This post is Part 4 of 6 of Simple Living Series. Learn more about the series here.
I used to hate managing finances. It must have been because of years of making a ton of finance trackers or because of my immersion in entrepreneurship that I now appreciate the process. I love trying out different systems for tracking money.Â
Here are some more things in my financial game plan:Â
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have a weekly and monthly financial management routine
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review my bills regularly
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keep a filing system for my bills, statements & other financial documents
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use the envelope system for my monthly spending
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implement a budget framework (for needs, wants and savings) to manage income
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have an automated deposit system for retirement, savings & emergency funds
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save 3 to 6 months worth of monthly income as emergency fund
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help my partner build a college fund for our children
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never carry a large credit-card balance
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be comfortable talking about money with my partner
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feel good about where I’ve invested my money
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analyze big financial decisions with real calculations
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pay all my bills on time
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know how much I need to be minimally financially independent, have a plan to get there and put aside enough money each month to reach it
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cut down in my spending on things that are not truly important to me
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experiment on different tactics to save money and weigh its real impact on my finances
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return any money I borrowed
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make sure tax returns have been filed & all my taxes have been paid
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live well, within my means
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have an excellent medical insurance
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insure my assets (car, home, possessions, treasures)
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have a financial plan for the next year
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keep a track of my online transactions and subscriptions
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be on a career/business track which is or will soon be rewarding
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make sure earnings are commensurate with the effort I put into my job
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check in with my buying patterns
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prepare for my end
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streamline my receipt system
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make my bills paperless
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use a portion of my income to invest in my self development
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view money as beautiful, good, abundant and supportive to me and my family
Part 6: My Mind & Spirit