Wednesday, May 6, 2009
I have two major tools that I use every month that help me track my money management. They are my monthly budget and net worth calculator. I started this blog to keep myself accountable for my own money management, but I also started it so people could see a diary of my daily struggles and victories with creating wealth, purchasing a house, and saving for retirement.
I track my budget every 2-4 days and I balance my check book those same days. I have found that keeping a hold of your budget is the single MOST important thing you can do for starting to create wealth for yourself. I can honestly say that I never understood how people saved money. Before a budget I never saved any money, I tracked my spending based on how much I had in left in my bank account before the end of the pay period. The minute that I create a budget was the minute I started saving money. It took me complaining to my sister about how there is no way that I could save money living in California with my salary. My sister sat me down and told me to stop whining and to create a budget. She helped me understand how a budget worked, and showed me that I could save money if I wanted, even with a little bit of debt.
I am making my budget and my net worth templates available for you to download and use for your self. I hope that for anyone who doesn't have a budget that you use this to your full advantage and start saving today! Trust me, starting is the hardest part, once you have a budget you have somewhat of goal to start either paying off debt or saving for wealth.
• Download Budget (google) Budget (excel - will post later today)
• Download Net Worth (google) Net Worth (excel - will post later today)
Here are some other great money management resources from other blogs
Fi$cal Fizzle Monthly Reports
J. Money is bring Sexy Budgets Back
Man vs Debt ask "What’s The Actual Point Of Budgeting?"
I will be adding more of these so check back! Contact me if you have any tools that I can share with my readers and I will link to you directly. If not, leave a comment and let people know your strategies to saving and creating wealth!