how I manage my money income , expenses , budget , etc || personal finance in my 20s

Thank you to Nordgreen for sponsoring this video! If you’re interested in getting your own watch, here’s the link: and you can use my discount code LINALE for 15% off.

Hi it’s lena and i’m gonna show you how i keep track of my finances so everything from my income my expenses my budget bank accounts credit cards and some of the information that i need to do my taxes with when that time comes around by no means am i saying this is the best way to do it there’s probably better ways to do it out there but for now this is just what

Works well for me without it being too complicated and i figured i would show you in case you’re also looking for ways to keep track of your own finances i use microsoft excel for all of my finances which you’ve probably all heard of by now it’s a pretty powerful spreadsheet program but honestly i’m not super well versed in all that it can do and you don’t need

To be either just knowing the basics is more than enough so i’m gonna open up a copy of my finances file that doesn’t actually have my numbers in it because i do want to keep those private but this will still work and i’ll just use hypothetical numbers to show you what i do so i have two sheets within this one file as you can see here at the bottom i have one for

My personal finances and then one for my business slash professional finances and i’m gonna start with the income in my personal finances sheet at the top here actually before we move on to that i’m just gonna say that i have a column for every single month of the year and it lines up in every single category so that i can see what each month looked like so i

Have all of my income streams written down here so i start with my film and tv acting income then i move on to youtube adsense so this is the money that youtube pays me for the ads that they show on my videos so if you do watch those thank you it actually does really help me out and then i have youtube sponsorships and speaking of sponsorships i think that it is

Time for me to talk about today’s sponsor nordgreen get it because it’s a watch brand time that pun worked out a lot better in my head but i’m just gonna i’m just gonna roll with it anyways i’m so excited to introduce you guys to nordgreen and i’m so grateful to them for sponsoring this video nordgreen is an amazing scandinavian watch brand based in copenhagen

Denmark their watches are designed by jacob wagner who was previously a lead designer for bang and oliveson and hey i absolutely love nordgreen’s designs they’re simple and minimalistic so they’re really timeless that way i personally got the philosopher watch with the gold mesh strap and i was so excited for it when it got here in the mail and it definitely

Lived up to my expectations i think that it is so pretty and what’s really cool about nordgreen watches is that they also have interchangeable straps so i also got a black leather strap so i can style the watch in more than one way and it’ll just be able to fit so many different looks and clearly the designs are well received since nordgreen won the 2020 red

Dot design award one of the main things that really impressed me about nordgreen and got me excited to be working with them was their sustainability and ethical practices so first the watches are ethically made in danish owned union certified factories so you know that the working conditions are good second their packaging is eco-friendly and fsc certified it’s

See also  The Risk of Owner Financing

A cardboard case that comes from responsibly managed forests and then the felt insides of the box are actually made from upcycled plastic bottle so that’s super cool and they also have carbon neutral transport which means that they offset the carbon emissions generated by their shipments by planting trees and once you’ve received your watch you can actually

Participate in their giving back program basically your watch will come with a serial number on the back of it and you’ll also get a certificate of authenticity with an id number and with that you can head to their website to pick one of the three global ngos that nordgreen has partnered with to support so you can pick water for good which will give two months

Of clean water to a family in the central african republic or you can pick pratham uk to give one month of education to a child in india or lastly you can pick cool earth which will preserve 200 square feet of rainforest in latin america and they have so many other cool sustainability practices so you can definitely feel good about buying a nord green watch and

You can also look good so it’s definitely a win-win situation and if you guys are interested in getting your own nord green watch i have a 15 off discount code which i’ll put on the screen here somewhere and then i’ll also put it in the description box along with a link for you guys thanks again to nordgreen for sponsoring this video i’m just gonna go ahead and

Get back to it okay so after youtube sponsorships i have affiliate links and then i just have a category for other income maybe i’ll sell an item that i owned or something like that it’s really just for things that don’t fit into any of the other categories which is typically not that much but it’s good to have it there so just for the sake of demonstration i’m

Gonna put in random numbers for each of the categories and once that’s done i go to that total row and i type in equals sum and then a bracket and then i select all of the rows in that column and that adds it up for me it’s really nice because if one of the numbers changes then the total also changes with it moving on to expenses i have all of them broken down

Into categories and i’ll go through them but these will obviously look a little bit different for you depending on what your situation is but they’re pretty easy to figure out if you just pay attention to your bills or your spending habits or what you can do is just go on google and look up expenses categories list and then just pick the ones that apply to you

From there so for me i have gasoline then car maintenance and car insurance are grouped into their own row then i have parking then transportation and by this i mean if i need to take public transit then i have my health insurance or anything medical after that i have fitness then there’s food slash dining out which i guess now during the pandemic dining out

Is more like takeout but i have high hopes for this year so i’m just gonna leave it as dining out and call it manifestation and hope that it actually happens at some point in 2021 um but anyways this category also includes things like coffee or snacks that i get from outside then i have groceries and shopping then i have my cell phone bill after that comes my

Acting and youtube expenses which i’ll talk about a little bit more later when we’re talking about professional expenses for my taxes then there’s entertainment this includes any kind of streaming services subscriptions and before the pandemic it would have also included things like going to the movies or going out with friends then i have donations and then the

See also  3Vjohnny reacts to Doug DeMuro Why You Should Finance Your Car (And Not Pay Cash)

Other categories for things that don’t fit in anywhere else so to keep track of this i’ll basically sit down at the end of the month look at my bills get my calculator out and then add things up into whichever category they belong into i know a lot of people will do this as the month goes on kind of every single day manually or they’ll just have something that

Will do it automatically for them and sort things into categories personally i don’t really have the patience to sit down and do this manually every single day and as for the automatic part of it i’ve heard that sometimes it won’t sort things really accurately into categories so you’ll have to go in and fix things manually but really the reason why i don’t want

To do it automatically is because the way that i’m doing it now i feel like it makes me really mindful of all of my expenses having to kind of add them up like that and i just like it better that way maybe this will change in the future but for now this is what works for me so again i’ll just put in random numbers and at the bottom for the total row i’ll just do

Equals sum and then select all of the rows in that column and those would be my total expenses for the month for my budget i put in a bunch of numbers but this is not my exact budget it’s just for the sake of demonstration and now that i’ve talked about all the categories and the sum function this is pretty straightforward it’s just an estimate of what i think

My spending in each category should look like for that month and then the total and i put this in the expenses section so that i can easily compare that budget number to the actual expenses number and make sure that i’m actually staying within that budget for each category and also in total so once i have my income and my expenses it’s time to calculate my net

Income which is my total or gross income minus my expenses so i’ll just do this little sum function here and select the total income cell and subtract the total expenses sell and that would be my net income and that’s basically it most of this money ends up going towards my savings account and speaking of bank accounts that’s the next section first i have a tfsa

Account which is a tax-free savings account in canada and i’m actually hoping to invest some of this money once i actually learn a little bit more about investing uh then i have my high interest savings account which i try to absolutely never touch i never really take any money out of it it’s just meant for emergencies and i’ll try to add to it every single month

Then i have my checkings account which is what i’ll actually spend money with so this is what i’ll use to pay off my credit card bills and send e-transfers and so on and i like doing this because i can see how my accounts are changing as the months go on last on the personal side of my finances are my credit card statements i’ll put them in for each month and add

Them up and make sure that that total number is kind of staying at a similar level from month to month but honestly this section here i don’t pay too much attention to because it’s kind of been accounted for in the expenses section it’s just nice to still keep track of this though so now moving on to the professional slash business side sheet i’m technically

See also  Finance vs Economics Degree

Self-employed because my income is from youtube and even though i’m hired by productions for film and tv acting i’m still considered self-employed under the canadian government and that’s a whole other conversation my point is that as a self-employed person i really have to keep track of all this information to be able to file my taxes properly so first for

My income i always have the date of payment so i’m just gonna make a fake entry and write i don’t know february 22nd and i wrote 22nd because youtube typically sends out checks every 22nd so in the description i would write january youtube adsense earnings because what i get paid in february is actually the earnings from the previous month for the category i

Would write youtube and then the gross amount would be the same as the net amount so i’m just going to put in a random number here and to show you why i have gross and net columns i’ll do a fake acting entry so let’s write um may 20th um the flash shoot i mean the flash is shooting in vancouver so here’s to that actually happening in the future um i don’t

Know the the category for this would be acting and then for my gross income this would be the total that i would earn so just for the sake of easy math i’m gonna make it 1 000 but my agent takes 10 of those earnings so she would take 100 of that which would leave me with 900 for my net income and once i’m done filling out my entire year i would just total out

The columns by doing equal sum because i just showed you that my agent takes 10 of my earnings that’s actually considered a business expense for me so i would write down the date and then i would write the flash shoot agency fees plus gst and this number is actually already given to me in my paycheck sheet from my agency so i’ll just input that as is instead of

Using some sort of equation i just find it to be a lot easier that way and other things that would go under my professional expenses for acting would be things like my headshots my acting classes casting website fees imdb fees any kind of equipment that i need and so on and for my youtube business expenses it would be things like the music licensing website that

I use so that my videos don’t have any kind of copyright issues cameras or lights or editing software fees basically just anything that is an investment towards my acting career or my youtube channel goes in here and i keep the receipts and invoices for this whole sheet on a separate word document so that i actually have proof that these expenses and this income

Did happen and that’s practically it at the end of each month i’ll sit down and fill out both of these sheets with that month’s information as well as pay my credit card bills i know that this is not a perfect system by any means and i might be looking to improve it at some point so if you have any tips i’m definitely open to hearing them but for now that’s it

For this video i do hope that it was helpful to you and hopefully i’ll catch you in my next video you

Transcribed from video
how I manage my money 💵 ‏‏‎ ‎income , expenses , budget , etc || personal finance in my 20s By Lina Lecompte