Comments on: Training Wheels: Why I’m Spending Less and Less Time Managing my Personal Finances http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/ Financial talk for the rest of us Sat, 16 Feb 2013 01:14:45 +0000 hourly 1 http://wordpress.org/?v=3.5.1 By: lintacious http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-727790 lintacious Tue, 14 Jul 2009 17:56:56 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-727790 I totally agree! After keeping my food bill under a certain amount for months now, I don’t even think about it when I go to the grocery store now. I just buy what is on sale and don’t buy what I know will go to waste and I rarely go over budget. So diligently keeping track of this spending isn’t as important as it used to be.

This same mentality can be used for anything once you get into the habit of. I used to jot down every day that I ran to make sure that I ran at least three times a week. But now I’m running four times a week and it’s become so routine that tracking it would be silly.

]]> By: K12Linux http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183688 K12Linux Fri, 15 Feb 2008 23:31:50 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183688 The hardest part of budgeting for me has been (and to an extent, continues to be) making sure I have every significant expense included in the budget. At first I’d do up a budget covering 8-12 months and say, “Wow, it won’t be hard to start building some savings.” Then something would come up like car maintenance (perhaps unplanned) or refilling the fuel tank for our furnace.

I found that for my budget had to be come a constant work in progress. As we spend money or got bills I have to figure out where it fits into my budget and, if it doesn’t, figure out where to add it so it’s not a surprise next time.

Now we have our spending habits under control. Unfortunately we are at the point of trying to keep it at $0 or above so it still takes a close eye on the budget. (“When can I pay this bill without pushing our checking account into the red?”)

The most valuable thing having an increasingly accurate budget has done for me at this point is help me plan for infrequent expenses. Now I can work out how much to save from each check so I can pay that big bill coming in six months.

I think things would be completely different if I knew I had a big enough emergency fund to cushion the impact of an unexpected expense.

I’m looking forward to the day when I have enough breathing room and enough positive cash-flow that I don’t have to refer to “the budget” every payday or even more often.

]]> By: Thunderhardt http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183573 Thunderhardt Fri, 15 Feb 2008 21:04:43 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183573 I check my accounts every day. I just began to budget 2 years ago. What a difference it has made. I only wish I had taken control of my spending at a much earlier ag, but it is never to late to start. I am about to retire, wich was not on my mind in my earlier years. (Trent, Where were you. (LOL). Learned so much here. Trying to spread the word to younger people. Thank you so much for your advice. I would like to thank all the people for thier postings, I have also learned from so many of them. Thank You!!!!

]]> By: NoDebtPlan http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183401 NoDebtPlan Fri, 15 Feb 2008 18:40:11 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183401 I check mine every couple of days ass well. Some would call it obsessive, some would call it relaxed. I guess it depends on your perspective. :)

]]> By: Matt http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183261 Matt Fri, 15 Feb 2008 15:35:56 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183261 As you do anything more you end up building confidence and experience. With both of those you can continue to improve. Confidence levels can be completely shot if you’re deep in the debt hole.

]]> By: MoneyMusing http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183216 MoneyMusing Fri, 15 Feb 2008 14:47:56 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183216 I couldn’t agree more with this post. I followed the same route and came to the same realization of tracking expenses.

Essential at the beginning, a general idea once you’re financially stable.

]]> By: The Innovative Traveler http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183181 The Innovative Traveler Fri, 15 Feb 2008 14:04:25 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183181 I check my balances every few days. Our problem is more about what we have coming in. Managing the financial and tax implications of my freelance work, plus his staff job, plus his side freelance work was becoming a burden and causing a lot of stress. So we pay a small monthly fee to work with a virtual bookkeeper who is able to keep everything on track, making it 1,000x easier during tax time and just day to day.

Now I can download their spreadsheets for us and fully understand what’s going on. I know a lot of people can do this sort of thing on their own with a bookkeeper at all, I’m just pointing out sometimes people need help whether they’re in debt, saving, or otherwise.

http://www.theinnovativetraveler.com

]]> By: Emily http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183164 Emily Fri, 15 Feb 2008 13:43:10 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183164 I understand the concept of “moving on” in your financial journey and have found this principal to be true for me as well. However, I think it is a good idea to check certain balances daily just to insure there are no unauthorized withdrawals, such as in the case of identity theft. Early detection of misuse of one’s credit and debit cards could be a lifesaver! I check my checking balance morning and night and the credit card accounts periodically, just-in-case. For me, this is not an obsessive thing, just a precaution and a gathering of information which keeps me on top of what is, and isn’t, going on, and as well, serves as a reminder that I need to be frugal and diligent with my goals and spending/saving plan on an ongoing basis. I’ve had my credit card number stolen and it was a rude awakening to find someone else’s charges on my bill when it arrived (for pizza and cable TV!!!).

]]> By: Firozali A.Mulla MBA PhD http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183131 Firozali A.Mulla MBA PhD Fri, 15 Feb 2008 13:11:48 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183131 Sir
I was almost obsessive
This is your psychological sickness and nothing to do with the money but I feel sad. This is the wallet. Try carrying the envelope. What happens is if you have this then you if you lose the envelope you do not feel depressed. The envelope is cheaper but the wallet is expensive. I am sure you will feel better.
I thank you
Firozali A.Mulla MBA PhD
P.O.Box 6044
Dar-Es-Salaam
Tanzania
East Africa

]]> By: Kathryn http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183126 Kathryn Fri, 15 Feb 2008 13:04:07 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183126 It’s worth while, though, to check back in regularly (if less often) to make sure you are still on track. It possible to drift a little over time if you aren’t watching carefully.

]]> By: Ashleigh http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183064 Ashleigh Fri, 15 Feb 2008 12:01:31 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183064 Very interesting read. Makes me understand why I’ve been constantly checking my balances, account and tracking every penny since July when I started getting serious about paying off my debt.

I hope to get where you are one day, thanks for the encouragement.

]]> By: reulte http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183037 reulte Fri, 15 Feb 2008 11:21:41 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-183037 I like checking my balances daily.

But so often it isn’t to ‘see where I’m at’ but rather to contemplate how far I’ve come.

]]> By: My Two Cents http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182689 My Two Cents Fri, 15 Feb 2008 04:13:08 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182689 I find that I myself am doing the same. I used to be obsessed with my finances and how much I had in the bank, etc. It was to the point that I was checking my balances every day even when I know no purchases were made or deposits made either.

Training wheels, indeed, and I’m glad to say that from the few months of training I had of making sure I didn’t spend more than I made, I’ve kept my spending under strict control.

]]> By: JT http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182650 JT Fri, 15 Feb 2008 03:45:46 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182650 I agree totally…when I first started tracking my spending, it showed me areas where I was just spending without thinking. That morning Starbucks was only a couple of bucks, after all. But when you see how all your little habits are adding up to big bills each month, you start to really think about where you want to spend your money and areas to watch closely.

I know from the exercise I went through what areas I still have to watch closely – food (esp dining out) and fun stuff. I still spend money on eating and on fun, of course…now I just keep my monthly budget for these two areas in mind. If I’m getting close to spending my budget and its mid-month…I know I need to slow down for the rest of the month.

]]> By: Frugal Bachelor http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182492 Frugal Bachelor Fri, 15 Feb 2008 00:51:04 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182492 I am an information addict and I can’t break out of the habit of constantly checking and balancing my accounts and looking at where I stand on everything on a daily basis or even more frequently. I’ve done this both during times of excess, as well during times of famine. The only time I don’t check up on my finances on a daily basis is when I’m on vacation – where doing so costs money (due to internet cafe charges)!!

]]> By: Tyler http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182365 Tyler Thu, 14 Feb 2008 21:15:03 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182365 An excellent analogy. The forces of habit are strong to break – both good and bad.
When we form good habits, we are successful.
It fits hand in hand with my favorite quote from Dividend Money.com -
“Practice makes perfect and perfect makes money”

]]> By: Ryan S http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182359 Ryan S Thu, 14 Feb 2008 21:09:57 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182359 Hey there! I read here regularly and also happen to be a Christian pastor in training. The Christian tradition also has a framework for this phenomenon: the development of virtue.

What your describing is the development of temperance, one of the cardinal virtues (as the ancients and medievals would call it).

With all virtues, there are too extremes to be avoided. In your case the extremes were recklessness and then compulsion. The virtue in the middle that leads to wholeness and deep joy is moderation, or temperance.

“All things in moderation.”

]]> By: Michael http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182348 Michael Thu, 14 Feb 2008 20:54:56 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182348 I submit the subtitle of this post should have been the entire title.

]]> By: Laura http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182347 Laura Thu, 14 Feb 2008 20:54:15 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182347 It’s easier to keep a budget now because of the habits we formed. The first few months of marriage I was watching the accounts like a hawk to make sure everything went smoothly.

]]> By: Rich Money Million http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182331 Rich Money Million Thu, 14 Feb 2008 20:41:52 +0000 http://www.thesimpledollar.com/2008/02/14/training-wheels-why-im-spending-less-and-less-time-managing-my-personal-finances/#comment-182331 Financial discipline takes introspection, examination, and practice. Changing your behavior, about money or anything else, takes awareness of the issues first. By closely examining your old habits, deciding on new habits, and implementing them, change is possible. To try it another way is to set yourself up for short-term success, then failure.

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