This article provides some ideas to help you better manage your finances with the goal of helping you to assure you meet your financial objectives while minimizing the time needed for goal setting and scorekeeping.
You probably remember the KISS adage – keep it simple stupid. Since effective management of your finances involves a lot of scorekeeping, much of which is time consuming, following the KISS principle is especially important. This article provides some ideas to help you better manage your finances with the goal of helping you to assure you meet your financial objectives while minimizing the time needed for goal setting and scorekeeping.
My wife and I depend on the use of a spending plan to help us set our financial goals. We call it a “spending plan” rather than a budget because for us the word “budget” has some negative connotations. We usually prepare our spending plan for the following year sometime during late October or early November. Developing our first spending plan took some time because we wanted to detail our financial goals. In addition, we needed to gather a lot of information about our current costs. Updating the plan takes much less time.