Finance Friday: FREE Downloadable Budget and Spend Spreadsheet!

Is this you? The Street reported this week that as female breadwinning grows, so does financial anxiety. They report that women tend to a) earn less than men and b) worry more about money than men and c) worry about retirement more than men. It would appear that money–duh–is gendered, or at least sexed. Nine out of ten women, they say, are the main support of their families at some point, and many women support themselves alone. Having some sense of what money you have, where it is going, and where you might change those paths to meet particular goals (so long, student loans), brings at least some sense of calm. My free Budget and Spend Spreadsheet is here to help.

I am the primary breadwinner in our household and my husband has fluctuating income as an adjunct professor (we should talk about labor exploitation in academia some other time, as well as women-as-breadwinners ). We’ve had some hefty expenses over the years—hello, front steps needing replacement; sick tree in front yard; kitchen reno we sloooowly did ourselves—but we never quite seemed to be getting ahead. Mind you, we are very, very fortunate; we’ve been extraordinarily lucky to live comfortably since I started my job in 2008. Even so, I was surprised that every year our balances seemed to be exactly where we started, and our credit cards were constantly in use, creating high monthly balances we paid off.

Where did the money go? I expect I’m not alone in my wonder here. Many Americans don’t keep track of their funds, and the stuff they buy—little and big—add up over time (google the “latte factor” –the idea that buying expensive coffee frequently is a money pit). Many Americans don’t budget, either. I was one of them, even after my financial adviser suggested doing so. Budgeting seemed like a pain to do, and it could bring up some painful truths I did not want to face. So I ignored her.

But ignoring my advisor’s advice and my own internal monologue telling me something could be better meant that I wasn’t making my money work for me. Spending it with no plan is fun sometimes (buying new front steps less so), but it came with an opportunity cost—that money might be put elsewhere, better used. I had no real way of knowing. Those Target runs might have added up to something more consequential.

Good thing I like spreadsheets.

I built this one originally for me in a much simpler form. This version features all the bells and whistles I’ve added in five months of working on and with it. William Buffet (evidently) once said that what you spend is what remains after you save (thanks, feministfinancier.com!). So let’s get a handle on what we’re actually spending. And maybe—if we’re feeling brave—consider a budget, so as to better save.

spreadsheet snap
Spreadsheet snapshot

This Budget and Spend Spreadsheet allows you to do both. It’s set up with pre-build categories for both expenses and income, so you can just punch in some numbers and get rolling. It’s also got blank spaces for new items. That’s just the main sheet. Subsequent sheets are set up for each of those expense categories; you just punch in the number you allowed on sheet one at the top of each subsequent sheet and enter your expenses in that category as you go. For example, there’s a sheet for dining out. Say you allot $5k/year for that (you crazy minx, you)—you put that number in at the top and fill in the rows as you go and it does the math for you, allowing you to see what you have on balance to spend.

I like spending down. Beats spending up.

piggy bank
Feed the piggy.

If you run out of rows, you can always add some with the edit function. Then copy the last cell that contains a number derived by the formula (that is, the last one that math-ed correctly), copy it, and paste it into the new boxes below. That’ll keep your math going.

The very last sheet is a net worth sheet. This is a fun little element that lets you track your net worth over time. Net worth, simply put, is assets minus liabilities. On my own personal sheet, for example, I have our house as an asset with its approximate value (somewhere in between Zillow and the town’s recent revaluation) and what we owe on it as liability. The difference between them isn’t just equity, it’s part of your net worth. There are areas for 401k balances, bank accounts, student loans, car loans, the whole kit and caboodle.

The sheet is entirely editable, so if you want it to have different themes, different topics, or math in different ways, you can adjust it for your own consumption. It contains a number of comments that will help you fill boxes in. Feel free to send any questions along to me as well at admin@tenaciousfeminist.com.

benjamins
Knowing where these go means (hopefully) keeping more of them in your accounts.

If you talk about this spreadsheet—and please, talk about it, on your blog, your twitter, your instagram, whatever!—please link back. It’s creative commons copyrighted to me.

I’d love to hear about your progress! Let me know how the Budget and Spend Spreadsheet works for you.

Just a reminder: I AM NOT A FINANCIAL ADVISOR. You can take whatever I say with a grain of salt. I’m sharing what has worked for me, but that doesn’t mean it will work for you. I am not responsible for any action taken based on my posts.

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Let’s talk about relationships with money.

We all have them, but I don’t know how often we explore them or consider their roots.

How does money make you feel? Anxious? Eager? Safe? Afraid?

Our emotions about money oftentimes fuel our money habits, and are complicated by our historical past. Women, in particular, have historically been responsible for a home’s consumption while at the same time having no access to the inner workings of bills and income. When we’re kids, we might have parents who still maintained this kind of system, and as we learn much by parental observation, many of us women might be as confused (bemused?) as our mothers were, however long ago, by our finances.

Our parents also serve as other models: models of spending, models of saving. Sometimes we turn into them; other times, we choose deliberately not to be them.

When I was growing up, we did not have a lot of extra money. I did not want for food, a roof over my head, or warm clothes in the winter, but luxuries were not frequent. Perhaps consequently, when I went to college and got my first credit card, I got a little bit out of control. I had access to money (well, plastic money) and before I knew it, I had a $4k credit card debt at 21 years old. Then I went to grad school, made a whopping $11k a year, and had looming, enormous undergrad bills to pay off.

But money made me anxious even before then. I expect I’m not alone. I have often vacillated between “SPEND NOTHING!” and “I’ve spent so little, I deserve this item here on sale at Target.” I suspect part of my anxiety and spending habits had to do with my father’s repeated injunctions to BE CAREFUL with money, which often felt like a principle to violate (oh, hey, credit card) and which, once violated, left me feeling guilty for having done so. I wonder sometimes if he felt the same way. He always had a “bigger, better, faster” streak that reminded me of Tim Allen as the dad on “Home Improvement” when I was a kid.

As an adult, I am only just getting past my money anxiety.

For a long time, even as I began to make a reasonable salary, I felt like I was teetering on some financial precipice, even if that wasn’t true. My money anxieties are bundled up—as I expect they are for a number of women—with insecurities about who I am and what I do. Classic “Imposter Syndrome” stuff. They’ll figure out I’m a fraud, and I’ll never work again. I had nightmares along those lines for years.

Finding some control over my finances has helped me get change my thinking about money considerably. Not that I was ever really out of control, but by laying stuff out on paper, both on a grand scale with a financial planner last year and on a smaller day-to-day scale now on my own, I feel like I have a better understanding of how my money works, where it goes, and what I can do about it and with it. Since then, I’ve paid down a chunk of our debt, improved our bottom line by cutting expenses, and given us a framework with which to evaluate what we do spend. I’m not beyond picking fights with utilities for better rates when I don’t like what I see.

So for this Finance Friday, spend a little time thinking about how you feel about money, and where from where those feelings might arise. Contemplate how those feelings might shape your spending habits, and how those habits themselves make you feel. How might control—or lack thereof—figure in?

Consider this article, as well, which is honest in some amazing ways. http://everydayfeminism.com/2015/05/poor-people-worries/

We’ll chat again next week.

J.

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