Wednesday, February 20, 2008

Managing our moolah Part II

Fast-forward to present time, I still use Quickbooks 2003 Edition since this is what I got used to. I’m not selling this system, but just amazed that it’s so useful to me, and hope others would find it helpful, specially to non-accountants with additional rakets (source of income). It’s even flexible that you can delete or add other Chart of Accounts. Other essential reports are Profit & Loss, Trial Balance, Balance Sheet, Gen. Ledger, etc.

Truthfully, Budgeting / managing finances are such a bore that I need to remind myself of the reasons why it is important, why I need to do it.

* Although we were BF/GF at that time, we were also starting our business
partnership, having all the finances accounted for is a good start.

* If ever he asks, everything is listed down w/ receipts still intact.

* If I won’t, then who will?

* Fast-forward to married life, money is always one of the major sources
of arguments for couples if not handled properly. Managing your income
& expenses will limit misunderstandings if not, eliminated.

* Budgeting is all about finding out how much money you can spend for
fun, made possible by doing a little posting every now and then to
figure out how much money you need for… well, things you NEED. Like
mortgage, and telephone, and aircon, and mac n cheese. Yep. I do not
budget so I can be in control of my finances. I budget so I don’t have
to put a billion things I truly desire back on the shelf all because
I can’t figure out whether I’ll have enough money to pay the phone bill
coming up in two weeks. See? It’s rewarding!

* Successful people around the world have one thing in common: they
budget their money. And they do it because it works.

* You cannot accumulate wealth if you can’t manage your income well.
And it all starts in managing your income & expenses.

There, I hope these reasons would be enough for me to motivate myself to continue (consistently) posting/manage our family's income even though it's boring. Benefits weigh more.

No comments:


RISK WARNING: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent advisor if you have any doubts. Past returns are not indicative of future results.
This blog, assume no responsibility for errors, inaccuracies or omissions in these materials and shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials.


click on the label cloud above to view other blog posts