Where is my money, honey ?

Money Thoughts:

Have you wondered “I’ve been working for nearly a decade or more now. How is it that my Zero Balance Salary account is stuck forever at that ‘Zero Balance'”

“I started my career with a salary close to what my dad retired with, and in spite of all the generous increments and all these years of hard work I’ll probably own nothing more than what he did when he retired and to top it all I don’t even have a pension”

I dont know
“It’s only 5th, how come it’s showing zero balance again”

It’s all too easy to say ‘It’s the inflation, it’s the interest rates, its the falling industrial output, oil prices, direct taxes, indirect taxes, Cess and a numerous other things we have absolutely no control over’. You may not be entirely wrong, but we have already seen in ‘Circles of Life’ that it is not a fruitful exercise. We should only focus on things we have control over.

If you are a doctor or an Engineer you probably openly admit you don’t understand money and the options are too confusing, so you would choose to do nothing. Unfortunately, even chartered and cost accountants (like me), make too much analysis and too less action on their own personal finances.

Why you need a Personal Finance Plan?

Everyone who deals with money needs a ‘Finance Plan’ . After all, neither a petty shop nor a recently funded startup , or even a Fortune 500 company would spend any money without keeping records for the same. Why should you ?

Hari wrote about how recording his expenses enabled him to take the plunge into his own independent practice and since then, we have had several requests on further details to follow through to the plan. So, in this post and in the series following I am going to help you set up a ‘Personal Finance Plan’, to enable you to have better control of your Finance and thereby pursue whatever is most important to you in your life.

Your First Step to your Financial Freedom Time Required: 1 hour/month

Budgeting is one of the many things, we all know we have to do, but never end up doing. Even as a Finance Professional, it’s not my favorite thing to do. That’s why we made no expenses plan or budget, all that we did was just record expenses at the end of the day. Every day it took us less than 2 mins, and at the start of the month and end of the month, to adjust formulas and reconcile, it would take us under 10 mins. That’s it, in about 1 hour/month you can be on your way to understanding your spending pattern.

We made a Custom Excel Sheet to enable you track your Cash Flow  and this can be downloaded here. Do set up a reminder at least an hour before your normal bed time for this activity.

‘Track your Money’ Apps:

I tried a few ‘apps’ to be able to recommend to you. Each app has a different user in mind and if you are the ideal user, it may fit you to the T.

Andro Money: This is very much like the expense tracker sheet, has an auto reminder to remind you to enter expenses, split expenses, relevant categories and sub-categories that can sometimes be overwhelming  for the uninitiated. If you are meticulous and would love to have your expense book handy at all times,do try this out.

Money View: This app reads all you Bank SMS and records your expenses and bank account balances automatically. There is also option to add manual transactions. Gives you reminders to pay your credit card bill on time and ensures you don’t accumulate those devilish late payment charges.

We still stick to our excel sheet in google drive as it can be entered by either of us and gives us the flexibility to make any further analysis and add remarks as required. But having all your bank balances at one view is a great way to be able to manage your cash flow, so do use a combination of solution as it suits you.

Measure and Manage:

Management Guru Peter Drucker said ‘What gets measured, gets managed’

Peter Drucker
Peter Drucker, Father of Management

So to manage your money, your first step to Financial Freedom is this totally unsexy thing of recording expenses. Like we had discussed before, success involves many routine unsexy stuff and not highly technical strategical complex things reserved for intellectuals.

Once we know the expenses, it’s easier to know where you can manage it. Once you have the cash flow firmly in place, in the subsequent series of articles, I will talk about building a buffer, savings and investment route to financial freedom. Download the excel or the apps, or note it down in pen and paper. Don’t let technology or financial know how get in the way of action. Start where you are and you will get better over time.

I am keen to know if this is useful to you in organise your finances. Was the excel and the advice here simple enough to start using immediately? Do you think a Personal Finance series is a good idea ? What else in Personal Finance do you have questions about that I can address. Please let me know in the comments.

Downloads: Monthly Cash Flow Tracker.

Published by

Priya Krishnamoorthy

Exploring the Journey of life everyday with a new outlook

118 thoughts on “Where is my money, honey ?”

  1. Hello there! This post couldn’t be written any better!
    Reading through this post reminds me of my previous room
    mate! He always kept talking about this. I will forward this
    post to him. Fairly certain he will have a good read. Many thanks for sharing!

  2. You actually make it seem so easy with your presentation but I find this matter to be actually something that I think I would never understand. It seems too complicated and extremely broad for me. I am looking forward for your next post, I¡¯ll try to get the hang of it!

  3. Undeniably believe that that you said. Your favorite justification seemed to be at the web the simplest thing to take into account of. I say to you, I certainly get annoyed even as other people think about concerns that they just don’t understand about. You managed to hit the nail upon the top as well as defined out the whole thing with no need side-effects , folks could take a signal. Will likely be back to get more. Thanks|

  4. Hello would you mind letting me know which webhost you’re working with?
    I’ve loaded your blog in 3 completely different internet browsers and
    I must say this blog loads a lot faster then most. Can you
    recommend a good web hosting provider at a
    reasonable price? Thanks a lot, I appreciate it!

  5. Hi there! Would you mind if I share your blog with my myspace group?
    There’s a lot of people that I think would really appreciate your content.
    Please let me know. Many thanks

  6. Nice post. I was checking constantly this blog and
    I am impressed! Extremely useful info specifically the
    last part 🙂 I care for such information a lot. I was looking
    for this particular info for a very long time. Thank
    you and best of luck.

  7. Pingback: URL
  8. you are really a excellent webmaster. The website loading pace is amazing. It kind of feels that you are doing any distinctive trick. Moreover, The contents are masterpiece. you have performed a great job in this matter!

  9. Attractive section of content. I just stumbled upon your
    blog and in accession capital to assert that I get
    in fact enjoyed account your blog posts. Any way I’ll be subscribing to your augment and even I achievement you access consistently quickly.

  10. whoah this weblog is excellent i love reading your posts. Stay up the good work!

    You know, lots of people are searching round for this info,
    you can aid them greatly.

  11. Hello would you mind stating which blog platform you’re working with?
    I’m looking to start my own blog soon but I’m having a hard time selecting between BlogEngine/Wordpress/B2evolution and Drupal.
    The reason I ask is because your layout seems different then most blogs and I’m looking for something
    unique. P.S My apologies for getting off-topic but I had to ask!

  12. I’m amazed, I must say. Seldom do I come across a blog that’s
    equally educative and interesting, and without a doubt, you’ve hit the
    nail on the head. The issue is something too few folks are speaking intelligently about.
    I’m very happy I found this during my hunt for something relating to this.

  13. This is very interesting, You are a very skilled blogger. I have joined your rss feed and
    look forward to seeking more of your magnificent post.
    Also, I’ve shared your site in my social networks!

  14. Excellent blog! Do you have any hints for aspiring
    writers? I’m hoping to start my own site soon but I’m a little
    lost on everything. Would you advise starting with a free
    platform like WordPress or go for a paid option? There
    are so many options out there that I’m totally overwhelmed ..

    Any tips? Cheers!

  15. This is very fascinating, You’re an overly skilled blogger.
    I have joined your rss feed and stay up for looking for more of your fantastic post.

    Additionally, I have shared your site in my social networks

  16. Asking questions are actually fastidious thing if you are not
    understanding anything fully, but this piece of writing gives nice understanding yet.

  17. An outstanding share! I have just forwarded this onto a
    colleague who had been conducting a little homework on this.
    And he actually ordered me lunch because I stumbled upon it
    for him… lol. So allow me to reword this…. Thank YOU for the meal!!
    But yeah, thanks for spending some time to talk about this
    subject here on your internet site.

  18. Hi, Neat post. There’s an issue with your site in web explorer,
    could check this? IE still is the marketplace leader
    and a good section of folks will miss your wonderful writing due
    to this problem.

  19. My brother suggested I would possibly like this web site. He was once entirely right.
    This put up truly made my day. You cann’t believe just how so much
    time I had spent for this information! Thank you!

  20. Hi are using WordPress for your blog platform?
    I’m new to the blog world but I’m trying to get started and set up my own.
    Do you require any coding knowledge to make your own blog?
    Any help would be really appreciated!

  21. When I initially commented I clicked the “Notify me when new comments are added” checkbox and
    now each time a comment is added I get several emails with the
    same comment. Is there any way you can remove me from that service?
    Thank you!

  22. These are genuinely wonderful ideas in regarding blogging.
    You have touched some fastidious points here.
    Any way keep up wrinting.

  23. It’s amazing to pay a quick visit this site and reading the views of all friends about this piece of writing,
    while I am also keen of getting knowledge.

  24. Excellent web site you have got here.. It’s hard to find high-quality writing like yours nowadays.
    I honestly appreciate individuals like you! Take care!!

  25. My spouse and I stumbled over here by a different website and thought I might check things
    out. I like what I see so now i am following you.
    Look forward to looking over your web page yet again.

  26. And also in length is better to maintain it in between 40 to 65 Characters instance
    adding finest seo services bangalore Making internet site title
    tag to more online search engine pleasant check
    this out Pointer to optimize the title tag.

  27. I have to thank you for the efforts you have put in penning this site.
    I’m hoping to check out the same high-grade blog posts from you in the future
    as well. In truth, your creative writing abilities has encouraged me to get my very
    own website now 😉

  28. Howdy! I could have sworn I’ve been to this website before but
    after browsing through many of the articles I realized it’s new to me.
    Regardless, I’m certainly pleased I discovered it
    and I’ll be bookmarking it and checking back often!

  29. I simply could not go away your web site before suggesting that I really enjoyed the usual info a person provide on your guests?

    Is gonna be again ceaselessly in order to investigate cross-check new posts

  30. Have you ever thought about creating an e-book
    or guest authoring on other sites? I have a blog
    centered on the same topics you discuss and would love to
    have you share some stories/information. I know my audience would enjoy your
    work. If you’re even remotely interested, feel free to send me an email.

  31. I do not out seo techniques, yet I ask yourself if it deserves analyzing paper search engine optimization in the future.

  32. Aw, this was a really nice post. Finding the time and actual effort to produce a really good
    article… but what can I say… I hesitate a lot and never seem to get
    nearly anything done.

  33. Asking questions are truly pleasant thing if you are not
    understanding anything fully, but this paragraph presents nice understanding even.

  34. I really like what you guys tend to be up too. This sort of clever work
    and exposure! Keep up the awesome works guys I’ve added you guys
    to my blogroll.

  35. With havin a great deal articles do you encounter any issues of plagorism or copyright infringement?
    My website has a lot of exclusive content I’ve either authored myself or outsourced nevertheless
    it appears like a lot of it is popping it up throughout the web without
    my agreement. Do you know any methods to help you prevent content from
    being cheated? I’d truly appreciate it.

  36. I have got been surfing online a lot more than three hours lately, but I
    never found any fascinating article like yours.

    It is lovely price enough for me. Within my view, if all web owners and
    bloggers made perfect written content as you did, the web could be a lot more
    helpful than ever before.

  37. La profesionalidad del servicio técnico Bosch le garantiza el óptimo tratamiento de su electrodoméstico, así como el uso del mismo. Gracias a los más de 15 centros de Asistencia técnica Bosch de que disponemos en Barcelona, Provincia y Girona le desplazamos un técnico a su domicilio en el mismo día de su llamada. Si Ud. tiene una avería en uno de los electrodomésticos Bosch le enviamos en un plazo de 4 a 8 h de su aviso un técnico Bosch para detectar la posible avería de su electrodoméstico y le realizamos un presupuesto previo sin compromiso de la reparación, si se acepta nuestros técnico Bosch procederán a reparar. Nuestros técnicos reparan todo tipo de neveras y frigoríficos Fagor en tenerife.

    1. That is really ataggtion-ertbbinn, You are an excessively professional blogger. I have joined your feed and sit up for looking for more of your excellent post. Also, I’ve shared your website in my social networks!

    2. Very well-put. But of course, I can’t do that. The little neurotic voice in my head (shut up) tells me “it MUST BE PERFECT!” But you’re right – emphasizing the customer’s experience, rather than worrying about fitting some arbitrary definition of “perfect” makes far more sense.

    3. 妙老師:可以再請教一下嗎?我要換烤箱了,因為溫度嚴重不均,烤餅乾裡頭的都焦了,外面的還沒熟。請問老師推薦哪款烤箱?預算五千。或者老師也可以不拘於預算推薦。我的需求是會做些烘焙:餅乾,蛋糕……是不是上下火溫度可分別調節的會比較好?

    4. Hi Priscilla,Today has been one of those days, where a myriad of coincedences reminds me that there are no coincedences! I just received my first Thomas Berry book from amazon.com….haven’t read him yet, just about him. Looking forward to reading his work.Thanks!

    5. I just found your podcast and blog this week. Thank you for taking the time to share your sewing with everyone! Your quilts are inspirational, and I look forward to reading and listening to more!

  38. Have you ever considered about adding a little more than only your articles?
    After all, the things you say is fundamental and all.
    However think about should you added some very nice images or
    videos to present your site content more, “pop”! Your posts is excellent however with pics and videos, this site could definitely be one of the greatest
    in their niche. Excellent blog!

  39. Hello there! Do you use Twitter? I’d like to follow you if that would
    be okay. I’m definitely enjoying your blog and look forward to new updates.

  40. That is really attention-grabbing, You’re a very
    professional blogger. I’ve joined your feed and sit up for in quest
    of extra of your fantastic post. Additionally, I have shared your site
    in my social networks

  41. I simply want to say I am just very new to weblog and honestly savored your web-site. Most likely I’m planning to bookmark your site . You really come with exceptional articles. Thanks for sharing with us your blog.

  42. I loved as much as you’ll receive carried out right here. The sketch is tasteful, your authored material stylish. nonetheless, you command get bought an edginess over that you wish be delivering the following. unwell unquestionably come more formerly again as exactly the same nearly very often inside case you shield this increase.

  43. hello there and thanks on your information ¨C I have certainly picked up something new from proper here. I did on the other hand experience several technical issues the usage of this web site, since I skilled to reload the web site lots of occasions prior to I may just get it to load properly. I have been pondering if your hosting is OK? Not that I’m complaining, however sluggish loading instances times will sometimes impact your placement in google and can injury your high-quality ranking if advertising and ***********|advertising|advertising|advertising and *********** with Adwords. Well I am including this RSS to my email and could look out for much extra of your respective interesting content. Make sure you update this again soon..

  44. Hello just wanted to give you a quick heads up. The text in your post seem to be running off the screen in Ie. I’m not sure if this is a format issue or something to do with internet browser compatibility but I figured I’d post to let you know. The style and design look great though! Hope you get the issue resolved soon. Many thanks

  45. I like the helpful info you supply for your articles. I will bookmark your blog and check again here regularly. I am fairly certain I¡¯ll be told many new stuff right here! Good luck for the next!

  46. Hi, i think that i saw you visited my blog thus i came to ¡°return the favor¡±.I¡¯m attempting to find things to enhance my web site!I suppose its ok to use some of your ideas!

  47. Heya i¡¯m for the first time here. I found this board and I in finding It really useful & it helped me out a lot. I hope to provide something again and help others such as you aided me.

  48. Valuable info. Fortunate me I found your web site accidentally, and I am surprised why this coincidence did not took place in advance! I bookmarked it.

  49. Thanks for sharing Priya. Sometimes we have a tendency to spend money without us noticing. So inculcating this habit is a good thing in the long run.

  50. The act of measuring our financial situation is so key to realising just how much financial freedom we have and what adjustments or drastic changes we can make to our lifestyle! But to sit down and write it down in a format that is easy and intuitive to use on day-to-day basis is a hurdle for everyone. The simple tool that you have made available in this article makes it possible for people to start the measuring process with no excuses 🙂

    1. Thanks Hari. Most professionals are incentivised to keep simple things complex and also due to their professional circles, they tend to jargonise things. Like what you did to explaining tech, this is my attempt to simplify finance for the non-finance people. And am glad you found the tool simple and useful 🙂

Comments are closed.