How to track your budget in a new country (and currency)

How to track your budget in a new country (and currency)

When I first decided I was moving to London from New Zealand, I thought oh shit! How on earth am I going to be able to budget for living life over there?… let alone understand what the Pound looks like against the NZD.

I had a budget template I was using back in NZ and decided to convert this into Pounds, job done. Well not quite… to understand this whole Pound-to-NZD thing I had a play with the sheet to see if I could use it as a tool to have an overview of both currencies – and it worked!

This spreadsheet has been my go-to budgeting tool whilst living in the UK, and although I’m earning and spending in Pounds it’s still nice to have a view of how this converts into NZD, particularly if you plan on sending money home from time-to-time, you’ll know exactly when is the right time to do so.

Below is a link to this very template:

DOWNLOAD HERE

How do you use it?

1. Fill it in:

Each month fill in your budget spreadsheet with the relevant category amounts (i.e. rent, power, groceries). The handy thing is once you’ve done this, you’ll notice on the left-hand side of your month’s Pound column it’ll show the live Pound-NZD exchange rate.

2. Lock in the rate:

Once you’ve done this step you then need to ‘lock’ in the NZD rate within the month you’re in – this will stop it constantly changing. To do this we’ll go old-school, you re-enter the NZD rate in each row (if someone else has found a simpler way of locking this I’m all ears!).

3. Forecast and repeat:

Don’t just set and forget. Every few days open up your spreadsheet and see how you’re tracking against your budget for the month – Ask yourself are you within your limits? Are there any new expenses coming up? What are some things you could save for now to make life easier in the future? (and not have to dip into debt). By keeping track, you’ll have complete visibility of where you are, plus the ability to navigate steps to get you to reach your goals!

By doing these steps you won’t have that “Pocket draining as soon as you walk out into London air” feeling, you’ll be in control, and ready to conquer the big smoke!