068: Financial Detox: Audit income and expenses
After this long weekend of completely not doing any work, staying off the computer, and just binge watching Ray Donovan on Amazon, I got thinking about how restful and refreshing it was to completely disconnect.
It’s the beginning of the month and I review all of my finances, pay bills (or rather check to make sure everything is on order, since I have bill pay in place). I got wondering how awesome will it be to detox your finances.
Just think about it, how stressed we all are about making money, paying bills, spending and even enjoying our hard earned dollars.
In the next few days I would like to discuss 3 tips for Financial Detox:
Audit income and expenses
I love word “audit”. Sounds fancy! But in reality it just means, examine and review what you have. The reason I want to start with income and expenses and yes, I know it’s painful, is because that’s where most of us are stuck and we need to let go.
My favorite passive tool to track expenses for a few months is www.mint.com. It aggregates all your transactions from credit cards and checking account and provides a real time report.
This exercise will also help you understand if you make enough income and what expenses you might want to eliminate to make sure you come out even.