I am not a fan of borrowing money, so it’s important that I plan for and save for mid-range goals. I would define a mid-range goal as any major purchase or expense that I might have to make in the next 2 to 5 years. Right now, we’re focusing on saving enough money to buy a newer automobile for me,…
Category: Budget
I Spend One Day Managing Finances And Then Enjoy The Month
My current system for managing our household finances is super-simple. Here’s the entire process: Monthly Review On the last day of each month, I review that month’s budget, income, and expenses. I make a note of any budget overages or shortfalls I also balance our checkbook. Budget Creation After reviewing our budget, I create a zero-based budget for the upcoming…
Creating A Financial Timeline
The goal of the financial timeline is to plan for future major purchases. I define a major purchase as any item costing more than $1000. My financial timeline focuses on purchases to be made in the next 5 years. I create a list of items that I plan to purchase. I am careful to consider items that might need replacing,…