There are a ton of budgeting apps out there, but many people end up using some sort of a spreadsheet for their budget.
Spreadsheets offer control and flexibility to users, and allows them to look closer at the transactions going through their accounts.
I have nothing against apps. Many people find them useful, and there’s no denying that there are a ton of good ones out there.
But I personally have used a budget spreadsheet for years and have found it useful. The more people I talk to about budgeting, the more I hear that people desire a spreadsheet-based budget without all the manual work that comes with it.
Today we finally have a budget spreadsheet in Excel that is automated and easy to update. But first let me tell you a bit about the budgeting process I’ve used in the past.
I’m an Excel nerd so using a spreadsheet to budget was a no-brainer for me. I’ve had the same spreadsheet for over four years now. But why haven’t I shared it?
When I share spreadsheets and tools I want them to be as easy to use as possible. The biggest issue with spreadsheet budgeting is getting all the data in the proper format.
I have a number of credit cards due to credit card churning, plus throw in a bank account and you can see why it would take quite a bit of time to reformat everything. No two financial institutions seem to export data in the same format. So there’s a lot of work on the backend.
I didn’t want to share a budgeting spreadsheet until I solved this key piece of the puzzle. Fast forward four years and I still haven’t shared a spreadsheet.
That all changed when I discovered Tiller.
Tiller is what I have been waiting for: it automates the process of pulling in your financial data into a clean, uniform format.
Now there are a ton of apps out there that link to your accounts. But they don’t allow you to dump your data into a spreadsheet because they either haven’t built a tool that can do that or they have a huge incentive to not allow their users to dump data into a spreadsheet.
Once you sign up for Tiller you simply have to connect your accounts and your financial transactions will be dumped into a Google Spreadsheet each day. They will come through in a uniform format that looks something like this:
Tiller does cost money. You can use my link for a free 30 day trial, but after that it’s $6.58/month. If you’re like me and spend an hour or more getting your data into a uniform format or have avoided budgeting because you don’t want to take the time to mess with your data, $6.58/month is well worth what you are getting in return for Tiller’s service. (Don’t worry they have a 60-day money-back guarantee as well).
Tiller has bank-grade security and has partnered with a company that works with some of the biggest banks in North America to ensure it’s up to the same high standards banks are held to. What was even more reassuring to me was hearing that their employees can’t even see your financial data. You can read more about their security and other features of their service on their website.
I’m all for Google Sheets, and Tiller absolutely can work simply using Google Sheets, but Excel is where it’s at if you want a clean and good-looking budget spreadsheet.
So I took it a step further and created an automated budget spreadsheet in Excel.
Tiller is a great start, but my automated budget spreadsheet in Excel is where people will feel most “at home.” Excel is widely used and I’ve created a spreadsheet that someone with limited experience can use.
The spreadsheet has a directions tab that guides you through the process of updating the spreadsheet with your data. It also points out best practices that will help you not “break” the file.
The data tab is where you will want to paste your Tiller data. The data will then become part of a table that uses formulas to automatically populate the monthly summary tabs and the annual summary tabs.
Note that Tiller does not automatically populate the category for each transaction. Having the user populate the category allows the user to assign relevant categories and look at the transactions at a lower level of detail than they would if category was auto-filled.
On the categories tab you can add or delete categories as you see fit.
On the monthly summary tabs, everything is automated except for the budget column and the categories. You can add and delete categories as you see fit. You can unhide the hidden rows towards the bottom if you need to add more categories.
Everything is formula-driven, making it easy to see a snapshot for the month. While tabs have already been created for each month in 2024, you can easily make a copy of any of the months tab and choose a different month and year drop-down as you see fit. Everything will update automatically for whatever month you choose.
One additional thing included in this file is the annual summary. If you go to the 2024 tab you can see an annual summary of your income and expenses by month. This is automatically populated and you can easily make a summary for future years by choosing a different year from the drop-down.
This spreadsheet takes a lot of the manual work out of the budgeting process and gives you nice clean views of your financials, both budgeted versus actual as well as net inflow and outflow of cash.
My hope is that this easier process of importing and tagging data will encourage others to start budgeting. After all, using this process you can easily update your budget in less than 30 minute a month, perhaps even less than 10 minutes depending on how many transactions you need to tag.
There are hundreds of credit card options out there, so how does someone go about choosing their first credit card?
“What credit card should I get?” is a question I hear often. Many who are picking out their very first credit card are overwhelmed by the options.
Not all credit cards are available to those who have never opened one. Many require good or excellent credit scores. But if you haven’t opened a credit card you haven’t had time to build a solid credit history that would qualify you for a wide range of cards.
There’s a few things I think people should keep in mind when opening their first card, such as opening one with no annual fee, using only a small percentage of your available credit, and more. We’ll get into all of that, but first let’s get to what I recommend for a first credit card.
The card I recommend for a first credit card is the Discover it® Cash Back card.
Discover was my first credit card. I opened my Discover card about a decade ago and have been using it ever since.
Special Offer: When you use our link to sign up (any link on this page), you will get a $100 statement credit when you record your first purchase within three months.
Here’s some reasons I think the Discover it® Cash Back card is the ideal first credit card:
When it comes to a first credit card, having no annual fee is the most important feature I look for. If a card has an annual fee, it’s simply not a good first credit card.
Your credit score is, in part, based on your credit history. If you open a card with no annual fee you can keep it open forever even if you decide to stop using it and move on to a different card. If you open a card with an annual fee you will likely end up closing it, perhaps even within a year or two of opening it.
The Discover it® Cash Back card does not have an annual fee, so it fits the bill.
While it’s true that there is no huge sign-up bonus for the Discover it card, it does have solid rewards you will be able to take advantage of.
If you get a Discover it® Cash Back card you have complimentary access to your FICO credit score. This perk is no longer unique, as many if not most credit cards now offer a free credit score. With that being said, I like how the Discover FICO credit score shows your total number of accounts, length of credit history, number of credit inquiries the past 12 months, and what your credit utilization is.
Special Offer: When you use our link to sign up (any link on this page), you will get a $100 statement credit when you record your first purchase within three months.
It’s important to use your first credit card responsibly. It can be a great tool to build your credit history, but only if you use it right. It’s best to be disciplined from the get-go so you don’t fall into the trap and habit of maxing out your credit cards.
Here’s 3 tips for people getting their first credit card:
That brings us to our next tip of requesting an increase in your credit after 6-12 months.
To summarize, I recommend the Discover it® Cash Back card as a first credit card. It has no annual fee, solid rewards, and a free FICO credit score.
To be clear, this isn’t the only option for a first credit card. There are other good cash back and rewards credit cards that you may want to consider for your first credit card. You can browse the other options here.
A popular topic in personal finance is passive income.
Income that doesn’t require you to trade your time for money is “the dream” for many people.
There are many different forms of passive income, but the ultimate passive income is dividend income.
Dividend income comes from owning dividend-paying stocks. Not every company pays dividends. If a company is focused 100% on growth, they are going to use all their earnings to continue to grow their business.
With that being said there are many large companies that are focused on growth that pay a dividend. In fact it would almost be silly for a publicly traded company to not have a growth strategy.
Many of the large blue chip companies pay dividends, though their dividend yield (Amount paid out in dividends annually divided by current stock price) can vary. For example, Best Buy has a relatively high dividend yield of 4.18%, while Visa has a modest 0.80% dividend yield.
Even if you have other financial priorities that take precedence, learning and being aware of the opportunities that come with dividend income can motivate people to save more money, pay off debt faster, and make more money so that they can take advantage of all the benefits that come from dividend income.
With that in mind, let’s get to the real question here: how much can you make in dividend income?
The first thing I need to say before answering this question is this: it’s not easy to make a sizable amount of dividend income. If it was easy no one would work and everyone would simply live off of their passive dividend income.
Using the spreadsheet I created, let’s look at what you would be able to make annually from dividends if you invested $5,000 in 3M stocks:
Okay so you’d only make $123 each year. Now that may not feel like much, but remember it’s also reasonable to expect 3M’s stock to appreciate over time. Also, don’t forget how great dividend income is: you are getting $123 by simply owning $5,000 worth of 3M stock! No effort required.
Let’s take a look at a higher investment amount: $100,000.
Nearly $2,500 a year – not too bad! You can see why dividend income is so attractive, especially to those looking to retire early or who don’t want to spend down their assets in retirement.
Quick math shows that owning $1 million of 3M stock would yield $25,000 a year in entirely passive income. Do you have $2 million to invest? double it up to $50,000 a year.
I don’t know about you, but this sort of scenario analysis is incredibly motivating to me.
I spend most of my free time working on side hustles to increase my income, and while paying off debt is the primary goal right now, long-term I would love to regularly funnel “extra” side hustle income into dividend-paying stocks.
If you are an entrepreneur or want to be an entrepreneur, dividend income just might give you the motivation needed to put in the long hours and hard work to build your business. After all, if you are able to sell for a couple million dollars – or more – you very well could live off of passive dividend income the rest of your life.
Get the spreadsheet below and find out how much you can make in dividend income with your current and future investments.
The post How Much Can You Make in Dividend Income? This Spreadsheet Will Show You first appeared on Young Adult Money.]]>
It’s an easy way to save over $1,000 in one year. $1,378 to be exact.
The 52 Week Money Challenge is realistic for anyone because it doesn’t require the same amount of money to be saved each week. That’s because over the course of 52 weeks you save as little as $1 and, at most, $52.
Let’s take a more detailed look at how the 52 Week Money Challenge works, and some alternative ways of doing the challenge.
The 52 Week Money Challenge is simple. Over the course of 52 weeks, you make a deposit into your savings account once a week. The deposits range in value from $1 to $52.
One way people do this is deposit $1 the first week, $2 the second week, $3 the third week, and so on. At the end of 52 weeks the deposits total $1,378.
Another way to do this is vary the payments. Perhaps you deposit $52 the first week, $1 the second week, $51 the third week, and so on. This works well when there are busy times, like Christmas, where money is tighter, or if you have an unexpected expense that sets you back.
Being able to adjust your weekly contribution as needed is an added layer of flexibility to the challenge, but not everyone takes that approach. It can be easier to just stick with increasing your contribution each week by $1. Who knows? Maybe you will even continue past the 52 weeks.
Another variation is to multiply the amount you save. Depositing $1 through $52 is great because you will save $1,378 in one year, but why not up the ante? If you deposit $5 through $260 in increments of $5, you would have nearly $7,000 saved. This is a great way to make a game out of building an emergency fund.
I recommend having a separate savings fund at a different bank than your home bank or credit union to create a separation between the money you have for spending and the money you are saving for a rainy day. My choice is a high-yield savings account at CIT Bank. Many banks pay almost nothing in interest for their savings account. You deserve to get a high interest rate on your savings account, and CIT Bank is a great option.
If the 52 Week Money Challenge sounds like something that you want to try, we have a free 52 Week Money Challenge Spreadsheet and Printable for you.
If you want the spreadsheet or printable, you can get a free copy below.
Don’t miss out on our free budget spreadsheet or these travel rewards credit cards that can help you achieve your travel goals faster.
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If you’re like me, a lot of ideas are swimming around in your head. It can be hard to nail down what areas of your life you want to focus on.
That’s where this list of 100 goals to focus on for a successful year comes in handy!
100 goals is a lot of goals, but this list is meant to give you a bunch of ideas that you can pick and choose from. We have ideas for money goals, career goals, personal development goals, and finally health & fitness goals.
You’ll find inspiration and things you can take action on below.
If you’re looking to make next year your best year yet, then these 100 goals focused on money, career, personal development, and health and fitness should help make it happen!
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Luckily, you have control over one of the most notoriously expensive parts of Christmas – gift giving. Here are 14 creative and cheap alternatives to traditional Christmas gifts.
Giving a donation in someone’s name in lieu of gifts can be even more meaningful, and can really help those who are truly in need during this time of year. Making a donation in the name of your family or friend is something nearly everyone would like or at least appreciate.
If you aren’t sure what organization your friend or family member supports, just ask. They will appreciate the thought, and it’s always better to ask to ensure money in their name is going to a cause they really care about.
DC here – I’ve given a donation as a gift and received one as a gift in the past and it was awesome. Especially as an adult, so often we already have so much “stuff” that it can be refreshing to receive a gift that is actually a donation helping a good cause. Highly recommend it! My go-to is the World Wildlife Foundation, which has a great gift option where you can give a stuffed animal or other gifts as a physical representation of the donation you gave.
If you can’t bear the idea of a gift-free Christmas, why not consider a Secret Santa gift exchange? Before Christmas day, everyone randomly draws another family member’s name and purchase a gift for that specific person. During the gift exchange, everyone gets one gift.
You can even put a price limit on how much everyone can spend. This not only make a Secret Santa an incredibly budget-friendly option, but it also forces participants to get creative with their gifts.
Hosting a big potluck dinner can be celebration enough. At a potluck, everyone can bring their own dish to share, which can be considered a gift in itself. In addition, a potluck takes some of the stress and financial responsibility off the host.
To make it even more fun, you can consider a theme meal, where everyone brings a dish and dresses up according to the theme.
Instead of gifts, think of something you and your family or friends can all do together. It doesn’t have to cost much, but chances are, experiences you’ve had together are going to be more memorable than a gift.
This could really be anything – a trip to the movies, a weekend getaway, a fancy meal out. You may even find that this becomes tradition.
It’s never easy to guess what people want for Christmas. Instead, ask everyone what they really need.
If you’re going to be spending money on them, they would probably appreciate something they really needed versus a gift that they might not even use.
The gift of time is not only one of the most meaningful gifts, but it can be one of the most helpful. Everyone could use additional help in some area of their life – whether it’s a house cleaning, organizing, cleaning up the lawn, or a special project.
Helping them for an afternoon might not even feel like much work to you, but the recipient will surely appreciate your help.
It’s also worth pointing out that actually scheduling this is much preferable to giving a coupon for future use. Many people who receive coupons as gifts rarely redeem them. Offering to help with landscaping or watching someone’s kids so they can go on a date night should be put on the calendar so it actually happens.
For anyone with children in your family, consider starting a savings account. Instead of spending money on gifts, put a few dollars into a savings account to give them when they graduate high school.
Okay, maybe a FEW gifts. But you can still get the savings account rolling as well.
Though it might not save you lot of money right now, it does re-purpose that money into something more meaningful than the latest gift. If you are unsure whether this would be appropriate, talk with the child’s parents.
Whether or not you consider yourself crafty, you can make a variety or relatively simple homemade items to give as gifts. Everyone appreciates a creative homemade gift, and the possibilities are endless.
You can make anything from woodworking projects, scarves, body scrubs, food items, and more. Making items homemade can be much more cost effective versus buying a gift for everyone. They might just take a little more time since you have to actually make the gift, so be sure to start plenty of time in advance.
Giving household staple items might not be the most meaningful gift, but they rank high in usefulness and simplicity. If you’re unsure of what to give, household items like nice hand soaps, bath items, cleaning supplies, or even laundry detergent can make great gifts.
I like this gift because I’m practical. It’s something that will never go unused, and allows me to save more money in my budget by not having to buy such household items for a few months. To make it seem a little more special, you can wrap it up into a gift basket to give to the recipient.
Though it may seem taboo to some, it is possible to forgo gifts entirely and without guilt.
The important step is to ensure everyone is on board with a no-gift Christmas. If you are proposing a no-gift Christmas, you’ll also want to stress that this truly means no gifts. Inevitably, one family member will give small gifts, causing everyone else to feel slightly guilty. When you all talk about it beforehand, it allows everyone to be on the same page.
Though it is possible to find sale items during the holiday season, the sales are far less significant than other times of the year. Add that to the already hectic holiday season, and you’re spending much more money than you would be during another time of year.
One way to elevate some of these costs is to hold the holiday celebration during another time of year. Many people find a “Christmas in July” is more affordable than celebrating in December.
It can be easy for gift-giving to get out of hand. You may feel inclined to buy endless gifts for everyone. One way to combat this is to limit the number of gifts you buy for each person.
The key is communicate your ideas with everyone you are celebrating with. This ensures that no one feels slighted or upset after Christmas.
For a fun and informal Christmas gift exchange, you can declare it white elephant. That means everyone buys or finds one funny gag gift. It truly can be anything. Then you go about exchanging the gifts by drawing out of a hat.
This may not be for everyone, but it is a fun and very affordable way to celebrate a family Christmas.
What gifts could your family all benefit from or enjoy? Why not go in and purchase a group gift?
This could be something such as family portraits, a new household item if you all live together, a trip you take together, or even purchasing the research to create a family tree.
We hear about side hustles all the time, but have you ever wondered what people are actually doing to make money on the side?
I’m a big fan of research because it’s data-driven and objective. When it comes to side hustles the two biggest questions are: how many are doing them and what are they doing? Perhaps the biggest question is: how much are they making?
CareerBuilder recently released research on side hustles that I thought was insightful. Today I want to talk about the most popular side hustles according to research.
Let’s take a look at the list.
Below are notable side hustles per CareerBuilder Research:
What stands out to me when I read this list is the general lack of “technology-based” side hustles. Survey taker and blogger are really the only pure “technology-based” side hustles on the list.
I wasn’t surprised to see survey taker mentioned, as it’s long been a way to make a (little) extra money on the side.
I was happy to see blogging on the list, especially with blogging being one of the most mentioned and talked about side hustles. Depending on the niche of the blog, bloggers can work anytime, anywhere.
While dog walking and house sitting may seem like “old school” side hustles, I think it makes sense. Technology, specifically sites like Rover.com, have made it easier than ever before to become a dog walker and/or a dog sitter. You don’t necessarily have to go out and attract clients, as the website does some of the work for you.
We have a rental apartment and our renter’s side hustle is dog sitting and house sitting. It’s something that is easy to do on top of a 9-5, and once you have regular clients it’s easy to continue the side hustle without having to constantly land clients.
I think the demand for dog walking and house sitting will only increase over time. More and more people are opting to have dogs instead of kids, or at least are delaying children and are, in turn, adopting dogs. I also am convinced that social media is a boon for the security industry, as people like to post real-time, including while on vacations. A house sitter adds an additional layer of security.
The other side hustles listed are also “old school” in the sense they have been around for a long time. Bartending will always be in demand, and the demand is typically nights and weekends. Same goes for DJS. And while we may think of babysitting as something 20-somethings and 30-somethings don’t do, there is probably more people doing this as a side hustle than we realize.
Side hustles are, for the most part, about supply and demand. The list that CareerBuilder put out makes sense: there is constant, if not growing, demand for these services.
But how will side hustles change over the next few years? Or even the next ten years?
I think we’ll always see the location-based side hustles that are popular today, but as we saw from both blogging and taking surveys making the list, the world of side hustles will continue to evolve. Virtually everyone is, at minimum, intrigued by the idea of a location independent option for making extra money in their spare time.
12 Income Streams You Can Create By Starting a Blog
As someone who has blogged for nearly a decade and run Young Adult Money for more than six years, I have seen more and more content out there, and the quality does seem to be increasing. With that being said there seems to be a nearly unlimited demand from businesses and consumers for content, so those who “cut their teeth” blogging are going to be well positioned to work on content full-time, consult on content marketing, or some other upside from the huge demand for content.
Here’s a few other examples of side hustles I think will become more prominent over the next few years:
The first few that I listed above go along with the content theme. They also are side hustles that give the individual performing the service a large degree of freedom. You could argue a videographer/photographer have less freedom, but they ultimately have say over what type of work they do, how often they work, and where they work. I don’t foresee demand slowing down for freelance writers, graphic designers, photographers, videographers, and social media managers anytime soon.
Virtual assistants are going to be in higher and higher demand as the economy becomes more digital-based. We already have millions and millions of people going into jobs where they sit on computers all day. If business owners took advantage of the huge savings they can realize from a mobile workforce, virtual assistants will be swept up in the wave. I also think the rise of freelancers and contractors will inevitably lead to demand for virtual assistants.
While all the talk is on automated driving, the reality is that automated driving is still years down the road. There is actually a huge shortage of Uber and Lyft drivers, and Uber is actively recruiting drivers as we speak. This demand goes beyond traditional Uber drivers and includes things like UberEats, which is really looking to staff up drivers. As there is more and more demand for Uber and Lyft, prices and convenience of being a driver will cause people to consider taking it on as a side hustle.
Finally, I think programming will continue to rise in popularity as a side hustle. While many programmers only work their 9-5, there is a whole subset of full-time programmers who are working on an app idea, or partnering with others on business ideas. The demand for programmers won’t slow down anytime soon, and I think programming will be an extremely popular side hustle the next 5-10 years, and beyond.
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