Write It Down !

Have you paid off your debt? Managed to save for your dream home? Had an awesome investment pan out? Share your personal finance success stories here.

Moderators: lvergon, Fiscal Fitness Moderator

Marcopolo
Posts: 53
Joined: Sat Mar 03, 2012 11:50 pm
Contact:

Write It Down !

Postby Marcopolo » Fri Mar 29, 2013 3:12 pm

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

RayinPenn
Posts: 988
Joined: Sat Dec 10, 2011 7:25 am
Contact:

Re: Write It Down !

Postby RayinPenn » Sat Apr 13, 2013 4:10 am

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!
RayinPenn

“If you tell the truth, you don't have to remember anything.”
― Mark Twain

User avatar
JennGlidden
Posts: 3
Joined: Thu Jun 06, 2013 2:47 pm
Location: Charlotte NC
Contact:

Re: Write It Down !

Postby JennGlidden » Fri Jun 07, 2013 2:48 pm

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

Jerry
Posts: 153
Joined: Fri Apr 05, 2013 2:30 am
Contact:

Re: Write It Down !

Postby Jerry » Mon Jul 29, 2013 11:09 pm

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.
Jerry
Forum Moderator, MortgageFit Community

Marcopolo
Posts: 53
Joined: Sat Mar 03, 2012 11:50 pm
Contact:

Re: Write It Down !

Postby Marcopolo » Fri Oct 04, 2013 9:35 am

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

Kendrick
Posts: 19
Joined: Sat Jun 28, 2014 7:24 am
Contact:

Re: Write It Down !

Postby Kendrick » Sun Jul 06, 2014 3:03 pm

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.

jpham540
Posts: 171
Joined: Sun Jan 06, 2013 10:30 pm
Contact:

Re: Write It Down !

Postby jpham540 » Sun Aug 17, 2014 4:36 pm

I will have to agree with writing down all of your income and expense. I keep track of my net worth on my blog (below my signature if interested) and it has helped me hold myself accountable. Also it helps me measure my own personal finance success. I just started tracking it recently and have been impressed with it. I am in it for the long term and building wealth over time.
http://www.theexpatinvestor.com/

NatureTracker
Posts: 1
Joined: Wed Aug 27, 2014 11:31 am
Contact:

Re: Write It Down !

Postby NatureTracker » Wed Aug 27, 2014 11:45 am

Hello All,

I have been using a spreadsheet myself to keep track of my spending and forecasting expenses. I have data from 5 years ago so I can really see the trend in our family's spending. This spreadsheet also give us a grasp of what we can purchase and when.

I started tracking my expenses when I thought I misplaced $200. It turned out that I've spend the $200 on small, miscellaneous purchases. Small things do add up.

Thanks.


Return to “Success Stories”

Who is online

Users browsing this forum: No registered users