Give Your Money an Identity

When I talk to people about saving money, the conversation always goes one of two ways. One; The person is not saving money at all and gives me a list of reasons why they can't save any money. Two; The person is saving some money from every paycheck, using the "pay yourself first" method (which is awesome, by the way), but when I ask what they are saving for, they give me a blank stare and say "savings". Though I commend the person for saving money instead of blowing it all, I do think that having arbitrary savings is a complete waste of money. Money Without a Name is Worthless Lets say … [Read more...]

Budgeting Basics (Part 2): Tracking Your Income and Expenses

Budgeting Basics (Part 2): Tracking Your Income and Expenses

Welcome back to the budgeting basics series! Last week, we talked about creating a priorities list to use as a filter for where your money should go. I ended the post by suggesting that you should write down your income and expenses to see where you money is going and to compare that with your priorities. I realize that this is no small task, especially for someone who has not ever put together a budget or been honest with themselves, or their spouse with exactly where every dollar goes during the month. I want to break down the process a little bit to make it an easier pill to swallow and to … [Read more...]