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  • FIRST POST
    • SallySunshine
    • By SallySunshine 8th Oct 17, 2:08 PM
    • 623Posts
    • 198Thanks
    SallySunshine
    Idiot -proof spreadsheet for savings and interest
    • #1
    • 8th Oct 17, 2:08 PM
    Idiot -proof spreadsheet for savings and interest 8th Oct 17 at 2:08 PM
    Anyone got any recommendations/suggestions for the above.
    I concocted a very basic one but need a separate one for tax .
Page 1
    • Eco Miser
    • By Eco Miser 8th Oct 17, 2:40 PM
    • 3,091 Posts
    • 2,857 Thanks
    Eco Miser
    • #2
    • 8th Oct 17, 2:40 PM
    • #2
    • 8th Oct 17, 2:40 PM
    There's no such thing as idiot-proof.
    I use Open Office Calc.

    Why do you need a separate one for tax? Just add an extra column, or an extra sheet to consolidate all the tax if that is more appropriate or easier.
    Eco Miser
    Saving money for well over half a century
    • SallySunshine
    • By SallySunshine 8th Oct 17, 3:08 PM
    • 623 Posts
    • 198 Thanks
    SallySunshine
    • #3
    • 8th Oct 17, 3:08 PM
    • #3
    • 8th Oct 17, 3:08 PM
    Thanks Eco Miser.
    I have an iMac with numbers and Office 2011 for Mac with Excel, so probably don't need another
    programme.
    I do have a separate sheet with tax, just think i need to get more organised somehow.
    • Eco Miser
    • By Eco Miser 8th Oct 17, 7:14 PM
    • 3,091 Posts
    • 2,857 Thanks
    Eco Miser
    • #4
    • 8th Oct 17, 7:14 PM
    • #4
    • 8th Oct 17, 7:14 PM
    If you've got Excel, you don't need another spreadsheet program. I'm just allergic to paying Microsoft prices.
    Eco Miser
    Saving money for well over half a century
    • Alexland
    • By Alexland 8th Oct 17, 10:47 PM
    • 451 Posts
    • 268 Thanks
    Alexland
    • #5
    • 8th Oct 17, 10:47 PM
    • #5
    • 8th Oct 17, 10:47 PM
    Where I work we get the opportunity to buy an Office license for about £13 as a benefit of the Microsoft enterprise license so I use Excel. Openoffice is fine (we used it to plan our wedding) but it's a mind twist to keep changing between them.

    I believe it's better to develop your own personal finance spreadsheet workbook which will expand with your knowledge and transaction history. It is a good way to test your understanding in deriving the logic plus if you create it yourself it will also help with adding features and detecting errors.

    It's good to have a summary on the first tab that shows all the assets and liabilities in descending order of liquidity - a bit like a balance sheet. It's also good to keep track of what is tax paid and yet to be taxed money (eg pensions).

    As an investor my fund valuations can be volatile so I put the value of my house and mortgage on the spreadsheet. This helps dampen the volatility in the overall portfolio. I try not to think of my various accounts as individual portfolios but as part of a greater asset allocation plan.

    I also put the decreasing value of my car on the spreadsheet so that when I eventually have to buy a new one then it feels more like an asset reallocation than spending money.

    The tabs will need some tailoring for the products you are using and the type of performance data available on the platforms. They also get tailored to analyse particular aspects (such as the fees for investing) that are of interest and sometime contain models comparing different scenarios.
    Last edited by Alexland; 08-10-2017 at 10:55 PM.
    • colsten
    • By colsten 9th Oct 17, 10:03 AM
    • 8,755 Posts
    • 7,418 Thanks
    colsten
    • #6
    • 9th Oct 17, 10:03 AM
    • #6
    • 9th Oct 17, 10:03 AM
    Where I work we get the opportunity to buy an Office license for about £13 as a benefit of the Microsoft enterprise license so I use Excel.
    Originally posted by Alexland
    What's your plan for when you don't work there any longer? Will you buy your own Excel licence? will you migrate to a free spreadsheet?
    • Alexland
    • By Alexland 9th Oct 17, 10:46 AM
    • 451 Posts
    • 268 Thanks
    Alexland
    • #7
    • 9th Oct 17, 10:46 AM
    • #7
    • 9th Oct 17, 10:46 AM
    No idea but not a problem for a long while hopefully.
    • greenglide
    • By greenglide 9th Oct 17, 10:55 AM
    • 2,865 Posts
    • 1,842 Thanks
    greenglide
    • #8
    • 9th Oct 17, 10:55 AM
    • #8
    • 9th Oct 17, 10:55 AM
    As long as you retain the downloaded version of office when you cease employment it will continue working.

    Technically I believe that you only have the right to use the product as long as you remain in employment with an employer with the site licence (you have only paid the "delivery" costs, you have not bought the product). In practice microsoft will not know - I retired last year and still use my office 2017 licence!

    The last time I looked you could purchase office licences for £15 or so on amazon, presumably people are reselling the employees access?
    • Alexland
    • By Alexland 9th Oct 17, 11:22 AM
    • 451 Posts
    • 268 Thanks
    Alexland
    • #9
    • 9th Oct 17, 11:22 AM
    • #9
    • 9th Oct 17, 11:22 AM
    Yes you are supposed to stop using it when leaving the company but in practice there are no controls on the downloaded version and I would imagine Microsoft turn a blind eye as it helps their market share having home users without undermining the prices business users pay.

    Either way Openoffice is fine but Excel is a bit nicer to use. They will both get the maths right. Given that Lotus 123, MS Works and Viscalc have been providing these functions for years it's a miracle that MS have maintained such a high price for such old rope. Still it feels nice so they get my £13 but wouldn't get much more.
    Last edited by Alexland; 09-10-2017 at 12:21 PM.
    • Eco Miser
    • By Eco Miser 9th Oct 17, 11:25 AM
    • 3,091 Posts
    • 2,857 Thanks
    Eco Miser
    I believe it's better to develop your own personal finance spreadsheet workbook which will expand with your knowledge and transaction history.
    Originally posted by Alexland
    I agree. Mine has expanded so much it's been split into five workbooks, mainly because the single book had become so big it took ages to load, and to update.
    Banks, investments, suppliers (everyone who gets paid by direct debit),
    summary (including tax), and forecast cashflow (so I know when stuff is going out or coming in or moving from account to account). It's big and complex and grew organically, and I wouldn't recommend anyone to try to copy it.
    Eco Miser
    Saving money for well over half a century
    • Alexland
    • By Alexland 9th Oct 17, 11:39 AM
    • 451 Posts
    • 268 Thanks
    Alexland
    15 years ago I would sell you a data warehouse solution but now I would suggest co-creating some big data analytics.

    Just remember to backup and keep it structured enough that you wife can use it when your gone. It's good to do a regular finance review with the boss to make sure she is comfortable with the allocations and knows where to find the buried treasure.
    Last edited by Alexland; 09-10-2017 at 12:25 PM.
    • ColdIron
    • By ColdIron 9th Oct 17, 12:05 PM
    • 3,474 Posts
    • 4,102 Thanks
    ColdIron
    What's your plan for when you don't work there any longer? Will you buy your own Excel licence? will you migrate to a free spreadsheet?
    Originally posted by colsten
    I used to buy a cracked version of Office from Thailand regularly for years but then my employer signed us up to Office365 with home use allowed. My Office365 subscription was linked to my corporate account/email and when I retired it lapsed after a few months as my employer deactivated the account. Much as it pained me to do so, I have purchased a personal subscription for £59.99 pa. After a couple of decades I don't feel too bad about it now and at least I get all the updates, new releases and 1TB cloud storage which is handy for sharing videos etc. Not very MSE I know but you can't win 'em all
    • colsten
    • By colsten 9th Oct 17, 12:36 PM
    • 8,755 Posts
    • 7,418 Thanks
    colsten
    £59.99 pa.
    Originally posted by ColdIron
    pa

    Why not use Google Sheets, for £0 pa?
    • ColdIron
    • By ColdIron 9th Oct 17, 12:43 PM
    • 3,474 Posts
    • 4,102 Thanks
    ColdIron
    pa

    Why not use Google Sheets, for £0 pa?
    Originally posted by colsten
    Yeah yeah I know, but I also buy most of my food from Waitrose, hang me for it
    • Alexland
    • By Alexland 9th Oct 17, 12:54 PM
    • 451 Posts
    • 268 Thanks
    Alexland
    Do you invest with HL too? Or use quilted loo roll?
    • ColdIron
    • By ColdIron 9th Oct 17, 12:58 PM
    • 3,474 Posts
    • 4,102 Thanks
    ColdIron
    Do you invest with HL too? Or use quilted loo roll?
    Originally posted by Alexland
    Yes, I have a 6 figure unwrapped IT portfolio with them for which they don't charge me a brass farthing in annual fees. I'm happy with it and may look into quilted loo roll
    • TrustyOven
    • By TrustyOven 9th Oct 17, 1:08 PM
    • 629 Posts
    • 654 Thanks
    TrustyOven
    OpenOffice / LibreOffice for me. Excel won't work on my type of computer, and I don't want to pay 59.99 pa for the "cloudy steam-like vapour" version :O

    I've started slowly building up a spreadsheet, taking screenshots of JohnRo's Income thread as inspiration, but it's a long way off from being really usable. I tried to implement unitisation but I just can't get my brain around how to keep things updated as I go along.

    Most of my tracking is done in a GnuCash style application.

    Nothing wrong with quilited loo roll!
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
    • Alexland
    • By Alexland 9th Oct 17, 1:08 PM
    • 451 Posts
    • 268 Thanks
    Alexland
    Ok you are excused using HL but don't use too many sheets of that pricey loo roll. The country just can't afford it these days and we're all in it together - think of the poor kids! They need shoes that match and don't have holes for the winter.
    Last edited by Alexland; 09-10-2017 at 1:12 PM.
    • ColdIron
    • By ColdIron 9th Oct 17, 1:14 PM
    • 3,474 Posts
    • 4,102 Thanks
    ColdIron
    A brief investigation reveals that quilted loo roll is very competitively priced, certainly cheaper than the swan necks I've been using to date and far easier to obtain in bulk
    • Alexland
    • By Alexland 9th Oct 17, 1:15 PM
    • 451 Posts
    • 268 Thanks
    Alexland
    Would it be cheaper than the old fivers I have been using? I need a change as I can't get on with the new ones. I don't know what market research they did to think plastic was a good idea.
    Last edited by Alexland; 09-10-2017 at 1:18 PM.
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