Hi @Former-Member
This is an area of life I think too little attention is paid to. Matter of fact so much of our culture (?) has become centered on consumption over (or without) value.
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I will admit I have always been super-organized with my money. I tend to weigh every dollar before I spend it. If I don't feel that I will get more back (in enjoyment or some other thing) than I spend then I don't spend. Even better I have always been a saver. That, in turn, has saved me many times.
My logic: I would like Netflix. It is $10 per month. $120 per year for a movie or two a month (plus data if I go over my allocation). I love movies. Sounds great. Flip it: using my existing PC and TV tuner I can record many shows every day for no extra cost. I can download a great player application that makes the movies look great on my out-of-date but still quality Plasma TV (I inherited). Sure I have to be patient over newer movies but I also get to see some really unexpected things. If I really, really want to go to the movies or see a specific thing (stream it ad-hoc from Windows Store) then I can and still have money in the kitty.
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Many years ago there was a very expensive financial product on the market that had some great results for the clients who worked it properly. I was given a copy of the paperwork to assess and proof.
Very simply it started with a big ledger where you had to write down every single dollar you spent. Cup of coffee, write it down. Apple, write it down. iPhone app, you got it...
After a month or two most people were shocked when they compared what went out compared to what went in. This tended to deliver quite different results from the 'assumed' budget they wrote out before the log. Looking at money spent on non-essentials (and this is before scary big phone plans) tended to move people out of "wasting" and into saving. Opinions even revised over debts and even many sundries considered important before.
Initially saving seems a bit pointless as the few dollars barely seem worth having when you could have coffee or a new iPhone. However, after using a savings calculator like this
https://www.ingdirect.com.au/savings/calculators/savings.html
most people realized that with a little patience there was not only a pile of money that could cover them if things got tight but that the money could start to earn them money (cue Monty Burns saying "excellent").
Many clients went on to have pretty tasty portfolios in only a few years. Obviously a lot easier to do that when you have a partner and two decent incomes. BUT a lot can still be achieved by simply establishing the facts and seeing what changes that bring.
Don't worry about finding some program you need to pay for. All you need is a spreadsheet using something like the free Google Docs or Open Office application. Make it pretty for yourself so you have an investment in using it just as those people who paid heavily to get that plan had reason to work it.
I hope that long post helps. And as for judgments, I think that program was great in great part as the clients made all their own judgment and decisions.
🙂
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