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:
Link to Spending Tracker:
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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!
@kharma medic 🤔🤔
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?
anMoney is still the most robust and intuitive personal finance mobile app. The developer stopped supporting it years ago and is now malfunctioning with the latest Android version. Many apps don't support subcategories, splitting single transactions into multiple categories, transferring money between accounts, balancing accounts, or customizing easy-to-read transaction reports that can be printed. The user interface is second to none. Currently, no mobile app is a suitable replacement.
Great video! Subscribing!
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).
How? One transaction at a time is easy.
I use the excel spreadsheet
Thank you sooo much for these templates. Best thus far
Great Video hope this app changes my life. 😅
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.
♥
Why is this so similar to kharmamedic?
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 🎉😅
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
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.
This was a crazy video because I spent hours searching YouTube 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!
O track weekly. Take the monthly bills, multiply by 12 and devide by 52
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
I really enjoyed info. My only concern is being able to use the google spreadsheets. Was the best way to use the spreadsheet.
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.
Using a spreadsheet is painful, especially when there are apps like Neontra and Mint that are free (or super cheap).
I like Spending Tracker but wanted something more automated. I can't find something that makes me happy
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
Brilliant!..following in ur footsteps😇
One of the most helpful finance guys on youtube
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
This sounds great but I’m worried about the crazy times of life when ur going a million miles an hour and you don’t have time to manually enter your expenses.
First of all, thank you for everything. I began my career five years ago, but unfortunately, I hadn't saved a cent until recently. However, thanks to your videos, I started categorizing my spendings and logging them using an app I created for myself. This app alerts me about my daily, weekly, and monthly limits. Additionally, I integrated weekly rewards into my app, which has made budgeting more enjoyable and effective for me. I'm almost feeling relaxed about managing my finances now.
Is there any app that is also compatible with Android. please ?
Solid Video! Thank you for creating this.
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.
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
Can you make a more comprehensive video about this hybrid budgeting model please? 🙏