Hi I've been reading your blog and was wondering, do you have any system to recommend tracking of your finances? To what extent do you recommend keeping track of these? - Seedly
 

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Asked by Anonymous

Asked on 21 Oct 2018

Hi I've been reading your blog and was wondering, do you have any system to recommend tracking of your finances? To what extent do you recommend keeping track of these?

In terms of how much of your monthly salary enters your savings account, how much enters your investments, how much is currently in said accounts, etc.

I understand that maintaining exact numbers on an excel sheet might be impractical. To what extent do you recommend keeping track of these?

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Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Answered on 22 Oct 2018

Hey! To be honest, I'm also a very 'lazy type of Personal finance management person'. So this is what I personally really recommend doing:

  1. Spend one weekend to look at all your finances (income, outflow, cashflow)

  2. Set a rule. Eg on payday 25th, move 50% to your expense account via GIRO, and 30% to savings and 20% to investments (RSP)

  3. Then every monday just sync your Seedly app 1 x or if you have only one account, just login to your bank app once to see you are not overspending

That's about it! only 3 things to do. And takes you less than 1 hour each month. I gurantee it. :)

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Yong Kah Hwee
Yong Kah Hwee
Level 8. Wizard
Answered on 21 Oct 2018

You can try Seedly's mobile app!

Personally, I use an excel sheet that I created myself. Doesn't take much time to build it up, and i only update it once a month. I think it is practical :)

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Adriel Thin
Adriel Thin
Level 4. Prodigy
Answered on 21 Oct 2018

Myself personally, I'm currently tracking every expense on an excel sheet to determine the health of my finances. Of all the methods I've tried, I've found that using the money jar system by T. Harv Eker (https://www.lucrepersonalfinance.com/how-to-manage-money/) has worked the best for me so far.

While some may say that tracking exact numbers may be impractical due to the work required, I find it useful to know my spending habits, so I am able to trim any unnecsary expenditure if required. Also, I believe that if one learns to successfully manage his money, then half the financial freedom battle is won!

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Gabriel Lee
Gabriel Lee
Level 8. Wizard
Updated on 21 Oct 2018

Have you tried using Seedly's mobile app? It is available for free on both the Google Playstore and AppStore. It can sync with your bank to retrieve your account balance and transactions and it will categorise each expense. You can also see both your income and expenses.

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