June 30 Days Writing Challenge - Life Hack - Day Eleven: Set - And Keep - A Monthly Personal Expense Budget

in writing •  7 months ago

Hello and welcome to the eleventh day of the June 30 days writing challenge. If you want to know all the details about this specific challenge, have a look at the introductory post. In short, I will be posting every day a short tip, or technique, or opinion, something that you can call a "life hack". Feel free to join the challenge and post your own life hacks. I will do my best to upvote each day at full strength (about $3 at the current STEEM price) 3 posts tagged #challenge30days (leaving a link to your posts in the comments will also help).

Set And Keep A Monthly Personal Expense Budget

I've been doing monthly budgets for my company for years. For ten years, to be more precise. Each month I had to carefully assess, predict and assign the company's financial workflow. So I kinda internalized the habit big time.

Probably because this was such a constant activity for my company, I almost completely ignored it for myself. But the truth is, because my company activity was so overwhelming, and I was identifying with it so much, I kinda blended my personal finances with the company finances. A rookie mistake, which proved to be quite expensive later on - but that's for another article.

After I sold my company and went all in as a digital nomad, I started to pay more attention to financial education (or personal financial education, to be more precise). In time, I learned that the most basic way of maintaining a heathy financial status was to just keep a monthly expense budget. It was bit difficult in the beginning, because I was so used to the formulas used in ( and I was having the expectations set in) my company, but eventually I forced my own model over it.

I now have a budget for every month, kept in a Google sheet. I usually copy the current month sheet as a template for the next month, as there aren't many variations month to month. It's basically 2 columns: Income and Expenses, which are summed vertically, then the difference between the two will give the month outcome. Lately, it started to be on the green, but it wasn't always like this.

It gives me a sense of clarity to keep this monthly budget, even if the numbers don't always add up. Just the mere fact that I have a clear picture of what lies in front of me is enough to make me more conscious about my finances.

It may seem like a boring life hack, but it's probably one of my top five, in terms of benefits.

I'm really curious to read about your life hack today. Leave a comment with a link to your post, if possible.

Previous Posts In The Challenge

I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.

Dragos Roua

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Hi Dragos
Glad to read that at least your month outcome is on green as the crypto market is on...you know...
Here's my post of today for the #challenge30days:
Have a great evening!
In my small town was a bit stormy this afternoon. How's Bucharest?


hot and humid, a very good time to stay indoor with A/C

I am also managing my budget since 2010. Managing budget helps a lot. At the end you know how many amount you spent and how many you save. I usually record my all expanses and budget management in excel sheet. The main reason for managing my budget is that I am careless person and some times I lost my money due to my carelessness. Budget management helped me to overcome my problem. Now I hardly last some thing.

Steem slipping and slipping .... going to have to cancel my trip to Fiji now ! (-:

I have a friend who is CA, he uses to manage his each and every expense in the monthly budget. He wrote down his each and every expense.

Keeping an expense record on a monthly basis can be used to have control over finances, so have an idea of the final balance and create some changes for the future. Unlike the other side of the coin, where we have no idea how much can be the level of expenses obtained and the impact is huge.

It gives u the control over money, indeed... You are more cautious in spending and saving strategies... You become organized.. It is indeed an important life hack to have...

You have a good education, because you know how to plan and create further tactics for the development of the enterprise. I'm just learning this. And do you consider your own expenses for your wife?

I also want to learn how to manage my personal budget. I consider all expenses. I do not know how to plan for the future. You have a good strategy!

Great writing about personnel and master relation....@dragosroua

Sometime its hard to keep a fixed budget when one have limited money and maintaining a family.

My todays challenge post:

I have one, it's important to keep check if our budget.

This is definitely a lofe hack.

First thing i learnt in business was never mix personal funds with business funds.
I learnt the hard way. Still recovering.

And keepimg that record os quite somethjng i haven't been very successful with. I am an activity person. So i mpst times always forgrt the details. And that has been my main finiancial problem. Record keeping

Wow, good post, your experience is so high. Thanks @dragosroua.