Money Management Systems

Keeping your finances organized can be challenging. There are many different options

to choose from so we start with what works best for us in the moment and grow as we

go.

The best way to get started is to simply start right now! It is easy to overthink financial

organization and systems. Simple and easy is the best strategy.

QuickBooks, Excel, Notes app, Pencil and paper, all are great methods to stay

organized. Whichever financial system you try, be sure to track all income and expenses

into categories. This will make clear where the bulk of the money/income comes from

and the true expense categories.

This will lead back to the basic questions about what the necessary expenses are

based on income. This information will change the way the money is spent and help us

figure out what must be paid for and what we should let go of to reach our goals.

Noticing that expenses are higher than income means it is time for some changes.

Either adding a side hustle to your already busy life or cancelling unnecessary

expenses and putting this money towards financial goals. If you need help with this, ask!

Sometimes we just can’t see where the overspending is happening because everything

seems so important. Talking about this out loud with someone you trust is important.

And going back to basics simplifies your finances. Take out the fluff, hustle towards your

goals and get back to your bougie habits later.

Here are some money management tips that can be helpful:

1. Keep your receipts: This is useful for many reasons. If you are a business owner,

you can prove your write offs. They are also helpful to have on hand if you need

to make a return, and to calculate expenses for budgeting and tax purposes.

2. Debt: Decide what types of debt you need and get busy paying off the remaining

items. The goal is to only use debt such as credit cards as a free tool. Use cards

that have no interest if paid within a certain timeframe. Or use a credit card as a

tool and give it a job while paying the balance to zero each month or each day if

you need to get familiar with the habit. This will build your credit score while

keeping you out of debt.

3. Time management: Use this as a tool to help you on your journey to financial

wellness. Plan a weekly budget meeting with yourself to find out how you did to

keep your progress on track. Or set a daily reminder to spend 30 minutes to 1

hour tracking your progress. The more often, the better, at least in the beginning.

Make the goal to collect cash like the asset that it is and spend as little as possible.

Take the savings and apply it to your goal such as a savings account, investment, cash

on hand, or retirement fund, etc. Remember, the less you spend, the less there is to

track.