Have you ever thought of recording your expenses after taxes? Have you even tried to use a spreadsheet to track expenses after taxes? Then I’m sure you are wondering how do I do it? You see tracking expenses after taxes are no joke.
All the things you have bought have to be paid on time, your monthly income has to be in the right track and you have to have all your expenses managed. Yes, this is true especially if you are not doing that well in managing your cash flow.
To keep track of your expenses after taxes then a good spreadsheet must be used. Since most people work by using a spreadsheet software, it is not hard to do. However one should remember that Excel is also not the best. I would recommend you get a good spreadsheet software so that you can save time and effort to track expenses after taxes.
In a spreadsheet you will have a sheet for each month, a sheet for your expenses and a sheet for your taxes. On your expenses sheet you will have a column for each expense, a row for your income, and a column for what you have paid into the expense, what you have received back as your taxes and the total amount paid and total amount received. So lets say that you paid $1000 for your new sofa and you paid it in cash, and you have received back from your accountant a check of $700. You would enter the total money you have spent in this transaction.
You will be entering the total dollar value of the money you have spent and the total dollar value of the money you have received back from your accountant. After doing this you will have entered the expenses into your expenses after taxes sheet. Your expenses after taxes sheets will have the total number of the expenses for the whole year.
Now let’s say that you receive a tax payment of $700 from your accountant. On your expenses after taxes sheet the expense for your expenses would be updated. You would then enter the amount of the payment you have received back from your accountant on your expenses after taxes sheet.
A spreadsheet will make life easier for you. However, don’t get discouraged if you find yourself lost here. You just have to find a good spreadsheet software that is free to download and install. Also make sure that you read the manual provided with the software so that you know how to use it.
If you are really serious about saving as much money as possible after expenses then follow this simple technique and I am sure you will be successful. Once you learn how to do this, you will not have to stress and worry about your expenses after taxes. Good luck!
