This set of spreadsheets is the basis of "become the CEO of your own financial life". (Well, you're more CFO here, but you get the point!)
The Balance Sheet is the running register of the things you own, and the things you owe. This is where your net worth is calculated monthly.
The Income Statement is your monthly incoming / outgoing. Think of it as a Profit & Loss statement, but for yourself.
They are two separate documents - one is about your income/expense, the other is about your financial position.
PROTIP: As you enter in values each month, if there's an odd number (eg. $2000 in a category that's usually $50), make a comment on it. When you're reviewing your numbers, it's much easier to look at the comment to remember you bought a laptop!
Update this sheet on the 1st of every month, so that you properly account for interest earned in the previous month.
This should be the first thing you do each month, BEFORE you start sending out your income to pay for bills/savings/etc.
You'll need to manually update the net worth calculation each month in cells B51 & B52.
B51 should be your most up to date net worth, and B52 is (this month's net worth - last month's net worth)
It displays two net worth calculations per month: net worth excl. Super, and net worth incl. Super. It's so you can have a clear view on the two-phase retirement we have in Australia.
The first time you use it, update the Income sources with where your money comes from, and the Expenses with where your money goes.
These should be your tracking categories from your usual tracking spreadsheet / YNAB / Pocketsmith / Mint etc.
I am super aware that I have a *tonne* of tracking categories, but it works for me and I love the reporting I can get into. #financenerd
There's some conditional formatting on rows 85 & 88 - the goal is set at 50% savings rate, but you can change the setting to your targets.
Notes on Work Expenses
You'll notice that these spreadsheets handle work expenses as separate categories in both income statement & balance sheet. I found that mixing my work expenses in with my own spending just totally messed up my life.
I track them as "IOUs". I incur the expense on behalf of my employer, I then send the expenses for reimbursement, and then the money is reimbursed.
At no point is this debt MY debt - it's clear on these sheets that I'm holding that debt for my employer.
This is particularly clear on the Balance Sheet, where on rows 32-35 I split "my" credit card debt from my "work expense" credit card debt.
If you have a dedicated work expense card, then you might not need this level of split.
Notes on Annual Average Column
The "Annual Average" column is really useful after a full year. I use it to help with budgeting proper percentages for the next year.
Example: instead of guessing that I spend $300 on groceries, I now know that on average I'd spend $270, so I adjust for the next year accordingly.
Original document made by @corney, 30/6/2018.