where did my money go

Where did my money go?Joel EggerdingCoachYourMoney.comOctober 16, 2013

Where did my money go?

•Too much month at the end of your money?

•Finding ATM receipts and wondering where your cash went?

•Worried when you get your credit card bill?▫Or when you login to check your bill?

•Have you given up trying to get ahead?•Are you in control of your money, or is

your money in control of you?

Tracking your spending

•Why should you care about tracking?▫Before you can make a change you have to

know what to change.▫Data is always better than guessing.▫Allows you to properly build a budget.▫Allows you to benchmark your progress.

But tracking is work

•Yes, it is.▫Get over it.

•You track other things in life▫Who got kicked off Dancing with the stars?▫Sports.

Especially fantasy sports.▫Budget deal in Washington.

Two Ways to Track

•As you go▫Track all your expenses as you make them.▫Takes some time to get used to this.▫Once you do you are more cognizant of

your spending.▫Decide what you want to track.

Cash is a great place to start. Going out/Groceries are other expenses

where you have control every month.

Ways to do it

•Paper with a pen▫Cheap option especially if you take the pen

you “borrowed” from me tonight.▫Spend a buck and use a little notepad.

•Smartphone▫Get an app, use a notebook or spreadsheet.

•Computer▫Spreadsheet, Word doc, etc.

Here is how I did it in the 90s

Two ways to track

•After the fact▫If you are getting started, take a look at

what you have spent.•Bank/credit card statements

▫ATM withdrawals still are not categorized.•Online Application

▫I love Mint.com for this.

Now you are ready to Plan

•Most people hate the word Budget.▫Dave Ramsey says it has a bread and water

connotation.•Whatever you want to call it is fine with

me.▫I like money plan.

•Mint.com can help with this.▫And they call it a budget.

Mint.com Budgeting

Another Approach

•Envelope system▫Put cash in an envelope for each category.

Groceries Gas Going out

▫Use the cash during the month.▫Once the cash is gone you have to stop

spending money on that category.▫Repeat the next month.

Coming up with the plan

•What money goal are you working towards?▫Pay off debt.▫Start a savings plan.▫Open and fund a Roth IRA (Pick me! Pick

me!).•To free up cash for your goal, set an

amount for your categories and track your spending.

•Before you know it your plan is working.

Coach Your Money can help

•I will work with you to pull together your money life.

•Together we will develop your money goals.

•We will put together a plan.▫Pay off this credit card then worry about

your student loans.•We will celebrate your successes.•Sign up today and I will apply tonight’s

cost to your first session.

Thank you for attending•See you next month on Wed. November 20th

▫Smarter Spending Online – Sleep in on Black Friday and buy on-line

•Wed. December 18th

▫Using Credit Cards for fun and profit – Bring your current credit cards and find out how you could put more money in your wallet every month

•Wed January 15th

▫TBD