3 Simple Steps To Manage Your Money

"Okay, I want to be my own "Accountant" and manage my money well. But...where do I start?"

Here's 3 simple steps: -

Step 1 - Create a monthly budget

Budget the amount of expected income you earn and expenses that you expect spend on a monthly basis. You may do this on a piece of paper, in a notebook or an Excel spreadsheet.

Split your income by your income streams (salary from employment, salary from own business, dividends, bonuses etc.)

Split your expenses by categories (house, car, food, clothing, one-offs etc.)

Step 2 - Track your actual daily expenses

Record your actual expenses on a daily basis. Again, this can be done on a piece of paper, in a notebook or an Excel spreadsheet.

Step 3 - Compare your results on a monthly basis

At the end of each month, compare the actual expenses incurred for that month (in Step 2) against the budget that you set earlier (in Step 1).

Look for areas which you had overspent your budget significantly. Identify any large or big-ticket expense items which resulted in you bursting your budget. Then work on cutting down spending on that the following month.

Sounds simple doesn't it? Good!

Would you like a spreadsheet or template that can help you do all the 3 steps above?

If so, The DIY Accountant has developed "The DIY Personal Income & Expenses Tracker" just for you.

It allows you to do Steps 1, 2 and 3 above as well as answer 3 key questions: -

1. Did I save or overspend?

If you've saved, well done! Keep it up!

If you've overspent, it's time to revisit the large or big-ticket Expense items which resulted in you overspending and work on cutting down on that next time

2. Did I spend in line with my budget?

If you've spent within your budget, well done! Keep it up!

If you've spent beyond your budget, it's time to revisit the large or big-ticket Expense items which resulted in you bursting your budget and work on cutting down on that next time

3. Did I spend in line with the Money Jars System?

Compare the actual percentages against the percentages recommended by the Money Jars System. Are the percentages different by more than a 10% range?

If so, it's time to reflect and adjust your spending to align with the recommended percentages.

If you are spending too much on necessities, then Simplify!

If your FFA (Financial Freedom Account) is too little, then start allocating more to put into it. In other words, Save and Invest more!

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