Post: #1

Guys, what are your favourite resources on money management and budgeting? Any great books, sites or software for tracking/measuring things, without making budgeting into another time consuming thing "To Do"?

I've always struggled with money management and have a tendency to splurge and spend beyond my means. It's time for me to turn that around and grow up in this area - there's not much point working my ass off if I'm only going to blow it on overpriced food, partying and "stuff" and not use it for the things I really value.

I've read Ramit Sethi's book, and it was quite useful. I like the envelope method, and I've tried to stick to it (but not very well). Anything else anybody can recommend?

Post: #2

Mint.com

Divide out your expenses in % terms and go from there.

Post: #3

(10-19-2012 07:25 AM)RichieP Wrote:  Guys, what are your favourite resources on money management and budgeting? Any great books, sites or software for tracking/measuring things, without making budgeting into another time consuming thing "To Do"?

I've always struggled with money management and have a tendency to splurge and spend beyond my means. It's time for me to turn that around and grow up in this area - there's not much point working my ass off if I'm only going to blow it on overpriced food, partying and "stuff" and not use it for the things I really value.

I've read Ramit Sethi's book, and it was quite useful. I like the envelope method, and I've tried to stick to it (but not very well). Anything else anybody can recommend?

I tend to blow cash like it's expiring as well. I'm not big on budgeting, but instead evaluating every purchase on a case by case. I've cut out buying coffee - (do k-cups instead $0.50 a piece), have started packing a lunch for work several days a week, and have put large discretionary purchases on hold until I reach my intermediate financial goals. Another huge shift for me was realizing I may not be at the same or higher income level forever and that money saved now is money that will support me when I decide to get off the grid.

Look at mint.com. It could be a little more flexible in the goal setting, but it's a good place to start.

Post: #4

For mindset, this book is all you need.

There's another version of the text floating around with simpler English - more suitable for non-native speakers.

Post: #5

(10-19-2012 09:13 AM)Tigre Wrote:  For mindset, this book is all you need.

There's another version of the text floating around with simpler English - more suitable for non-native speakers.

The link is for Richest Man in Babylon, it's good stuff.

Post: #6

Watch you cash flow. Live within your means. Consider the time it takes you to earn X amount whenever you spend that on something. It's OK to blow $5k at a strip club if you can also make $5k overnight.

Post: #7

Saw this link yesterday. Has some valuable tips. http://artofmanliness.com/2009/05/26/how...cial-stud/

Post: #8

"The same mindset that had me hiding CASH in the mattress, now has me traveling around the Atlas."

Edit: the capitalization on CASH is critical

Post: #9

(10-19-2012 07:25 AM)RichieP Wrote:  Guys, what are your favourite resources on money management and budgeting? Any great books, sites or software for tracking/measuring things, without making budgeting into another time consuming thing "To Do"?

I've always struggled with money management and have a tendency to splurge and spend beyond my means. It's time for me to turn that around and grow up in this area - there's not much point working my ass off if I'm only going to blow it on overpriced food, partying and "stuff" and not use it for the things I really value.

I've read Ramit Sethi's book, and it was quite useful. I like the envelope method, and I've tried to stick to it (but not very well). Anything else anybody can recommend?

Your question definitely falls under the productivity subject. The thing is that as soon as you realize that you are spending too much time on something without being productive while doing it, then that's a good sign that you should stop doing it and hire someone else to do it for you.

And, hiring someone else to do something for you means outsourcing or delegating your tasks to someone else, ok? Why?

Because that way you'll be able to focus on spending time on things that you enjoy doing and you are productive at doing. For example, I've spent the last 7 years wasting my time by focusing on the wrong things when trying to earn money in one way or another. So, I have simply realized that I've had two main problems:

1) I wasn't productive at doing certain things or in other words, i was wasting a lot of my time earning a very little or no income, and

2) I wasn't enjoying it. And, when you are forcing yourself to do something, you are actually wasting your time because you are not enjoying it.

Therefore, as soon as you notice that you are spending too much time on something where you are not being productive and that you don't really enjoy doing, then you should simply stop it and focus on something else that makes you excites and alive, ok?


Now, in terms of enjoyment, here we are talking about leading and living a fulfilled and passionate life. The way you can figure out or confirm whether you're leading passionate life or not is by re-assessing or verifying your top passions or the things that you are truly passionate about, ok?

To most effectively re-assess your main passions, I warmly recommend that you read one of my favorite bestselling books that's called "The Passion Test: The Effortless Path To Discovering Your Destiny" by Janet and Chris Attwood.

By the way, this book is recommended by some of the most successful individuals and billionaire entrepreneurs such as Jack Canfield, Bob Proctor and Jay Abraham.

Hope I've helped you in a way.

Post: #10

I am a big proponent of using cash and only cash for all nightlife involving drinking.

Heres how I do it. I start my night EVERY TIME w/the same amount of money. Say 200-300 dollars. Credit card only as backup for Taxis or what not.

Then I go about my night and then when I wake up, I try to envision how much I spent and then count it.

Initially, I was always over-spending, but you get much better and more cognizant of over-spending especially when you have to fork over cash every time...and you start checking the receipts extra carefully. I got charged double by mistake at mutliple bars, if I was using credit card and its dark, I can easy sign away. Counting out cash always make your mind double-check

Dont remeber where I read this, but holding large sums of cash is a dopamine stimulant, and when you pay by card, you dont feel the pain as much as you do from spending cash.

Spending habits are largely psychological, and you can train yourself to "feel the pain of over-spending." Bad habits need drastic over-correction to correct. You will likely initially go into over-zealous skimp mode, but then relax and spend at a comfortable level.

Post: #11

Another thing is as you start to make more money, do the SAME cost-cutting methods you used when you made less money. If you have leftover air miles from travel...cash them in for a free trip. If you have "hookups" to stay in condos at your destinations, keep doing that. Don't decide to get 5-star hotels which won't matter if you have been already staying at nice condos anyway.

Post: #12

In case you really want to improve your budgeting and personal finance management, try YNAB. http://www.youneedabudget.com

Post: #13

I really don't think you need a book on money management. All you need is self-discipline. You know what you taken in every month. Track what you're spending every month. Use Excel for this. Do not use a credit card for credit; rather, use it for convenience. You should not be carrying a balance every month. Doing so means you are living above your means. Contribute to your 401k, especially if your company matches. That truly is free money. Everything you need to know about investing is a mouse click away.