I’m a housewife and my husband is a marketing director at an FMCG company. Since he’s very busy, he lets me manage all household expenses and for this he allowed me ready access to as much money as I might need.
While this freedom was great, it also meant I didn’t have to put in much effort to plan, track, and manage my expenses. I realised I was being wasteful and that I could be saving a lot of money. When my friends asked me what my budget is for a trip with them, I had no idea.
That was when I decided it’s time to get more financially savvy.
I asked my daughter to teach me basic Excel and I created expense categories such as holiday, loan, education, grocery, etc. to record my expenses. I enter my expenses on my phone as I incur them and put them on an Excel sheet at the end of the week. My daughter helped me with a summation formula so we can see how much we spend in each category.
After doing this for two months, I sat with my husband on a weekend to evaluate the trends in the household expenses and set limits for each category for future months. I learned how to make graphs and other analyses on Excel and I’m enjoying this so much!