Comments on: How to Rock Your Personal Finances http://www.lifeaftercollege.org/blog/2009/03/26/how-to-rock-your-personal-finances-audio-notes/ Fri, 12 Mar 2010 14:11:33 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Steve in W Ma http://www.lifeaftercollege.org/blog/2009/03/26/how-to-rock-your-personal-finances-audio-notes/comment-page-1/#comment-2108 Steve in W Ma Wed, 26 Aug 2009 21:35:50 +0000 http://www.lifeaftercollege.org/blog/?p=368#comment-2108 It have found that it is very helpful to use a cash envelope system for the two or three categories that you tend to go "out of control" on. At the beginning of the month, just put the total cash amount of your budget for, say, weekend shopping/entertainment, food, and gas and parking into three different envelopes. Only spend out of those envelopes (everything else in your budget is probably paid for right out of your checking account so you only need those 2 or 3 categories in cash). Taking an example from your post, there's no way that you can fool yourself into spending the same $400 three or four times when you pull out your "weekend shopping" envelope and see that you have only $20 left. You know you're done shopping for the month when you see that. Doing most of your shopping in cash from envelopes develops discipline, provides an easy way to gauge how much money you have left for the month (just look in the envelope) and it seems to cut down on overall spending, in my experience. I combine it with a fuller expense and income tracking, but the foundation at the day to day level is those envelopes. They work great! It have found that it is very helpful to use a cash envelope system for the two or three categories that you tend to go “out of control” on. At the beginning of the month, just put the total cash amount of your budget for, say, weekend shopping/entertainment, food, and gas and parking into three different envelopes. Only spend out of those envelopes (everything else in your budget is probably paid for right out of your checking account so you only need those 2 or 3 categories in cash).

Taking an example from your post, there’s no way that you can fool yourself into spending the same $400 three or four times when you pull out your “weekend shopping” envelope and see that you have only $20 left. You know you’re done shopping for the month when you see that.

Doing most of your shopping in cash from envelopes develops discipline, provides an easy way to gauge how much money you have left for the month (just look in the envelope) and it seems to cut down on overall spending, in my experience.

I combine it with a fuller expense and income tracking, but the foundation at the day to day level is those envelopes. They work great!

]]> By: Neil http://www.lifeaftercollege.org/blog/2009/03/26/how-to-rock-your-personal-finances-audio-notes/comment-page-1/#comment-1129 Neil Wed, 08 Apr 2009 23:55:47 +0000 http://www.lifeaftercollege.org/blog/?p=368#comment-1129 Jenny is brilliant! Follow her advice and you will make yourself RICH! I do this with young people for a living and I see the "All or nothing" approach all the time. Just start somewhere, even if it's $10 per month, and you will thank yourself SO much when you're 30 and in control of your money. Jenny is brilliant! Follow her advice and you will make yourself RICH!

I do this with young people for a living and I see the “All or nothing” approach all the time. Just start somewhere, even if it’s $10 per month, and you will thank yourself SO much when you’re 30 and in control of your money.

]]> By: Jenny http://www.lifeaftercollege.org/blog/2009/03/26/how-to-rock-your-personal-finances-audio-notes/comment-page-1/#comment-978 Jenny Sat, 04 Apr 2009 06:26:27 +0000 http://www.lifeaftercollege.org/blog/?p=368#comment-978 @TOPolk - Trust me...I was SHOCKED when I saw that number. I think it's because I was working on my book and having breakfast, coffee and lunch at Starbucks. Still! Insane. Won't happen again. I hope. ;-) My Google Spreadsheet really only has ~10 rows: major bill due dates, credit card, rent, paychecks (and other incoming money), "start of month amount" and "end of month amount." Any more complicated and it gets tough to keep up with! Let me know what you think of CreditKarma...I'll be curious to hear your thoughts :) @TOPolk – Trust me…I was SHOCKED when I saw that number. I think it’s because I was working on my book and having breakfast, coffee and lunch at Starbucks. Still! Insane. Won’t happen again. I hope. ;-)

My Google Spreadsheet really only has ~10 rows: major bill due dates, credit card, rent, paychecks (and other incoming money), “start of month amount” and “end of month amount.” Any more complicated and it gets tough to keep up with!

Let me know what you think of CreditKarma…I’ll be curious to hear your thoughts :)

]]> By: TOPolk http://www.lifeaftercollege.org/blog/2009/03/26/how-to-rock-your-personal-finances-audio-notes/comment-page-1/#comment-964 TOPolk Fri, 03 Apr 2009 07:02:23 +0000 http://www.lifeaftercollege.org/blog/?p=368#comment-964 $300/month on coffee? Whoa... Well, to each their own, we all have vices. And I dig your advice on the Google spreadsheet. When I first started working I kept an excel workbook that was up to date (by the penny!) as to where all of my money went. If only I could get back to that point, life would be so much easier...probably less fun though. Thanks for the heads up on Credit Karma. I'm giving it a go now. Hopefully its as good as you say it is. $300/month on coffee? Whoa… Well, to each their own, we all have vices.

And I dig your advice on the Google spreadsheet. When I first started working I kept an excel workbook that was up to date (by the penny!) as to where all of my money went. If only I could get back to that point, life would be so much easier…probably less fun though.

Thanks for the heads up on Credit Karma. I’m giving it a go now. Hopefully its as good as you say it is.

]]> By: Jenny http://www.lifeaftercollege.org/blog/2009/03/26/how-to-rock-your-personal-finances-audio-notes/comment-page-1/#comment-952 Jenny Thu, 02 Apr 2009 04:40:56 +0000 http://www.lifeaftercollege.org/blog/?p=368#comment-952 Thanks for the comment, Nancy! http://www.money.strands.com looks really cool - I will have to play around with it. I love new money management sites so thanks for the tip! Sounds like you are on a really good path toward getting a handle on your debt and your finances. Kudos! Thanks for the comment, Nancy! http://www.money.strands.com looks really cool – I will have to play around with it. I love new money management sites so thanks for the tip! Sounds like you are on a really good path toward getting a handle on your debt and your finances. Kudos!

]]> By: Nancy http://www.lifeaftercollege.org/blog/2009/03/26/how-to-rock-your-personal-finances-audio-notes/comment-page-1/#comment-949 Nancy Wed, 01 Apr 2009 06:14:22 +0000 http://www.lifeaftercollege.org/blog/?p=368#comment-949 Hi It's been 6 months since I left college and have a considerable amount of debt to be cleared off... I've been managing my finances with www.money.strands.com and have found it really useful - the budgets, the trackings, the analysis, the secure system.. its too good. Maybe you can chek it out and see how well it can help you too.. Thanks.. Bye Hi
It’s been 6 months since I left college and have a considerable amount of debt to be cleared off… I’ve been managing my finances with http://www.money.strands.com and have found it really useful – the budgets, the trackings, the analysis, the secure system.. its too good. Maybe you can chek it out and see how well it can help you too.. Thanks.. Bye

]]> By: Jenny http://www.lifeaftercollege.org/blog/2009/03/26/how-to-rock-your-personal-finances-audio-notes/comment-page-1/#comment-947 Jenny Tue, 31 Mar 2009 14:51:05 +0000 http://www.lifeaftercollege.org/blog/?p=368#comment-947 Thanks for the comment, Emily! That's great that you've been able to avoid debt - major kudos. I'll be curious to hear what you think of Mint.com - I've been really happy with it so far. I waited about two months before I finally signed up because of security concerns too. Then I realized you don't give them your name or SSN to create an account - just a username and password. While they do have access to your accounts to pull information, your account info isn't stored anywhere and they never actually ask for your bank account number. I'm sure there is still some element of risk, but you can check out this link to learn more: http://www.mint.com/privacy/. Thanks for the comment, Emily! That’s great that you’ve been able to avoid debt – major kudos.

I’ll be curious to hear what you think of Mint.com – I’ve been really happy with it so far. I waited about two months before I finally signed up because of security concerns too. Then I realized you don’t give them your name or SSN to create an account – just a username and password. While they do have access to your accounts to pull information, your account info isn’t stored anywhere and they never actually ask for your bank account number. I’m sure there is still some element of risk, but you can check out this link to learn more: http://www.mint.com/privacy/.

]]> By: Emily http://www.lifeaftercollege.org/blog/2009/03/26/how-to-rock-your-personal-finances-audio-notes/comment-page-1/#comment-932 Emily Fri, 27 Mar 2009 22:36:26 +0000 http://www.lifeaftercollege.org/blog/?p=368#comment-932 I am lucky in that I've always had savings/support from my parents/enough of an income to avoid debt, but I want to start becoming more proactive about using my money wisely. I'm definitely going to check out mint.com now since I've heard good things about it from several sources. My only worry has been with giving all of my financial information to one site - do you feel like it's secure? You always have a lot of solid tips that are really relevant to someone our age, so thanks for sharing. I am lucky in that I’ve always had savings/support from my parents/enough of an income to avoid debt, but I want to start becoming more proactive about using my money wisely. I’m definitely going to check out mint.com now since I’ve heard good things about it from several sources. My only worry has been with giving all of my financial information to one site – do you feel like it’s secure? You always have a lot of solid tips that are really relevant to someone our age, so thanks for sharing.

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