How do you manage your finance?
By TeamCholent
@TeamCholent (2832)
United States
April 19, 2012 11:40pm CST
I am curious to find out how you manage your finance. I have some friends who keep a an excel of all their accounts and investments and every month update the info. Others happen to use sites such as mint.com or pageonce while others keep it old school in a folder and have the bills listed by the date they are due.
We know that keeping our finance all in check is essential for having a successful life so was curious to know what works for you.
1 person likes this
8 responses
@Cherish14 (2693)
• Philippines
20 Apr 12
i don't keep track of them which i know i really should be doing. but i haven't spent much lately as i just stay inside the house. i am just trying to be more thrifty. i have so many things on my mind that i wanna save for.
2 people like this
@TeamCholent (2832)
• United States
21 Apr 12
In that case how do you budget towards your goals and keep track of what is saved for each event etc?
1 person likes this
@Cherish14 (2693)
• Philippines
21 Apr 12
i live with my parents still that is why i don't spend much, like for food. and besides that i really don't spend for anything yet, except maybe for my cell phone load, some food and my own groceries, BUT i spend so little. i haven't asked for anything from my parents anymore for a long time now, maybe since i a graduated from college. and so my savings from my past job is running low. so i keep looking for a job so i can earn again.
whatever i am earning here, i don't take it out from my paypal account. i will be saving it there till maybe i really need it. i am actually saving it for something really very important. i want to add it up to my savings so i can move out once i find a job and start working.
@Cherish14 (2693)
• Philippines
21 Apr 12
i actually just realize that maybe i should go back to keeping track of my expenses and earnings but then, for now, there isn't that much to keep track yet since i am not earning yet... gosh i can't wait to find a job 
@TeamCholent (2832)
• United States
21 Apr 12
What do you mean by use numbers? A budget is key to success.
@GemmaR (8517)
•
20 Apr 12
I have a notebook in which I write everything down that I earn and spend, and this means that I am able to see how much money I have left over to be able to save for the rest of that month. I love being able to do this, as it just means that I don't have to worry about not having any money left as I know how much I have out of my budget to buy the things that I want rather than just the things that I need. You should always be careful about your finances, because we all need our money to look after us in our old age.
@TeamCholent (2832)
• United States
21 Apr 12
So true, do you have a savings account as well on the side for those rainy days etc?
@larish (2213)
• Philippines
20 Apr 12
I have three bank accounts. The first one is for our (hubby & I) monthly savings, at least 10% of our income should go there. The higher, the better. If we have enough, we transfer it to Time Deposit. This is also the account that we use to pay for our insurance premiums and other yearly dues. The second is for our monthly expense- grocery, utilities, rent, etc. The third is my own account. It is important that I have my own savings so that it won't mix up with our household expense or investment/savings. All account are with passbook so i just put a note for every withdrawal done.
@TeamCholent (2832)
• United States
21 Apr 12
Sounds like you have a plan of action and sticking to it. Do you guys also have stocks and shares or a 401k?
@shwetat195 (628)
• India
20 Apr 12
i also maintain a file to track all income and expenses/investments. it is simplier that way and helps in organisation.
@shwetat195 (628)
• India
21 Apr 12
yes i do keep a back up as well. i have been doing that for atleast 2 years now.....i usually delete if i find some data as unnecessary.
@TeamCholent (2832)
• United States
21 Apr 12
Great going! I hope you are putting money aside monthly as well
@jmacho93 (14)
• Chennai, India
26 Aug 13
Initially, you need to understand the Personal financial planning process:-
In general, it can be carried out with the help of 5 important steps
1. Assessment: - you need to have your personal income statement and try to include your income and expenses continuously in to that sheet.
2. Planning:- Planning based on your expenses.
3. Creating proper plan:- when you are in needs to spend more money, then you need to create proper plan for it.
4. Executing plan:- When you have plan, then you need to execute in proper way to reduce your expenses.
5. Tracking:- You need to maintain the plan and make sure you need to be within your plan
These steps help in managing your personal finance
Reference:-
This article explains about 6 ways that will teach you how to save money in 2013 effectively.
@jrlcentral (2605)
• Roxas, Philippines
14 Oct 15
Good post. I tried this several times, to no avail. I used a small notebook... now I don't know where that notebook is. I used an app... it doesn't fit my needs. Now I realized, I could use my Kingsoft spreadsheet on my phone to track my expenses.. I'll set up the file now.
Thanks
