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A place for Get Rich Slowly readers to ask questions
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It is currently Wed Jul 23, 2014 6:46 pm




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 Post subject: Write It Down !
PostPosted: Fri Mar 29, 2013 3:12 pm 

Joined: Sat Mar 03, 2012 11:50 pm
Posts: 53
I don't know how you all keep track of your assets and liabilities , but I have found it extremely useful to have a financial plan that shows what is planned and what actually happened . At the end of the month , I update the actuals in all my major accounts for both the asset and liability (credit card) side .

WRITING IT DOWN IS THE MOST USEFUL THING YOU CAN DO .


On a regular basis during the month , I am making adjustments to the plan - how of the next paycheck I am going to put in reserves , emergency , credit card paydown , reserves for future expenses like utilities , landscaping , car insurance payment , car payment , etc , IRA contributions , 529 contributions, etc. Yes, my financial life is a little complicated .

But I found that working the plan , and not even letting $50 go to waste is very valuable . It takes a bit of work to get to the point where your plan mirrors reality , but it can work .

HARVARD IS ALWAYS QUOTED THAT THOSE THAT HAVE A WRITTEN PLAN ACHIEVE MULTIPLES OF WHAT PEOPLE THAT DON'T HAVE A PLAN .

So, that is the financial plan by months .

Then , I work on the spending plan for the next payperiod - which ties in with the monthly financial plan -- where I plan out each week what I plan to spend on the same accounts , and then what actually happened . If I setup a transfer with Schwab, for example , to transfer $200 the day after payday to transfer in my brokerage account , I place that number in the actual column with an underline - to tell me its scheduled . The spending plan tracks what % of my income is spent on each item . In the end , I know how much I am saving (investment , saving and cc debt) and right now I am actually saving about 35-40 % of my income .

If there are other finanical planning systems that you all have , I would love to hear what you do . This is a peek in my financial planning life . Hope that doesn't sound nuts !





**Marco Polo


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 Post subject: Re: Write It Down !
PostPosted: Sat Apr 13, 2013 4:10 am 

Joined: Sat Dec 10, 2011 7:25 am
Posts: 662
Do what works for you!

My wife handles the checkbook - I have savings deducted from my paycheck and I really dont pay attention to the rest. When there is extra my wife transfers it to savings. When savings build up i transfer it to the brokerage account.

We are careful about what we buy! As long as we are saving I do not stress the details. This only works because we are not spenders.

For example The family still has simple cell phones - text msgs and no data plans. A data plan would be another $80 a month. Thats just too much. So far, so good!


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 Post subject: Re: Write It Down !
PostPosted: Fri Jun 07, 2013 2:48 pm 
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Joined: Thu Jun 06, 2013 2:47 pm
Posts: 3
Location: Charlotte NC
Marcopolo wrote:
WRITING IT DOWN IS THE MOST USEFUL THING YOU CAN DO .


Absolutely- and for short term goals be sure to look at it and even say it aloud every day. I just did a quick video on [SPAM LINK REMOVED] today.

The subconscious mind will work to reach your goals when you are specific, clear, and committed to them!

_________________
Helping People and Businesses Grow


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 Post subject: Re: Write It Down !
PostPosted: Mon Jul 29, 2013 11:09 pm 

Joined: Fri Apr 05, 2013 2:30 am
Posts: 154
I am with you in this matter. Yes, writing down your expenses, savings, assets, liabilities or any detail regarding your financial life will help you a lot in keeping track of everything. It will help you remain committed to your goals.

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Jerry
Forum Moderator, MortgageFit Community


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 Post subject: Re: Write It Down !
PostPosted: Fri Oct 04, 2013 9:35 am 

Joined: Sat Mar 03, 2012 11:50 pm
Posts: 53
AND WHEN I SAY WRITE IT DOWN , I MEAN HAVE YOUR PLAN WRITTEN DOWN ....

I have a spreadsheet that shows all of my tracked assets by month in the year , contributions by month , returns on each asset by month ..

I put this excel sheet into dropbox , so it is available on all devices to look at frequently ...

At the end of the month , I have another tab in the spreadsheet where I enter the actuals for each asset , and the spreadsheet compares this to the plan , so I have a actual vs plan picture .

This tells you how you are doing and whether you need to adjust in the next month , whether you need to save more or can relax a little more .... how you are doing relative to your automatic pilot .


Making the plan very available is really important ......

Hope this post helps someone ....

**Marcopolo


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 Post subject: Re: Write It Down !
PostPosted: Sun Jul 06, 2014 3:03 pm 

Joined: Sat Jun 28, 2014 7:24 am
Posts: 20
I really try not to waste any money. Each and every penny counts. It might seem small but all that change and smaller bills add up fast.


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