My bank provides an app that does the cathegorization and has a free purse account that does nothing but separates money from your main account. Good video.
Did you hear about th japanese kakebo (or kakeibo) method? The basics - of course - go as you just said: • know your income • know your fixed expenses • know what is left • set up your savings goal • track every income and spending (usually it is strongly suggested to track daily and with pen and paper, because writing out by had has another effect on your brain than typing into an excel sheet or an app). Then when spending money you have four main categories: • needed (like food, toiletries etc.) • wanted (or wishes) (like fancy clothing, eating out, I would put cosmetics in this category too, except basics like toothpaste or soap) • culture (like going to the museum, books, maybe the library fee) • extras and unforeseen (like car repairs or a new fridge because the old one is broken). Especially separating "needs" and "wants" is a step I find helpful: did I need a new sweater because the old one got shabby or did I "only" want it because it's so pretty? Did I need those two bags of Haribos or is it only my sweet tooth and shopping while hungry that made me take them home? Every time I give it a new try it helps me to get more conscious of my budget and think twice about not-so-needed spending options …
No, I hadn't heard about this method - I put these steps together over the last few years, especially during the pandemic, when money was tight. The separation into wants and needs I did hear about, but never implemented it. I think I don't buy a lot of wants, so that's OK with me. :)
Coco this is a great video!!! Thanks for some great ideas and I would love to see a video with your strategies! Take care and keep up the great work!
Thank you so much, Margaret! ♥️♥️♥️ I'll get straight to work! :)
Wonderful advice Coco. Thanks for sharing from Florida 🌴in the USA
Thank you, Loretta! :) More than happy to help if I can!
My bank provides an app that does the cathegorization and has a free purse account that does nothing but separates money from your main account.
Good video.
Thank you! :)
Did you hear about th japanese kakebo (or kakeibo) method? The basics - of course - go as you just said:
• know your income • know your fixed expenses • know what is left • set up your savings goal • track every income and spending
(usually it is strongly suggested to track daily and with pen and paper, because writing out by had has another effect on your brain than typing into an excel sheet or an app).
Then when spending money you have four main categories:
• needed (like food, toiletries etc.) • wanted (or wishes) (like fancy clothing, eating out, I would put cosmetics in this category too, except basics like toothpaste or soap) • culture (like going to the museum, books, maybe the library fee) • extras and unforeseen (like car repairs or a new fridge because the old one is broken).
Especially separating "needs" and "wants" is a step I find helpful: did I need a new sweater because the old one got shabby or did I "only" want it because it's so pretty? Did I need those two bags of Haribos or is it only my sweet tooth and shopping while hungry that made me take them home? Every time I give it a new try it helps me to get more conscious of my budget and think twice about not-so-needed spending options …
No, I hadn't heard about this method - I put these steps together over the last few years, especially during the pandemic, when money was tight. The separation into wants and needs I did hear about, but never implemented it. I think I don't buy a lot of wants, so that's OK with me. :)
Great tips!
Thank you!! :)