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« Star Money Articles and Carnivals for the Week of February 4 | Main | Quantity Purchases Aren't Always a Better Deal »

It's Budgeting Time of the Year

This is a re-post of a previous piece of mine. I plan to run it a few times the next few weeks as a reminder to all to get those budgets done. ;-)

I'm well aware that the end/first of the year is the time that many people review last year's budget, develop new budgets for the next year, or start a budget for the first time. As such, I wanted to offer some links and resources on budgeting in this post. First of all, here are the links:

Now for some resources. In the past, I've suggested that a viable budget tracking set-up could involve a combination of Quicken or Money and You Need a Budget (for more details see The Benefits of You Need a Budget and YNAB Question of the Month: How Does it Compare to Quicken and Microsoft Money?) and this is close to what I personally use (I use Quicken plus my own self-created spreadsheet).

That said, I've asked readers what they think about using Mvelopes as a budgeting option, and I've received very favorable responses. As such, I've been recommending Mvelopes for those who want an electronic version of the envelope budgeting system. Here are some links to help you consider their service:

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Who says Millionaires budget? I don't ... at least not in the traditional way. Let me explain ...

The ONLY budget that I ever did was to track one month's worth of expenses TO THE PENNY. That was sufficient (plus some eyeball line on big annual expenses: insurance, car, etc.). That was 7 years ago when I was $30k in debt.

Now, I simply calc my Net Worth once a year; divide by 40 (I'm VERY conservative on this, because I want my money to last as long as I do) and that's my 'budget' for the year ($250k this year).

I DON'T include any business, contract, etc. risk income in this at all ... I just save that, and add it to my Net Worth for the next year's calc.

Simple, effective ... and 99% bullet-proof for life!

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