Interesting perspective … seems that Edelman is of the opinion that there is more than plenty enough money/earnings/income for financial success … the problem is allocation of resources, and priorities.
Tax refund? Spent.
Salary bump? Spent.
The question is not of earning enough money, the problem is spending too much.
Hmmm, interesting.
Soooo … the first hurdle to overcome?
Figuring out where the money is going …
… before wondering where it went.
Ugh. Here comes the adulting part. Ick.
Seems need to watch / track / monitor that SPENDING to better manage that 100 percent / 100 pennies.
AND THE ABSOLUTE BESTEST MOST BEAUTIFUL THING DO NOT NEED A BUDGET … see Edelman, p. 302
HA!! Toldja.
Spending plan, not a budget … cos nobody wants to … “budge.” (heh)
Edelman offers two approaches …
… fast and hard / slow and easy
Now Edelman here is showing his outdated, antiquated, fossilized age, cos he references using a “checkbook” to track expenses.
Umm. Who?
Yah. What she said.
Suggests spending a weekend going backwards through the “checkbook” for the prior six months, see where the spending is, noting that there will be cash gaps. That’s fast and hard … spend a weekend identifying past spending, then Monday ready to move forward with new spending plan …
The other approach … slow & easy … is to pick a day then start to track expense spending for the next six months going forward. Takes six months to understand spending, but fairly painless …
… just track where the money is going.
Now, know what to do … how to do it?
Full disclosure: do not like expense software … Quicken, NerdWallet, Rocket Money, etc.
If one be vibing to that, do that, be free, slay qeen.
Triassic troglodyte here, preference for the old ways … Here! Have a table!
Few slight edits to that which is offered in the book (p. 303) … little more sense for this limbic stem …
| ID the Expense (e.g., food, clothing, shelter, healthcare, purpose/fun, other, etc.) | Payee / paid to whom | Amount / how much | Rationale / WTF |
The reason for the “rationale” is the justification for the expense … e.g., “food” … not to starve, “office supplies” … back to school crap, “radio car parts” … not to merc the fam … you get the idea. Then see if the justification for the expense makes sense. If so then by all means, keep on keeping on, never stop stopping. But if not, some adjustments can be made, better choices chosen.
Suggestions all ‘round, whatever works.
The ultimate objective is to create a spending plan that is achievable, workable, and sustainable.
Activate form of … a lifestyle switch. Superpower engaged.