Comments on: 7 Reasons Why We Need to Start Budget Tracking Now http://moneyning.com/budgeting/7-reasons-why-we-need-to-start-budget-tracking-now/ A personal finance blog where we share insights on carefully saving money, investing, early retirement, mortgages, stocks because the little things matter in achieving financial freedom! Sat, 21 Nov 2009 10:57:14 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: Mary Hall http://moneyning.com/budgeting/7-reasons-why-we-need-to-start-budget-tracking-now/comment-page-1/#comment-20771 Mary Hall Thu, 22 Oct 2009 04:34:22 +0000 http://moneyning.com/?p=987#comment-20771 The excel file is a good idea, but yeah, budget tracking can be a little tedious. I normally just track credit purchases rather than all expenses made during the day as it helps me see the bigger picture. The excel file is a good idea, but yeah, budget tracking can be a little tedious. I normally just track credit purchases rather than all expenses made during the day as it helps me see the bigger picture.

]]> By: FinanciallySmart http://moneyning.com/budgeting/7-reasons-why-we-need-to-start-budget-tracking-now/comment-page-1/#comment-17293 FinanciallySmart Fri, 10 Jul 2009 15:10:55 +0000 http://moneyning.com/?p=987#comment-17293 I read your reasons and they are exactly why persons need to have a budget tracker. Even though we see ourselves having a good balance in the saving department there is another which is not doing well. Sometimes we have the belief that our goals are being met but the budget shows us otherwise and so everyone need to do a budget. It takes discipline and commitment to stick to a budget but after couple months of practicing them it will become easier. I read your reasons and they are exactly why persons need to have a budget tracker. Even though we see ourselves having a good balance in the saving department there is another which is not doing well. Sometimes we have the belief that our goals are being met but the budget shows us otherwise and so everyone need to do a budget. It takes discipline and commitment to stick to a budget but after couple months of practicing them it will become easier.

]]> By: Debt Consolidation Toronto http://moneyning.com/budgeting/7-reasons-why-we-need-to-start-budget-tracking-now/comment-page-1/#comment-16644 Debt Consolidation Toronto Mon, 15 Jun 2009 18:43:14 +0000 http://moneyning.com/?p=987#comment-16644 These are some great advantages for starting budget tracking on a regular basis. I think that everyone should culminate this habit in order to have a better understanding of your finances in general. I agree with you that it is a great topic to discuss with your family as it makes sure that everyone is on the same page. It also improves collaboration amongst family members should there be a situation where one member requires the help of another. These are some great advantages for starting budget tracking on a regular basis. I think that everyone should culminate this habit in order to have a better understanding of your finances in general. I agree with you that it is a great topic to discuss with your family as it makes sure that everyone is on the same page. It also improves collaboration amongst family members should there be a situation where one member requires the help of another.

]]> By: Dividend Growth Investor http://moneyning.com/budgeting/7-reasons-why-we-need-to-start-budget-tracking-now/comment-page-1/#comment-7921 Dividend Growth Investor Thu, 24 Jul 2008 17:05:48 +0000 http://moneyning.com/?p=987#comment-7921 I just don't like doing budgets every month MN. Once upon a time i did a budget for 6 months straight, but after getting busy I stopped doing it for one year.. And decided not to proceed.. I think that being frugal and thinking about purchases on the want vs need psychology is more important than simply tracking your expenses. But then knowing your expenses is an important part of knowing how much you need to generate from dividends/passive income/.. I just don’t like doing budgets every month MN. Once upon a time i did a budget for 6 months straight, but after getting busy I stopped doing it for one year.. And decided not to proceed.. I think that being frugal and thinking about purchases on the want vs need psychology is more important than simply tracking your expenses. But then knowing your expenses is an important part of knowing how much you need to generate from dividends/passive income/..

]]> By: kathryn http://moneyning.com/budgeting/7-reasons-why-we-need-to-start-budget-tracking-now/comment-page-1/#comment-7895 kathryn Wed, 23 Jul 2008 15:17:12 +0000 http://moneyning.com/?p=987#comment-7895 Tracking every dime is a lot of work, but I highly recommend doing it for at least three months now and then (or for a full year if you can stand it)...just because the information it provides is really useful. 1. It allows you to plan a realistic emergency plan, knowing ahead where you can cut and where you can't, and how much you need to have set aside to weather the storm. 2. We found that it also gave us the opportunity to evaluate some expenses/purchases and decide if they were really worth what we were paying. (The total costs weren't clear when the expenses just disappeared into regular spending.) We decided that we were spending way too much on cars (and chose to downsize and drive less) but that the gym membership was worth every dollar. You might decide differently. I felt more sure of my decisions after knowing how much we were really paying for things. Tracking every dime is a lot of work, but I highly recommend doing it for at least three months now and then (or for a full year if you can stand it)…just because the information it provides is really useful.

1. It allows you to plan a realistic emergency plan, knowing ahead where you can cut and where you can’t, and how much you need to have set aside to weather the storm.

2. We found that it also gave us the opportunity to evaluate some expenses/purchases and decide if they were really worth what we were paying. (The total costs weren’t clear when the expenses just disappeared into regular spending.) We decided that we were spending way too much on cars (and chose to downsize and drive less) but that the gym membership was worth every dollar. You might decide differently. I felt more sure of my decisions after knowing how much we were really paying for things.

]]> By: Nelson http://moneyning.com/budgeting/7-reasons-why-we-need-to-start-budget-tracking-now/comment-page-1/#comment-7856 Nelson Sun, 20 Jul 2008 23:48:42 +0000 http://moneyning.com/?p=987#comment-7856 Sorry Money Ning, I have to disagree with your budgeting post. Read more at http://nocommunism.blogspot.com/2008/07/pissing-off-some-fellow-bloggers.html Sorry Money Ning, I have to disagree with your budgeting post. Read more at

http://nocommunism.blogspot.com/2008/07/pissing-off-some-fellow-bloggers.html

]]> By: Kelly from Almost Frugal http://moneyning.com/budgeting/7-reasons-why-we-need-to-start-budget-tracking-now/comment-page-1/#comment-7846 Kelly from Almost Frugal Sun, 20 Jul 2008 11:06:17 +0000 http://moneyning.com/?p=987#comment-7846 This post has been chosen as part of the 69th Carnival of Money Stories at Almost Frugal, going live July 22, 2008. This post has been chosen as part of the 69th Carnival of Money Stories at Almost Frugal, going live July 22, 2008.

]]> By: luz http://moneyning.com/budgeting/7-reasons-why-we-need-to-start-budget-tracking-now/comment-page-1/#comment-7842 luz Sun, 20 Jul 2008 04:20:20 +0000 http://moneyning.com/?p=987#comment-7842 I agree that we should start tracking our finances for us to save for the rainy days. I agree that we should start tracking our finances for us to save for the rainy days.

]]> By: Avatar http://moneyning.com/budgeting/7-reasons-why-we-need-to-start-budget-tracking-now/comment-page-1/#comment-7823 Avatar Sat, 19 Jul 2008 06:49:52 +0000 http://moneyning.com/?p=987#comment-7823 Leslie, You've hit the nail on its' head and explained it better than I could. :) Leslie,

You’ve hit the nail on its’ head and explained it better than I could.

:)

]]> By: Leslie http://moneyning.com/budgeting/7-reasons-why-we-need-to-start-budget-tracking-now/comment-page-1/#comment-7822 Leslie Sat, 19 Jul 2008 06:44:38 +0000 http://moneyning.com/?p=987#comment-7822 I don't think enough of a distinction is being made here between budgeting and tracking expenses. For example, we budget for household expenses and minor splurges (going out to eat, for example), for three types of savings (retirement, house project, and emergency), to reduce our debts faster than the normal payments would allow, and to give us each a wee bit of pockeet/play money. We keep money for each of those things in separate account: A joint checking account for house hold bills, savings which serves as joint checking overdraft for bigger household purchases (mostly remodeling but also gifts and now a wedding), emergency and retirement savings accounts, and separate personal checking accounts for our individual play money. We have a pretty simply budget oversite process: When we run low on money in an account, we stop spending, we never spend emergency money except for true emergencies, and we never touch retirement for anything. I'm not going to micro-track our expenses since things change up and down all the time anyway. For example, we might have a bunch of clothing expenses one month then nothing for a years; our food expenses have gone up substantially both with the rising costs of food and with our choices to eat mostly locally and organically, but that just means we can't/don't go out to eat as much. It works out without recording every single receipt, mostly because we don'[t spend money we don't have (credit) and we think about every purchase we make. Tracking every expense is needed to figure out how to get and stay out of debt, and how to save more money; it's really not necessary when you're already doing pretty darn good in those areas. I don’t think enough of a distinction is being made here between budgeting and tracking expenses. For example, we budget for household expenses and minor splurges (going out to eat, for example), for three types of savings (retirement, house project, and emergency), to reduce our debts faster than the normal payments would allow, and to give us each a wee bit of pockeet/play money. We keep money for each of those things in separate account: A joint checking account for house hold bills, savings which serves as joint checking overdraft for bigger household purchases (mostly remodeling but also gifts and now a wedding), emergency and retirement savings accounts, and separate personal checking accounts for our individual play money. We have a pretty simply budget oversite process: When we run low on money in an account, we stop spending, we never spend emergency money except for true emergencies, and we never touch retirement for anything. I’m not going to micro-track our expenses since things change up and down all the time anyway. For example, we might have a bunch of clothing expenses one month then nothing for a years; our food expenses have gone up substantially both with the rising costs of food and with our choices to eat mostly locally and organically, but that just means we can’t/don’t go out to eat as much. It works out without recording every single receipt, mostly because we don’[t spend money we don’t have (credit) and we think about every purchase we make. Tracking every expense is needed to figure out how to get and stay out of debt, and how to save more money; it’s really not necessary when you’re already doing pretty darn good in those areas.

]]>