Comments on: 5 Stupid Financial Mistakes I Made in 2007: Failing to Establish a Spending Budget http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: susan http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-132206 susan Wed, 09 Jan 2008 00:40:31 +0000 http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-132206 I do my budget on a note pad and have for the past 10 years. I have a mortage of less than 20% of take home pay and no other debt. I never track incidental spending but get cash every week and spend it however I want/need. When I started my financial journey I had about $20,000 in debt and I was a renter. Can't argue with success! I do my budget on a note pad and have for the past 10 years. I have a mortage of less than 20% of take home pay and no other debt. I never track incidental spending but get cash every week and spend it however I want/need. When I started my financial journey I had about $20,000 in debt and I was a renter. Can’t argue with success!

]]> By: Jon http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-131955 Jon Mon, 07 Jan 2008 18:50:00 +0000 http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-131955 I have used yodlee now for about a year and love it. I believe it even pulled up all my previous transaction history when I set up all my accounts. I highly recommend playing around with it more and setting it up with all of your accounts. I have used yodlee now for about a year and love it. I believe it even pulled up all my previous transaction history when I set up all my accounts. I highly recommend playing around with it more and setting it up with all of your accounts.

]]> By: Steve http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-131933 Steve Mon, 07 Jan 2008 16:46:55 +0000 http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-131933 Microsoft Money. Been using it since '95 and I can't imagine life without it. It's a bit tedious to setup all the accounts at first but once done the reporting, tracking and forecasting are invaluable tools. Microsoft Money. Been using it since ‘95 and I can’t imagine life without it. It’s a bit tedious to setup all the accounts at first but once done the reporting, tracking and forecasting are invaluable tools.

]]> By: Another Dollar http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-131932 Another Dollar Mon, 07 Jan 2008 16:06:48 +0000 http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-131932 I don't try to budget my spending much... only to the extent that I budget my savings, and that leaves me with a certain amount to spend. I think that typically works better. I don’t try to budget my spending much… only to the extent that I budget my savings, and that leaves me with a certain amount to spend. I think that typically works better.

]]> By: Eden http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-131918 Eden Mon, 07 Jan 2008 14:49:53 +0000 http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-131918 I'm surprised you've had a hard time trackiong your spending, being as detailed oriented as you are. I enter everything I spend into Quicken and I have categories for my spending (of course), things like eating out (with sub categories for eating out at work and other things), entertainment, clothing, golf, etc... I don't use Quicken to manage my budget though. I do that in Excel. I plan how much I will spend in each category and I run a Quicken report each week and import that data to Excel. That way I can't get too far off my budget, even if I have a really bad week. Lastly, I am very willing to shift budget limits during the month when needed- that's what makes it realistic to follow each month. I’m surprised you’ve had a hard time trackiong your spending, being as detailed oriented as you are.

I enter everything I spend into Quicken and I have categories for my spending (of course), things like eating out (with sub categories for eating out at work and other things), entertainment, clothing, golf, etc…

I don’t use Quicken to manage my budget though. I do that in Excel. I plan how much I will spend in each category and I run a Quicken report each week and import that data to Excel. That way I can’t get too far off my budget, even if I have a really bad week. Lastly, I am very willing to shift budget limits during the month when needed- that’s what makes it realistic to follow each month.

]]> By: The Saving Freak http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-131917 The Saving Freak Mon, 07 Jan 2008 14:33:07 +0000 http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-131917 We use a budget form in excel in all of our financial counseling appointments. This allows us to show people where they are over spending and to reign in that spending. We use a budget form in excel in all of our financial counseling appointments. This allows us to show people where they are over spending and to reign in that spending.

]]> By: Colin http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-131916 Colin Mon, 07 Jan 2008 14:32:20 +0000 http://www.consumerismcommentary.com/2008/01/07/5-stupid-financial-mistakes-i-made-in-2007-failing-to-establish-a-spending-budget/#comment-131916 Two Words: Pear Budget. That is an awesome utility. Track your spending for a month or so and use that as a guideline for your initial budget. Put that information into Pear Budget and it will analyze the data for you. To make things even easier, I just print out the data entry page and write in numbers whenever I make a purchase, then input the data once a month. Couldn't be easier. It also forces me to double check my numbers against my bank and credit card statements. A great control mechanism. pearbudget.com Two Words: Pear Budget. That is an awesome utility. Track your spending for a month or so and use that as a guideline for your initial budget. Put that information into Pear Budget and it will analyze the data for you.

To make things even easier, I just print out the data entry page and write in numbers whenever I make a purchase, then input the data once a month. Couldn’t be easier. It also forces me to double check my numbers against my bank and credit card statements. A great control mechanism.

pearbudget.com

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