What a fantastic basic concept.
Hitler lost the second world war because he attacked Russia too soon. udervise ve vood all be speeking Deutsch now.
We employed the alternative massively effective budgetting tool.
Be a self employed Engineer for 15 years with take home pay of £50K a year and spend it all (and more besides, because ‘I want one of those NOW’) because ‘my jobs safe’.
Watch as the banks destroy the worlds finances.
Suddenly realise that over 90% of British industry is ultimately owned by Japanese investment banks, who suddenly have no money to fulfill their legal obligations to complete legislation driven improvment projects.
Watch as my £50K a year take home falls to ZERO.
Start a brand new business with Kleeneze (sorry not available in the USA) Which although it’s building really well is , after all, a business and needs time.
Suddenly HAVE to live on £18K a year GROSS.
Best Motivation for re-inventing your budget that anyone can have LOL.
We used to spend about £1,000 a month on groceries, now we spend around £300 a month, AND we eat more healthily.
Fortunately the finance on my car ended a month after our income disappeared saving us £375 a month.
We’ve sold my wifes’ car (THAT hurt) it was a really nice car, but it was costing us £489 a month in finance.
We’ve moved to a cheaper house saving us £400 a month in rent.
We’ve cancelled everything that wasn’t absolutely essential - including SKY and the TV license (It’s true, you don’t die if you turn the telly off!)
We still have creditors who we’re negotiating reduced payments and frozen interest with, but basically we are starting again from scratch.
We won’t fall into the credit trap again
Certainly not in the next six years or more ‘cos no-one in their right mind will give us credit now anyway!!
The one thing that keeps coming back to me though is
WHY aren’t our schools teaching kids how to budget? It’s a thousand times more important than even the basics.
Who cares if you can’t spell budgit if you can make one and stick to it.
It CAN’T be one of the things that are left to parents because nobody ever taught us!
Back to subject,
Your article is brilliant and if it helps one person (which I’m sure it already has) to get out or stay out of debt then you’ve done a service to humanity.
Keep it up &
we’ll see you
OVER the top
In 2006, recent Harvard grad Alexa von Tobel was headed for a job at Morgan Stanley. But though she would soon be managing the bank’s investments, she realized she didn’t know the first thing about her own finances. Most financial guides seemed to be written for middle-aged readers with millions in assets, rather than recent college grads. "I was reading every book I could find, but none of them spoke to me," she says. So she came up with the idea for LearnVest, an online personal-finance resource for young women like her, and ended up writing an 80-page business plan.
After two years at Morgan Stanley, von Tobel entered Harvard Business School in 2008. But upon winning a business plan competition held by Astia, a non-profit that supports women entrepreneurs, she took a five-year leave of absence and invested $75,000 of her Wall Street earnings to start LearnVest in November. She quickly enlisted advisors, including Betsy Morgan, the former CEO of the Huffington Post, and Catherine Levene, the former COO of DailyCandy, to help develop the site’s content and technology. In January 2009, she secured $1.1 million in seed funding from executives at Goldman Sachs.
LearnVest’s site launched a year later and has since signed up more than 100,000 members. It offers online budgeting calculators, video chats with certified financial planners on the company’s staff, and free e-mail tutorials on topics such as opening an IRA. The company earns revenue from advertising and by referring its users to companies such as TD Ameritrade. In April, after just four weeks of fundraising, von Tobel closed a $4.5 million investment round led by Accel Partners, which has also invested in Facebook and Etsy. (Incidentally, Facebook CEO Mark Zuckerberg lived in the same dorm as von Tobel at Harvard.)
Von Tobel likens LearnVest to an online version of The Suze Orman Show, but with the goal of reinforcing positive finance habits early on. “Suze Orman helps 45-year-old women get out of debt,” she says. “Why not reach 20-year-olds to keep them from getting into debt?”
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Technology has certainly made our lives a whole lot easier in the last couple of days. To imagine that there used to be a time where we had to read the newspaper to check the weather, or drive-by the movie theater to see when shows were playing. There are now specialized tools to simplify just about every part of our lives, including monthly budgeting.
There are two major professional personal finance packages, which are Microsoft Money and Quicken. They both have very similar functionality, with a little bit different interfaces. They both track expenditures, watch your investments, help you set goals, and the like.
Some people successfully use these programs to manage their financial lives, but for 95% of individuals, these software packages are simply over kill. It's like trying to get rid of dandelions by uprooting the entire lawn. Quick and Microsoft Money have become so enriched with widgets and un-needed functionality that they're no longer intuitive to operate for the average user. The amount of time that one has to invest just to learn the product well makes it not worth while when a simple spreadsheet would suffice.
If one spent a decent amount of time investigating either of these applications and all of their intricate tools and utilities, one could make very good use of it. However unless you need some of the advanced functionalities such as interfacing with your bank electronically, in most cases it's just easier for someone to make a simple spreadsheet, or have someone who's a bit more tech savvy make one for you. If you finances are very simple and you don't know a lot about computers, there's no reason you can't make up your monthly budget on a yellow pad.
These programs aren't free either. You'll have to fork over $29.99 for this years edition of Microsoft Money, or $39.99 for a copy of Quicken Personal Finance Deluxe. Of course they come out with a new version each year, so it's not a simple one-time fee either.
I decided to give both of these programs the benefit of the doubt, tried to use them to do a monthly budget, but all I've found were interfaces that are unintuitive, wasted time without really any results, random application crashes, and more confusion. When you consider that most people can do everything they need without one of these fancy applications, the cost of purchasing these applications, as well as the learning curve to make good use of these software applications, it just doesn't make a whole lot of sense.
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