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.
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