Budgeting might seem a tedious habit: A lot of the time, people think that it is an overly complicated and time-consuming activity. However, knowing how to organise the data on own income and expenses, can simplify the daily process of tracking own finance. Even a simple Excel table can be highly beneficial.
Simona Cymbaliukaitė, an up-and-coming Lithuanian entrepreneur, Instagram and YouTube content creator, took her first step towards financial literacy by simply writing down her income and expenses. Initially, on paper and possibly chaotically, she now uses an efficient Excel table that has made budgeting much easier.
“Everything is organised by month. Rows for income and its source (parents / grandparents, gifts, salary), as well as expenses, is laid out in the table. Expenses are divided according to the 50-30-20 rule.”
“To the 50 percent slot which is dedicated to the necessary expenses, I write down how much I spend on apartment rent, food, transportation, and phone bills. 30 percent, which is dedicated to entertainment, I note what I spend on clothes, subscriptions, and cafes. The remaining 20 percent is dedicated for saving and investment. By entering a simple formula ”=[amount of money] + [amount of money] + [amount of money]...” in each cell, and registering the amount received or spent with a simple ”+”, budgeting becomes a daily and easily implemented process”, says Simona.
