Tiller’s budgeting tools give you unparalleled control and insight into your finances. Join Heather from Tiller as she demonstrates how to use the Tiller Foundation Template for effective budgeting. In this video, learn how to:
- Set up your budget quickly and easily in the Categories sheet
- Use the Monthly Budget sheet to review past spending and set future budgets
- Understand the difference between planned and actual cash flow
- Analyze your budget by income, expenses, groups, and individual categories
- Utilize the Yearly Budget sheet for long-term financial planning
- Customize your budget view for different 12-month periods
- Use Tiller’s budgeting tools to anticipate and plan for both regular and irregular expenses
- Gain awareness of your spending patterns to make informed financial decisions
- Preview the next video on setting up and customizing the Debt Payoff Planner
For more information on budgeting with Tiller, visit tillerhq.com/budgeting
Transcript
Hi, I’m Heather from Tiller. In part five of our “Getting Started with Tiller” video series, I’ll explore how budgeting works with the Tiller Foundation template and show you how Tiller’s budgets can help you stay on track with reaching your financial goals.
Setting Up Your Budget
- Go to the Categories sheet
- Set budget targets in column E (defaults to January of the current year)
- Budget targets cascade to the right, prefilling your budget for the entire year
- Adjust monthly budgets as needed (e.g., for semi-annual expenses like car insurance)
Using the Monthly Budget Sheet
- Flip back to the previous month to see actual spending
- Use this as a baseline for setting future budgets
- Fixed expenses (e.g., mortgage, cell phone) are easy to set
- Variable expenses may require more consideration
Monthly Budget Sheet Features
- Shows planned cash flow based on budget targets
- Displays cash flow to date based on actuals
- Compares planned vs. actual spending and income
- Breaks down budget by type (income/expense), group, and category
- Highlights over-budget categories
Yearly Budget Sheet
- Provides a 12-month view of your budget
- Can be customized to show different 12-month periods
- Shows budgeted and actual cash flow for each month
- Allows for easy comparison of budgeted cash flow month-over-month
- Helpful for planning different budgeting scenarios and understanding the impact of unexpected events
Remember, the key to budgeting is building awareness of where your money is going. There’s no perfect budget; it’s about understanding and managing your finances effectively.
In our next video, we’ll talk about how to set up and customize the Debt Payoff Planner.
YouTube: https://youtu.be/IO1fvGSisiE
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6 Getting Started With Tiller 6 of 8: Using the Debt Payoff Planner
Tiller’s Debt Payoff Planner helps you take control of your debt and create a strategic payoff plan. Join Heather from Tiller as she demonstrates how to use this powerful tool within the Tiller Foundation Template. In this video, learn how to:
- Install the Debt Payoff Planner template using Tiller Money Feeds
- Set up your debts with accurate interest rates and minimum payments
- Choose between popular payoff methods: Snowball, Avalanche, or Custom Ranked
- Customize your monthly payoff goal and see its impact on your payoff date
- Integrate your debt payoff strategy with Tiller’s budgeting features
- Adjust your budget to accommodate higher debt payments
- Monitor your progress and watch your estimated interest decrease over time
- Use manual accounts for debts that can’t be automatically tracked
- Preview the next video on exploring the Tiller community and additional templates
For more information on debt payoff strategies with Tiller, visit tillerhq.com/debt
Transcript
Hi, I’m Heather from Tiller. In part six of our “Getting Started with Tiller” video series, we’ll look at the Debt Payoff Planner. It’s a simple yet effective dashboard for organizing all your debts in one place, with calculators to help you strategize how to pay them off.
Setting Up the Debt Payoff Planner
- Launch the Tiller Money Feeds add-on
- Choose “Add and Manage Templates”
- Install the Debt Payoff Planner template
Preparing Your Debt Information
- Connect your debt accounts to Tiller
- Have interest rates and minimum monthly payments ready
- Use the manual accounts option for debts that can’t be automatically connected
Setting Up Your Debt Payoff Plan
- Select accounts from the dropdown
- Enter interest rates and minimum monthly payments
- Activate accounts to include in your payoff journey
- Set a monthly payoff goal
Customizing Your Debt Payoff Strategy
- Choose a payoff method:
- Snowball: Pay off lowest balance first (most popular)
- Avalanche: Pay off highest interest rate first
- Ranked: Customize your own priority
- Adjust your monthly payoff goal to see different scenarios
Integrating with Budgeting Features
- Use categories for “debt payoff” (expense) and “debt payment received” (transfer)
- Adjust your budget to accommodate higher debt payments
- Cut discretionary spending to free up money for debt payoff
Monitoring Progress
- Track changes in projected payoff date
- Watch estimated interest decrease over time
- Note that progress will become visible after a few months of using Tiller
In our next video, we’ll talk about the Tiller community and all the solutions and templates available there to further enhance your Tiller spreadsheet.
