Money matters: The must-have lists and logs for healthier finances

in #money6 years ago

Money isn’t everything, but it is a lot of things. While many of the best things in life are priceless, there are still non-negotiables that we need to pay. We all want to take care of our finances--cash-on-hand, savings, investments, loans--because losing track of these can be detrimental not just to us but also to our loved ones. Here are lists and logs to make us more cognizant of essential and everyday money matters:

Spending

Unless one is living under a rock, spending is inevitable. Logging every cent can be quite rewarding. Not only does it give us an idea of where we use our hard earned money, it also permits the evaluation of our purchases. It points us to purchases that we can classify into “needs” or “wants.” This can motivate us to decide which purchases we should forego and which ones we should keep.

Savings

If we spend, we must also save. Making logs of our savings gamifies the process. The more we save, the more we get excited about saving, and the more we are motivated not to break the chain. Soon, saving money becomes second nature, and it's more difficult not to save.

Financial Goals

Goal setting must permeate every aspect of our lives. Inasmuch as we set to stone our academic, fitness, and parenting goals, we should also write down clear and concrete goals pertaining to our finances. If we want to save at least 10% of our salaries monthly or cut down on online shopping purchases, we should note our intentions, and of course, follow through.

Extra income list

In some instances, having multiple streams of income is needed. A list of ideas can prompt one to at least try. Keep the ideas floating and test them. When one idea fails, try the others. There’s a chance that one of these extra income ideas will deliver and make more money to support the needs and wants of our household.

Leisure Fund

All work and no play is unhealthy, and this is common if we are short of money. Logging entries into our leisure fund makes us look forward to some respite. It also gives us a feeling that we also take care of ourselves and our loved ones by ensuring that we get to rest, make fun, travel, or learn new things.

Notorious B.I.G.’s famous song “Mo Money, Mo Problems” is quite true, but having no money also leads to more problems. Money, just like technology, is a neutral agent. It is in what, where, when, why, and how we use it that determines whether money will do good or not. Awareness through these logs and lists can give us a grip of our finances and make us use our money wisely.