Nowadays everyone is earning in one way or the other. The person who earns, must want to track his money. This Modified Money Tracker for Excel Template especially targets the teenagers who are using mobile phones as this version is specifically designed for mobile Microsoft excel. This template has no link with the actual bank account so you can easily check the details without any risk (mobile link to the actual account). You can save the file on your mobile phone and can edit it easily without an internet connection.
Money Tracker on Your Phone
To use this on your phone you need a free Microsoft excel app downloaded on your cell phone. You can see below the example, how Microsoft excel looks like while editing in the phone.
I have made data entry easier by adding the drop-down lists in Excel with the help of which you can easily select the current date and can select a list from the common payees. You can customize the drop-down lists via the settings.
Money Tracker for Excel
Downloading to Your iPhone
You can simply use your phone browser to download this file or let be a little tricky to download it to your PC and upload it on One Drive then from One Drive you can download this same file on your phone.
You can use Safari App on your iPhone, after downloading it on your phone open the spreadsheet in a new window. Tap on the spreadsheet, near the top of the screen you can see a “More” link or “Open in Excel” link. There is also a “Copy to Excel” tab that opens the spreadsheet in Excel. It’s your choice to save it directly to your iPhone or to your One Drive account if you have that setup.
Learning Personal Finance Principles
This spreadsheet is designed for teenagers who manage their own cash and start managing the account their parents hold for them. If you want to simply teach personal finance principles to kids you might use Money Manager for kids. For older kids, this modified money tracker for excel is best.
This spreadsheet is very simple to use, so it may not use all the terminologies that you normally find in commercial applications like Quicken, and definitely, I don’t have all the advanced features. This spreadsheet helps a person in many ways like:
- How to use a basic checkbook register.
- Learn that cash disappears quickly (learn it simply by trying to track it).
- How to keep track of what they owe and whom they owe e.g. borrowing $25 from their parents
- How to track saving goals.
Each spreadsheet has a checkmark column (√). You can use it when you have verified the details of the transaction with the bank account or the receipt or can use in any other way, simply it’s your choice to use it or not. In the column drop-down list there is also “c” and “R” options. You can use these columns for “cleared” or “reconciled” transactions. You can easily edit these “c” and “R” columns like the marking column, hiding these or not is your choice.
- Track your CASH
You can track your money in your wallet or purse by using this CASH worksheet. You can also get or save receipts when possible. You are not always free to update your spreadsheet so saving receipts is an easy way to update the spreadsheet when getting free time. Moreover, you need receipts to keep records about returns and this will also encourage you to pay taxes. Learning cash flow is very crucial when you want to pay bills and after tracking cash flow the next step is planning about it. A monthly cash flow spreadsheet helps you to create a plan. In simple terms, you can say it is budget or the other way you can say it is a plan.
- Track Your CHECKING Account
While using a checking account, you don’t want to incur the fees and awkwardness, and tarnished reputation because of writing bad checks (checks written more than the actual amount). It means you need to keep track of your account balance.
While writing a physical check or making a deposit, your banks keep track of everything for you.
Almost all banks scan the cashed checks so; it’s easier for you to see the scanned checks when you log in to your account. An image of the scanned checks is also included on your bank statements. You can track your check details using your physical checkbook register. Writing the purpose of the check-in memo line is also a good habit so when you check the image you will remember details about it.
Many people use debit cards instead of checks, so you should also use some other application or this spreadsheet to keep a record of it. Not only keep a record of sales or purchases but also the other receipts.
- Track Your CREDIT
You establish a credit account with the person you borrow money from. So having a credit card or not having it doesn’t free you from keeping the track of the money you owe. This worksheet helps you to track who you are borrowing from or paying back. Your account balance column tells you how much money you currently owe.
Negative Balance: Your account balance will usually be negative because of the credit account; the reason of this negative balance is that you owe money. The figures written with the parenthesis (33.00) describe the balance as negative. Without parenthesis figures are positive and show a positive balance. When you owe money to someone your account will show a negative balance.
Tithing: you can think of tithing as a credit account when you pay to tithe. You need to track of how much you owe as tithing when you receive income i.e. gifts etc. You’ll need a way to keep track of other types of income as well. People set up automatic payments to come out of their paychecks to pay to specific charitable organizations, For example, for babysitting, if you get paid $20 in cash, you will add $20 to the cash spreadsheet. You can also add $2.00 (10% of $20) in the credit spreadsheet in the “money owed” column after selecting Tithing from the “account column”. Later, you will enter $2.00 in the Money Paid column, when you PAY your tithing bringing the amount you owe back to zero.
- Track Your SAVINGS
Whatever way you are saving your money either by having a saving account or the other way keeping it in a jar or cash envelop, you are always curious about your savings. When you are saving money for a special purpose, you want to track your progress. Just like the “credit spreadsheet” allows you to track the balance owed to a particular creditor, the “fund column” in the “save spread” allows you to keep track of the balance in a particular Savings Fund.
This mobile money tracker helps you to keep a record of your spending income and savings. Use this worksheet and get your accounts managed.