How to Use the WealthWize Financial Tracker

Managing personal finances is key for everyone—from students to parents and anyone wanting to take control of their money. The WealthWize Financial Tracker is a powerful tool that allows you to monitor your income, expenses, savings, and investments all in one place. This guide will help you set up and use the WealthWize Financial Tracker effectively, empowering you to make informed financial decisions.

Getting Started with the WealthWize Financial Tracker

To kick things off, access the WealthWize Financial Tracker by following these steps:

1. Click the top-left hamburger menu.

2. Select "Financial Tracker."

3. Click "Access the Financial Tracker."

4. 

   Make a copy.

5. Add your name to the form title.

6. Go to "Responses" > "Link to Sheets."

7. Choose "Create New spreadsheet."

8. 

   Publish the form.

9. Copy the form URL via the top-right link icon.

10. Save the link to access later.

Understanding Your Financial Entries

The WealthWize Financial Tracker helps you gather critical insights from your financial data. You will fill out various fields designed to enhance your understanding of your finances. Here’s a breakdown of what to expect:

1. What is the date of this entry?

   
   

   Recording transaction dates is crucial for spotting patterns over time and identifying recurring expenses.

2. What category does this entry fall under?

   
   

   • Revenue: All incoming funds, such as salary or freelance income.

   • Expenses: All outgoing funds, like rent or groceries.

   • Savings: Money set aside for future needs.

   • Investment: Funds directed towards assets aimed at wealth growth.

3. What is the specific subcategory of this entry? (Revenue)

   
   

   Revenue is the total amount of money that you bring in from different sources. It can come from a part-time job, selling things online, doing freelance work like tutoring, or even gifts and allowances.

   
   

   For example, if you earned $3,000 from your job and $500 from freelance work, detailing these sources clarifies your income structure.

   
   

   • Salary: Regular income from a part-time or full-time job, usually paid weekly, biweekly, or monthly

   • Freelance: Money earned from short-term or contract-based work, like tutoring, designing, or writing

   • Sales: Income from selling items or services—such as used clothes, homemade crafts, or digital products

   • Bonuses: Extra money earned, often as a reward for good performance at a job or from seasonal opportunities

   • Interest Income: Money earned from savings in a bank or other accounts that pay interest over time

   • Rent Income: Money you earn by renting out property or space (even renting a room or equipment counts)

   • Dividends: Payments received from owning stocks in companies that share a portion of their profits

   • Gifts: Money received from family, friends, or others—often for birthdays, holidays, or achievements

   • Refunds: Money returned to you after returning an item or overpaying for something (like school supplies or online orders)

Understanding your revenue helps you see how much money you're actually making. It's the starting point for building a personal budget and deciding how much to spend, save, or invest.

4. What is the specific subcategory of this entry? (Expenses)

   
   

   Note: If you spent $1,200 on rent and $300 on groceries last month, breaking this down reveals trends and areas for potential savings.

• Rent/Mortgage: The monthly cost of living in a home, whether you're renting or paying off a home loan

• Groceries: Money spent on food and basic household items bought at the store

• Utilities: Regular bills for services like electricity, water, gas, internet, and trash collection

• Dining Out: Spending on food and drinks from restaurants, takeout, or cafes.

• Transportation: Costs for getting around—this includes gas, public transit, car payments, maintenance, and rideshare services

• Subscriptions: Monthly or yearly fees for services like streaming apps (e.g., Netflix, Spotify), memberships, or software

• Insurance: Payments to protect things like your health, car, or home in case something goes wrong

• Entertainment: Spending on fun activities like movies, concerts, games, hobbies, or sports events

• Debt Payments: Money used to pay back borrowed money—like credit card bills or student loans

• Childcare: Expenses related to caring for children, such as daycare, school supplies, or after-school programs

• Pet Care: Costs for looking after pets, including food, vet visits, grooming, and supplies

• Clothing: Money spent on clothes, shoes, and accessories

• Home Maintenance: Spending on fixing, cleaning, or improving your home

• Wellness/Makeup: Costs for personal care and health, including skincare, makeup, fitness, and wellness products or services

5. What is the specific subcategory of this entry? (Savings)

   
   

   Define your savings goals, such as:

   
   

   For instance, setting aside $200 a month for an emergency fund can lead to significant savings over time.

   
   

   • Emergency Fund: money saved for unexpected expenses, like car repairs, medical bills, or job loss

   • Retirement Savings: money set aside for the future when you stop working, usually in special accounts like a 401(k) or IRA

   • Short-Term Savings: Savings for upcoming goals or purchases, like a trip, new phone, or concert tickets

   • High-Interest Savings: A savings account that earns more interest than regular ones, helping your money grow faster

   • Education Savings: Money saved to pay for school, college, or other education-related expenses

   • Down Payment: Savings for a big purchase-- like part of the cost of a house or car, paid upfront

   • Cash Savings: Money saved and easily available-- often kept in a basic savings account or as physical cash for quick access

   
   
   
   

6. What is the specific subcategory of the entry? (Investment)

   
   

   For investments, classify your entries under:

   
   

   If you've invested $5,000 in stocks and $10,000 in real estate, tracking these amounts helps gauge performance.

   
   

   • Stocks: Buying a small share of a company-- if the company does well, your investment can grow in value

   • Bonds: A loan you give to a company or government-- they pay you back later with interest

   • Mutual Funds: A mix of investments (like stocks and bonds) grouped together and managed by professionals

   • Real Estate: Investing in property, like houses or buildings, to earn money from rent or by selling for a profit

   • Cryptocurrency: Digital money (like Bitcoin or Ethereum) that people buy, sell, or trade as an investment

   • ETFs (Exchange-Traded Funds): A group of investments you can buy and sell like a stock, usually tracking a market or sector

   • Startups: Investing in new or small companies early, hoping they grow and become valuable over time

   • Retirement Accounts: Special investment accounts (like 401(k)s or IRAs) that help you save for retirement with tax benefits

   • Precious Metals: Investing in metals like gold or silver, often used as a way to protect against inflation

   • Commodities: Investing in basic goods like oil, wheat, or natural gas—prices can go up and down based on supply and demand

   
   

7. What payment method was used?

   
   

   Recognizing your payment method offers insights into spending habits. Choose from:

   
   

   For example, using a credit card for dining out can indicate a habit of spending on convenience.

   
   

   • Cash: Physical money--like bills and coins--used to pay for things in person

   • Credit Card: A card that lets you borrow money to make purchases, which you pay back later--usually with interest if not paid on time

   • Bank Transfer: Sending money directly from one bank account to another, often used for bills or large payments

   • Digital Wallet: An app or service (like Apple Pay, Google Pay, or PayPal) that stores your payment info and lets you pay with your phone or online

   • Debit Card: A card linked to your bank account that lets you spend only the money you already have

   
   

Why Using the WealthWize Financial Tracker Matters

Taking charge of your finances can significantly reduce stress. With the WealthWize Financial Tracker, you gain a clear view of where your money comes from and where it goes. This understanding helps you identify spending patterns and make informed choices about saving and investing.

Regardless of your background or financial skills, the WealthWize Financial Tracker can transform your financial health. By becoming more aware of your money habits, you place yourself in a better position to achieve your financial goals.

Wrapping Up

The WealthWize Financial Tracker is not just a digital ledger; it's your ally in achieving financial stability. Whether saving for a trip or budgeting for daily needs, this tool can clarify your financial situation.

By following the steps outlined above, you can set up your WealthWize Financial Tracker efficiently. Start managing your financial life today. Take action now and unlock your financial potential!

Your journey to better financial management starts now. Incorporate the WealthWize Financial Tracker into your routine, and watch as your money management skills improve!