Financial Lifestyle
August 23rd 2010 15:08
If you live a certain lifestyle eventually it will be such a part of you that you know what to expect. If you live a healthy lifestyle, for example, you probably stick to a certain diet and exercise regiment. Perhaps at first you needed to write down the foods you eat and the exercise you perform. Eventually they become routine and you don't need to look at notes.
The same is true for our finances. Eventually if we adhere to a budget, we won't have to keep a constant written record. The article tells how to not have to keep a budget. I'll give my opinion on some of their points...
No credit card debt.
If you must use plastic, don't keep any balaces on them. I don't use plastic at all. Not credit nor debit-after my id theft ordeal-only cash and checks. Yes inconvenient in many ways but totally worth it.
Reasonable overhead.
There are ways to cut certain expenses such as looking for cheaper alternatives or cutting back.
Automatic savings.
I have automatic deductions towards savings and retirement right out of my payroll.
A fat emergency fund.
I have one for emergency car repairs only.
A good tracking system.
I'll have to brush up on a personal cash-flow forecast.
The same is true for our finances. Eventually if we adhere to a budget, we won't have to keep a constant written record. The article tells how to not have to keep a budget. I'll give my opinion on some of their points...
No credit card debt.
If you must use plastic, don't keep any balaces on them. I don't use plastic at all. Not credit nor debit-after my id theft ordeal-only cash and checks. Yes inconvenient in many ways but totally worth it.
Reasonable overhead.
There are ways to cut certain expenses such as looking for cheaper alternatives or cutting back.
Automatic savings.
I have automatic deductions towards savings and retirement right out of my payroll.
A fat emergency fund.
I have one for emergency car repairs only.
A good tracking system.
I'll have to brush up on a personal cash-flow forecast.
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