It took me a long time to work out how to stay on top of my finances. After a lot of trial and error, I developed the habit of doing a monthly financial review. This is what enables me to confidently manage my finances without having to think about money all the time. In this episode, I explain how you can implement your own monthly financial review. Topics covered include:
- Habits to set up when implementing a monthly review, including dedicating adequate time (about 4 hours per month) and making a detailed checklist or task list to use.
- Key questions to consider when designing your monthly financial review system, such as whether to use an online finance app or one that runs on your own computer.
- Stages of the monthly financial review to implement: downloading finance data, cleaning data, inputting data, reconciling, and analysis (budget, investments, and net worth calculation)
- Some software options for your checklist: Evernote and Omnifocus
- Some finance apps: iBank, Mint, Personal Capital
- Software for automating renaming and moving of files: Hazel
- TVL Episode 181 on budgeting and net worth calculation
Listen to Episode 219