Question how do you set up reminders for bills due? I really hate the iPhone calendar, I prefer Google calendar it just gives me a better lay out but then google calendar does not have the automatic date that Apple has. So yeah. I have 100% on time payment history but I starting to get a bit overwhelmed As I am having more expenses… thanks
Love the vids. Thoughts on YNAB for expense tracking?
THIS is exactly the info I needed. Was looking to get Quicken but love a good old spreadsheet and I wanted a simple on-the-go app…no bells and whistles. Thank you! New subscriber.
You're so welcome!
Hi there, how about when you track your expenses say for your starbucks coffee each day and it’s calculated in your expenses but you have actually charged it on a credit card then when you make a credit card payment you track that as well. which way is best to keep track of it ?
Your not crazy, I track mine too, every penny. I actually think it’s odd that some people do not.
Nice intro, keep up the good work
Thanks, will do!
Hey question, btw thk Humphrey great video. Can 2 family members have their spending tracker app lync?
Thank you for this explanation of why and then how. I’d like to specify my monthly bills ( electricity) (cell phone). As categories.
How can I use the monthly spreadsheet in this way??
O track weekly. Take the monthly bills, multiply by 12 and devide by 52
I am going to try your way of tracking expenses on my own from now on :D If you're interested I may give you an update after a couple of months how it's working out for me :) BTW cool video - straight to the point, well thought :)
Humphrey, thank you for this video. Very useful information. Do you happen to have or know of a good Excel template to track monthly recurring expenses. Basically what you use in Google spreadsheets as an Excel spreadsheet? I am looking for monthly recurring expenses excel template vs a budget template
Really like the video. Definitely got some good tips. I know you mentioned the pitfalls of the automated trackers with cash purchases and such, but is there any tracker that does automated tracking for credit cards and such, but also allows you to enter manual expenses? Any insight would be much appreciated.
To be honest, I have not looked since back in 2014. I did remember Mint.com having the best software out of all of them, especially because it automatically ported everything in for you. I bet you could enter in manual expenses into that.
Great Video hope this app changes my life. 😅
what do you do for yearly stuff and how do you separate business write offs from this?
Thanks 😊
Great video! Subscribing!
Awesome, thank you!
Is the Pro version of Spending Tracker a recurring cost of $3.99? In the reviews, some people mention after paying for the Pro version they are prompted to pay again the next month.
Need to start tracking my expenses too 🥺😅
let me know how it goes!
Don’t worry about money as a woman! Man handles the money and you can cook and clean
Thanks
Do you have a version for 2 people to use to track expenses in shared household? Thank you.
Can't seem to find your link for your Google spreadsheet. Help!
How do you switch the month on the spending tracker (google sheets)
I have an issue with keeping track because my credit card purchases take a few days to pend and then when I pay it, that money still sits in my checking account for another like 2 days. So really I have less in my checking account than I think, making me worried to purchase anything else. I wish I could just immediately pay a purchase and it’s out of my checking account immediately
Thank you
You're welcome
Can you make a more comprehensive video about this hybrid budgeting model please? 🙏
thank you
You're welcome
gold
I’ve watched two of Humphreys videos and what is with Mandy Moore? I also started tracking my expense this year and it’s eye opening.
hahaha its kind of an inside joke i make fun of myself at. but yeah :P
Anyone track where every single penny goes but still consciously makes bad choices?! I really can’t help it when it comes to eating out 😩😩. That’s really my only bad addiction! I just cannot help it. I make bad choices with food and when I’m logging it, I’m just like “dang, I really have no control 😭”
Thank You Humphrey. I need to track my expenses for retirement. Could you provide the link to your spreadsheet. I was Considering an app but I have to agree with you that tracking each individual expense would be a lot more accurate. But I am a little worried that it may take a lot of time especially with the credit card bills. Do you go through your credit card and add & categorize each expense.
You can search it up in this video, under the description
I think this is a good question, why do I have to pay taxes on stocks/dividends when I used my already taxed income to buy the shares? Shouldn't it be treated somewhat like an IRA?
i think that when you make $$$ the gov't wants a part of it somehow. That's why the Roth IRA is so good because it doesn't tax you on those stocks/dividend gains.
@@humphrey thanks for the response
Not to brag, but ok yeah I'm bragging. I have expenses tracked and categorized back to 1991, lol. If more people would also keep track of the taxes paid after filing a return, I think they would realize how inefficient government is with their money. In 32 years, I have paid more fed, state, and property tax combined than I have in home items and renovations, all utilities, auto maintenance, auto purchases, dining out, clothing and all gifts combined. Let that sink in. Property tax alone...I've paid about the same amount in my lifetime as I have for all leisure activities (concerts, amusement parks, etc (not counting food) and vacations combined. I'm nothing more than an average joe 9 to 5 worker here too. My method for retail tracking is MS Money Plus which is free. My method for reconciling retail purchases with taxes is Excel. I basically just take MS Money reports and annual tax returns and crunch numbers every year via Excel to get true annualized total expenses (and income).
I like Spending Tracker but wanted something more automated. I can't find something that makes me happy
I love that app. I love to write mu expenses manually too. I just wish i can take photo of my receipts in every expenses. Anybody knows such app that can do it?
I guess we all need rewards when we accomplish a goal. Thank you for the tips. Do you know a good app to track expenses on android?
I think it might be available on Android? You can try other budgeting ones like You Need a Budget or Mint is just fine haha
Best video out there on this topic... all other videos either show you best budgeting apps, like Mint, Truebill, etc. or how that specific RUclipsr balances their checkbook on an excel spreadsheet or physical book. Yes your video leans more toward the second category... but only for your monthly reoccurring bills, which I actually think is a great idea anyway because that is very sustainable.
Sustainability while being optimally functional is what I'm all about. As a student, weekend warrior, pregnant and full-time working mom... I don't have time to whip out the excel document on my computer every time I make a small purchase in order to lay it out in a way I can understand at at a glance. It simply isn't logical for me to maintain. The excel document is pretty simple to maintain with reoccurring bills; that is easy, I like that idea quite a bit!
The problem with budgeting app like Mint and Truebill... they are great in that they pick up in real time what you're spending on any accounts or credit cards you link. That's awesome. Some of them allow you to make and tweak categories; that's good too. What's not so great is that you can't edit labelling of what you see... I want to know just about 4 things:
1) What did I buy (e.g., Coffee)
2) Who did I buy it from (e.g., Stewarts)
3) When did I buy it (DDMMYY)
4) Why did I buy it -- is it justiable or can I change this next time? (My notes)
Things like category are useful as well. The above is what I'd like to edit labelling as, but those apps don't give you the option. Instead they look more like...
1) What did I buy (e.g., Coffee) ... doesn't allow you to show or enter
2) Who did I buy it from (e.g., Stewarts) ... shows as STEW 7465589 (or something like that... what the heck??? I'd rather just type Stewarts..)
3) When did I buy it (DDMMYY) ... shows date. They got one thing right.
4) Why did I buy it -- is it justiable or can I change this next time? (My notes) ... no option for input
So yeah, that's pretty limited.
My point, thanks for this video! Method isn't 100% perfect for me, but definitely really great! Thanks so much.
thanks Laro!
I like the simplicity of this. If I have and apple phone and my husband has an android can we share the app so we each are adding to the same app?
if its a google sheet, yes.