Video Tutorial (Customizing Budget Categories) Essentially, you just need to make sure that the categories are exactly the same in all worksheets. Luckily, you only need to do this once with maybe a bit of tweaking each year. The most complicated part of using the old version is customizing the budget categories. The new version of the money manager is easier to customize, but many people still prefer the original version because it groups the expenses into separate categories. Update (XLSX version only): Added a new Goals worksheet that you can use for tracking the balance of various savings and expense funds. For example, tags would allow you to filter or search for specific expenses that might cross over multiple categories, such as a #CAR1 or #CAR2 tag for tracking expenses associated with a specific vehicle. A new "Tags" column was added to the Transactions worksheet to let you add your own unique tags as needed. Update (XLSX version only): A separate "Accounts" worksheet was added for editing the list of accounts and summarizing the balances in each account. It includes the transactions and the weekly report all on one worksheet. We've created a Weekly Budget template that is based on the money manager. This may be helpful for creating the following year's budget. Track Your Yearly Spending - Due to frequent requests for a yearly report, I have added a new worksheet that calculates an Income & Expense Report for an entire year grouped by month. Just change the Year and Month to view the report for a different month. actual amounts, and is updated automatically as you enter transactions. This document designates a person to make financial decisions on your behalf if you are unable during your lifetime.- Track Your Monthly Spending using the monthly budget report which includes graphs, compares budget vs. Often part of a living will, it designates a person to make medical decisions for you if you are incapacitated. Medical/health care power of attorney.This document outlines preferences for treatment if you face a serious medical situation. Living will, aka advanced or health care directive.This document outlines how property should be divided at your death and designates a person responsible for handling the details without one, courts will make decisions according to state law. The following legal documents must be drafted and executed by an attorney, so a trusted person can step in to assist in case of incapacity. Having a plan for the unexpected will alleviate stress and expensive repercussions during potential emergencies. Once you turn 18, parents and legal guardians have no access to or control over your financial, medical or educational information. Note that there are penalties for early withdrawal, and there are income limitations that impact high earners. Roth 401(k)s and Roth IRAs allow you to save for retirement in the most tax-advantaged way (zero tax on the growth).
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