Even doctors manage their finances, the question is, how do we make it a bit easier?
Managing your finances doesn’t have to feel like a constant struggle, especially if you’re juggling long work hours and barely have time to breathe. For busy professionals—like doctors who are short on time—tools like Google AI Studio and Google Sheets can be game-changers. These tools make it easier to track your spending, monitor investments, or plan loan repayments without adding to your workload.
Let’s break it down into three practical and time-saving ways you can take control of your money, even with a hectic schedule.
Disclaimer: While these tools can simplify financial management, be cautious when handling sensitive data like bank statements or investment details. Avoid sharing your financial information on unsecured platforms, and always verify your data sources. Taking a few extra steps to ensure security and accuracy can save you from potential risks. Remember, always do your due diligence!
Note: While these are general suggestions, it’s important to conduct thorough research and due diligence when selecting AI tools. We do not endorse or promote any specific AI tools mentioned here.
Ways to Use Google AI for Managing Finances
1. Automating Budget Tracking
Time Saved: 30-60 minutes per month
Budgeting is often the first step to better financial health, but manually tracking every peso (or dollar) can be exhausting. Luckily, Google Sheets can automate much of this process for you. Here’s how:
Step-by-Step Guide:
- Gather Your Financial Data:
- Download your transaction history as a spreadsheet or CSV file, if your bank allows. Otherwise, manually enter your expenses into a Google Sheet.
- Set Up Your Spreadsheet:
- Create a Google Sheet with the following structure:
| Date | Description | Category | Amount |
|---|---|---|---|
| 2024-12-01 | Grocery shopping | Groceries | 3,000.00 |
| 2024-12-03 | Rent | Rent | 10,000.00 |
| 2024-12-04 | Movie night | Entertainment | 500.00 |
- Use Data Validation to create a drop-down menu in the “Category” column for consistent categorization.
- Automate Calculations:
- Use these built-in functions:
- SUMIF: Calculate total spending by category. For example:
=SUMIF(C2:C100, "Groceries", D2:D100). - SUM: Find your total monthly spending:
=SUM(D2:D100). - AVERAGE: Identify trends, such as your average grocery bill.
- SUMIF: Calculate total spending by category. For example:
- Use these built-in functions:
- Visualize Your Spending:
- Create bar or pie charts to see where your money is going. These visualizations help you pinpoint areas to cut back or optimize.
Why It Matters:
Manually categorizing and analyzing expenses can eat up an hour or more each month. By automating this, you’ll save time while gaining a clearer understanding of your spending habits.
2. Analyzing Investment Performance
Time Saved: 1-2 hours per month
If you’re investing, tracking your portfolio’s performance is crucial. Google Sheets makes this easier by automating data retrieval and analysis—no need to calculate everything by hand.
Step-by-Step Guide:
- Input Your Data:
- Set up a Google Sheet with the following structure:
| Asset | Purchase Date | Purchase Price | Quantity | Current Price | Total Value | Profit/Loss |
| Stock A | 2024-01-01 | 1,000.00 | 10 | 1,200.00 | 12,000.00 | 2,000.00 |
| Stock B | 2023-05-15 | 500.00 | 20 | 600.00 | 12,000.00 | 2,000.00 |
- Leverage Smart Formulas:
- Use the GOOGLEFINANCE function to automatically pull real-time stock prices. For example:
=GOOGLEFINANCE("GOOG", "price"). - Add formulas to calculate:
- Total investment value:
=Current Price * Quantity - Profit/Loss:
=(Current Price - Purchase Price) * Quantity - ROI:
=(Profit/Loss) / Purchase Price
- Total investment value:
- Use the GOOGLEFINANCE function to automatically pull real-time stock prices. For example:
- Visualize Your Portfolio:
- Use line charts to track growth over time or pie charts to show portfolio allocation by asset class.
Why It Matters:
Tracking multiple investments manually takes time and can lead to errors. Automating this process not only saves time but also gives you immediate, actionable insights to adjust your strategy.
3. Simulating Loan Repayment
Time Saved: 30-45 minutes per loan
If you have a loan or are planning to take one, understanding your repayment schedule is critical. Google Sheets can help you simulate scenarios and plan smarter.
Step-by-Step Guide:
- Input Loan Details:
- Set up a spreadsheet with the following structure:
| Month | Payment | Principal | Interest | Remaining Balance |
| 1 | 5,000.00 | 3,500.00 | 1,500.00 | 96,500.00 |
| 2 | 5,000.00 | 3,520.00 | 1,480.00 | 92,980.00 |
- Include fields for Loan Amount, Interest Rate (annual), Loan Term (in months), and Monthly Payment.
- Create an Amortization Schedule:
- Use the PMT function to calculate monthly payments:
=PMT(Interest Rate/12, Loan Term, -Loan Amount). - Build a table showing how each payment splits into principal and interest, and how the remaining balance decreases over time.
- Use the PMT function to calculate monthly payments:
- Run Scenarios:
- Change variables like the interest rate or loan term to see their impact on total interest paid or repayment time.
Why It Matters:
Manually calculating loan payments and schedules is not only time-consuming but also prone to mistakes. With Google Sheets, you can model different scenarios effortlessly, helping you choose the best repayment strategy.
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Conclusion
Yes, Google AI Studio and Sheets are tools but they’re more like starting points, and that will make doing the math to run the household much easier. Look at these concepts as kind of templates-you can play and mold them for your particular need. Be it budgeting, tracking investment, simulating loan repayment, they have been tailored to help fit into the situation best you have created for the particular application you’re targeting.
And here’s the honest truth: they can save you time—lots of it. Automating repetitive tasks and gaining real-time insights means you could free up hours every month, hours you can reinvest into what truly matters to you. It’s not just about convenience; it’s about giving you the space to focus on your priorities while feeling confident about your financial decisions. It also gives you the chance to be more in control of your finances minus the hustle.
So why not give it a shot? Start with one application, experiment, and see how it can streamline your financial life. You’ve got the tools—now take that first step!
What do you think? Tell us! Don’t forget to subscribe to our newsletter for more things AI for physicians. You’ll also get access to our free AI resource page, packed with AI tools and tutorials to help you have more in life outside of medicine.
As always, make it happen!
Disclaimer: The information provided here is based on available public data and may not be entirely accurate or up-to-date. It’s recommended to contact the respective companies/individuals for detailed information on features, pricing, and availability.
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Peter Kim, MD is the founder of Passive Income MD, the creator of Passive Real Estate Academy, and offers weekly education through his Monday podcast, the Passive Income MD Podcast. Join our community at the Passive Income Doc Facebook Group.
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