198. John's Budgeting 101 Series #6: Expenses input (current)
Use the template created under Expenses (Historical) and create a blank sheet for 2022, by month from Jan to Dec. At the end of everyday in January, key in all the expenses that you will incurred from your receipts, memory etc. Be diligent, set up a fixed time every night to key in your expenses for that day. Better immediately before you forget. Then at the end of every month, when you receive your card statements, when you look at your bank statements, key in those expenses auto deducted from your accounts/cards that you may have missed from day to day and key them in as well.
You will then be able to see what are the numbers you are currently spending. Build the discipline of recording first. At the end of month 1, don't do analysis yet. Once we have captured a few more months worth of data, we can begin analysing expenses.
Completed January expenses input? Great job! See you next week when we will talk about analysis a bit!