Again about personal finance! What is most important for you?

[Ashtrom]

Before talking about software, let’s discuss what is most important for everybody and what is more important in personal finance management?
Let me give you my view. When we are talking about personal finance I am thinking about myself, like about any legal entity. I need to set up a financial plan for next few years, I need to consider what I have now what I can earn, what I need to study additional in order to be more successful in investments and other stuff (so many thinks), what is my limitations. Then I working and need only periodical view on my assets whether everything ok, compare to market situation (which means something like portfolio allocation, because I cannot spend all my life counting every cent!

[David Cain]

The most important thing for me was this:

Always know where I'm at.

I always know how much is in my chequing and savings accounts, and I always know what payments or expenses are upcoming.

Once upon a time I was afraid to look at my bank balance because if it was lower than expected, I didn't want to know. Terrible way to live.

[silicon toad2000]

for personal finance myself is cashflow forecasting.

I just use an excel spreasheet. I list my regular bills and direct debits showing average amount, frequency and date of last invoice. This was I can estimate when they will be due again and I can see at a glance what my outflows will be compared to my inflows.

[pianoperformer]

I use You Need a Budget. I'm starting a budget again, after several months of letting it go.

I also came across a post today that I might take some tips from. The Psychology of Automation: Building a Bulletproof Personal-Finance System

[kayos]

After paying myself for my future, little as it maybe it is possible. Paying the bills is essential . It takes a long time to discipline yourself with money but feels good to master it. I know people who spend money, they have no idea where it will come from but still do so. Thank goodness those days are long gone.

[RT Wolf]

I Will Teach You To Be Rich
I also like Free Money Finance, The Simple Dollar, Get Rich Slowly and Getting Finances Done. You'll have to google those.

[Ashtrom]

Thanks for the comments! I am more interesting to see my inflow - investment income (dividend and ‎capital), interests, project income, rather than trace my spending. Actually, after so many years of ‎experience in spending it becomes fixed, just growing with inflation, but income more important to me ‎and I am always thinking how to improve it, rather than decrease my spending. ‎
That’s why I do not like to trace cent because it is so time consuming!‎

[mysticmadness]

For me personal finance is
1) Make your money work for you
2) In case your expenses increase more than your income then work hard to create more income rather than curtailing your expenses.

Many people would tell you to live within your means but then this will cut down any of your opportunity to grow.

[bbdream8]

The most important thing for me in personal finance is to know that I am not spending more than I could earn.

Vincent
Personal Development Blogger

[Ashtrom]

Originally Posted by bbdream8

The most important thing for me in personal finance is to know that I am not spending more than I could earn.

Vincent
Personal Development Blogger

Hi Vincent,‎
For me it is always vice verse. I try to earn more and do not care about my spending. Basically, my ‎spending becomes more or less stable. In life, while you do not change your stile I think it will be always ‎like that. We can discuss it separately. Again I try to bring all my abilities, brain, energy, knowledge to ‎earn. And when I thinking about earning I try to make it in more efficient way and deal with what I like ‎and what I can, i.e. of cause it is to late to me to become a famous soccer player, but I can be a good ‎financial advice because spend all my life with finance.‎

[mysticmadness]

personal finance is big topic and I think you need to structure it in many ways. One aspect is how much you earn vis-a-vis how much you spend. then it incorporates how to make you money work for you. You goals in life and how much you need to save now to achieve that goals. Additional avenues of income though outside its perview but can be factored in case your goals are not achievable. In short personal finance is more baout your money and how you spend it including making it work for you.

[UIS4821]

Cash-Flow duh!!

It's the life blood of your live and any business that you work for. If your in the red cash-flow wise your not doing something right.

[Keith]

Originally Posted by bbdream8

The most important thing for me in personal finance is to know that I am not spending more than I could earn.

Interesting choice of tenses there. "I am not spending more than I could earn." ie You're currently spending tomorrow's money.

Many would warn against that. Is your position one of confidence in your own abilities to make up any shortfall?

[sedna888]

My principle would be " Control the Out flow while looking for more Source of supply"

I am in the precess of creating "I am earning more then I could spend".

[Ashtrom]

I think all of your right, this thread is very wide, so it will be better to split discussion in different topics starting from What is your financial goal!