Today I shared how I categorise my spending, and ask you the hard question of have you done it? Top level categories are easy to start with just three. Utilities or essentials, Leisure and Luxury.
More on the 21 day challenge here.
Transcript of Categorising Spending video:
Welcome to day number 14. This is the two-thirds mark so well done for coming this far and thank you for joining me on my challenge of getting this content out to you. It really is helpful for me to be putting out this content and I hope that I’m sharing something that is really useful to you and it’s coming you know from the bottom of my heart to help you just in a tiny little way because I know where you are I know what it’s like to be there. I was there three two three four maybe five years ago depending on where you’re at you know maybe it was six months ago maybe you’re ahead of me and that’s awesome.
I am very grateful to be able to share this with you.
Today’s video today’s challenge is how are you going with that categorizing your wealth thing have you had a thought of think about it again have you done it if you haven’t been go and do it now come on it’s stop the video right now go and do it!
This wealth thing you’ve just got a start categorizing your spending if you’re not categorizing your spending, how are you gonna measure it? If you’re not measuring it how are you going to change it? How are you gonna save more? Adjusting ect.
I wanted to talk today quickly about the types of categories that you might set up now this is a bit more advanced obviously if you’re in the that boat of not yet done this the in just as I said shut the video off and go do it now I’m telling you now okay but if you have bonus okay the next step is to think about what are the main sort of categories and you can just work with three really there’s utilities you know like must-haves there’s leisure like you know are maybe a sport maybe a hobby something like that and then luxury items okay now that’s at the high level you can go down and you can list you know individual things like write my groceries you know in utilities you’ve got household bills you’ve got you know you could even go down to the point of electricity telephone internet etc okay looking looking for ways to optimize or you can just go house you know utilities or must-haves groceries where do they go you know do you want to stick them in utilities you want to stick them in these top-level things what I promise you will be helpful is just start measuring and then as you go along after two three four weeks, maybe months you will start to understand where all your money’s going start in three or four weeks though have a little look get all the categorization coming and you will start to see where your money’s going and then you can start measuring.
That is all for video number fourteen you are two-thirds of the way through this challenge yay me too see you soon.
Recommendations so far:
- Unlimited Memory – Kevin Horsley – get it on Amazon AUS UK US
- Four Hour Work Week – Tim Ferriss – get it on Amazon AUS UK US
- Tools of Titans – Tim Ferriss – get it on Amazon AUS UK US
- Four Hour Body- Tim Ferriss – get it on Amazon AUS UK US
- Wave Apps – great free book keeping/ categorising software that you can use for your personal life too. Highly recommend it, free and good support. Can run multiple businesses from it, or even a single person keeping an eye on where all that money went 😉
- Pocketsmith – a subscription service that does the same job, has a lot more bells and whistles that are good if you like the pictures/ graphs and the like – more powerful auto categorisation engine.