After several months of trying to find the perfect expense tracker in Notion, I found that current trackers are either:
- Too complex: So you will have to play with formulas in order to customize it for your own needs
- Too simplistic: So they won't actually help you in actually knowing how money is coming in or going out. Just go on keep on adding the details which most apps usually do anyway!
So I decided to build this expense tracker to solve these 2 problems.
Before having this template:
🔴 I didn't knew where my money was going. I was pilling on debt.
🔴 I had to wonder how well I was doing in terms of my money expenditure. I didn't knew if I was spending more than what I was earning?
🔴 I wasn't able to see trends in my spending, so I couldn't tell what was causing me to spend on a particular category.
🔴 Entering data from my phone was a pain.
🔴 I couldn't edit the data to my liking, I had to see the same views which were not adding any value.
After having this template:
🟢 I'm motivated to see how my net-worth turns green over time and thus motivate me to save and invest.
🟢 My dashboard tells me my net-worth, my current month income, my current month expense. I don't have to wonder whether I'm broke and have to use my credit card.
🟢 I can easily see my spending trends and decide whether I have to focus more on saving or cutting unnesscary spendings.
🟢 I'm often on the go and now I can input data from my phone very easily
So, how am I actually solving all this?
Let me explain.
1. Start with Beginner's Tracker
The first battle is getting acquainted with tracking, this tracker has all the necessary spend categories , I have added the 12 most common categories, so that you can track your expenses. This tracker will only track the money going out of your life.
How this helps?
If you have read any money related books, they ask your to track the money going out of your life. This activity will allow you to see from your own eyes how much you are spending in each category each month so that you are more conscious of your future spendings.
There are 3 views, By Month, By Category and Default view
The bottom row will calculate the amount automatically for you so that you know how much you are spending each month.
2. Next Stop - Intermediate Expense Tracker
If you have a question, but where should I add the Income, this is not I signed up for?
I very much agree with you there. The system should be able to calculate the remaining balance and that's where intermediate Expense tracker comes into picture.
Beginner's Tracker is good but it lack few things, adding income, adding investments, calculating the remaining balance, if I am saving anything or not in a month.
Intermediate Expense tracker might just be the answer for you. Here you can add your income in MONTHLY INCOME database, add your expenses in MONTHLY EXPENSES database and the Balance Calculator database will calculate the remaining balance for you.
I'd highly recommend starting with Intermediate Tracker.
3. Advanced Expense Tracker
This tracker is not your usual tracker, its build to provide value in your life. It's build to help make the next right decision. It calculates the net worth, the actual net worth of you!
It helps in managing your loans, investments, insurances, Liabilities and also your monthly expenses.
This tracker contains in-built tempates to add the most important data for reference. There are 4 databases: Loans, Insurances, Investments and Liabilities
In this database you can add your Loans, enter the EMI add the interest rate and Last date until which you have to repay. The tracker will automatically pull rest of the details. Each entry has the template enabled.
Similarly you can add entries to Insurances, Liabilities and Investment databases. All the steps are laid out in the tracker.
Note: With investments database because we can't pull data automatically to Notion from 3rd party Apps, we have to calibrate monthly, quarterly( best), half-yearly or yearly the actual value of your investment.
4.Net Worth View
This is the most important view of this tracker as it tells you how much your actual worth is at the moment. It will calculate your investments, insurance cover and Loans in such a way that you will get to know your net-worth! I am still in debt at the moment, but I hope you have a positive networth
Everything you need to see and access lives in this dashboard.
It is very easy to navigate so you'll always know where everything is.