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