heather1968
New member
TL;DR: I built a spreadsheet that shows you what to do with your money based on your current finances. Check it out!
UPDATE (2021/06/03 16:53 pm PT): You can now see whether you're on the latest version of the calculator (but only if you make a copy of v.0.3 or later). There's a dev log as well so you can see exactly what's been updated. (Thank you @jlee27 for the suggestion).
UPDATE (2021/06/02 21:00 pm PT): Important clarification - this tool is designed for people who live in the U.S., although some of the principles may still be applicable for folks in other countries. I will look into adapting this for Canada.
Hi folks,
I built a spreadsheet that shows you what to do with your money. The recommendations are personalized based on your specific financial situation, with logic based on tried-and-true personal finance principles.
This tool is best for beginners – people who are just starting to think about their finances and want general guidance on what to do with their money. It’s for anyone asking questions like: “I just got $X, what should I do with it?”, “I have $Y in savings, how much should I invest?”, and “I’m saving $Z a month, am I in good shape for retirement?”
The logic and recommendations are based on generally agreed-upon best practices, including those outlined in the r/personalfinance flowchart. My one twist is the concept of grouping your money into “funds” based on their function. I’ve personally found that thinking about my money this way helps simplify my finances and makes it feel like I have a concrete plan. I wrote a Google doc that describes this concept in more detail.
The tool itself is a Google Sheet that you can copy. You don’t have to be a spreadsheet wizard to use the calculator. You will have to input some basic financial information, including your assets and debts. The most complicated input is how much you’ve contributed to your 401(k) this year (if you have one). Since you’re making your own personal copy, no one will have access to your financial information.
I’m not a financial advisor and this isn’t financial advice. My hope is that this tool helps people take the first steps to manage their money. I wouldn’t encourage following any of the recommendations without doing your own research first.
Finally, this is a passion project of mine. It’s not monetized in any way, and I don’t recommend any services or products or even offer any specific investment advice. I built this tool for my friends (and because I like making spreadsheets) and I hope it can help more people. At the very least, I hope that it makes thinking about your money fun and easy!
I expect there to be some bugs (and I apologize in advance), and I would appreciate any feedback on things that aren’t working. I would also love to hear any ideas of what can be improved.
UPDATE (2021/06/03 16:53 pm PT): You can now see whether you're on the latest version of the calculator (but only if you make a copy of v.0.3 or later). There's a dev log as well so you can see exactly what's been updated. (Thank you @jlee27 for the suggestion).
UPDATE (2021/06/02 21:00 pm PT): Important clarification - this tool is designed for people who live in the U.S., although some of the principles may still be applicable for folks in other countries. I will look into adapting this for Canada.
Hi folks,
I built a spreadsheet that shows you what to do with your money. The recommendations are personalized based on your specific financial situation, with logic based on tried-and-true personal finance principles.
This tool is best for beginners – people who are just starting to think about their finances and want general guidance on what to do with their money. It’s for anyone asking questions like: “I just got $X, what should I do with it?”, “I have $Y in savings, how much should I invest?”, and “I’m saving $Z a month, am I in good shape for retirement?”
The logic and recommendations are based on generally agreed-upon best practices, including those outlined in the r/personalfinance flowchart. My one twist is the concept of grouping your money into “funds” based on their function. I’ve personally found that thinking about my money this way helps simplify my finances and makes it feel like I have a concrete plan. I wrote a Google doc that describes this concept in more detail.
The tool itself is a Google Sheet that you can copy. You don’t have to be a spreadsheet wizard to use the calculator. You will have to input some basic financial information, including your assets and debts. The most complicated input is how much you’ve contributed to your 401(k) this year (if you have one). Since you’re making your own personal copy, no one will have access to your financial information.
I’m not a financial advisor and this isn’t financial advice. My hope is that this tool helps people take the first steps to manage their money. I wouldn’t encourage following any of the recommendations without doing your own research first.
Finally, this is a passion project of mine. It’s not monetized in any way, and I don’t recommend any services or products or even offer any specific investment advice. I built this tool for my friends (and because I like making spreadsheets) and I hope it can help more people. At the very least, I hope that it makes thinking about your money fun and easy!
I expect there to be some bugs (and I apologize in advance), and I would appreciate any feedback on things that aren’t working. I would also love to hear any ideas of what can be improved.