I’ve excelled the most in my fitness and working out at the gym when I take the time to track exercises, the weight I’m lifting and reps. I also have found that consistency is the victory, and most people have a hard time following through. Tracking keeps me consistent, so I have expanded my tracking beyond the gym and track my daily habits of reading and other areas of personal growth. I also track our family spending and here are a few reasons why:

1. Follow our budget - We use our budget as a monthly plan. If I don’t track our spending, I have no idea how we are doing on our monthly plan.
2. Proactively spend our money and see trends - Tracking our spending helps me ensure we are in the driver’s seat and proactively spending our money on the things that are meaningful. Tracking helps us see trends overtime and identify areas we need to watch closer or change.
3. Ensure we hit our financial goals - The primary reason we have a budget and track spending is so that we can ensure we use our resources towards the most important priorities of giving, saving and investing.

Tracking takes a little bit of effort, but it’s easy once established. You can make tracking easy by using software like YNAB which automatically imports transactions from your financial institutions so you can easily assign them to categories.

What have you found most helpful about tracking your spending?

I love to read, learn and grow. It’s been said that knowledge is power, but it’s actually the application of knowledge that’s power. You can read all you want, but nothing changes until you choose to apply it. Here are a few personal finance books that have changed my perspective -

1. The Total Money Makeover by Dave Ramsey - Dave Ramsey created the Baby Steps, a proven path to financial freedom. I think what Dave has done is amazing given all the people he has helped to get out of debt. The Total Money Makeover provided a lot of inspiration to me to manage our finances wisely and follow the practical guide Dave teaches.
2. Rich Dad Poor Dad by Robert Kiyosaki - Robert Kiyosaki and Dave Ramsey don’t agree on everything but I like the principles Kiyosaki teaches about investing in assets that create an ongoing income. I also liked his follow book, Cash Flow Quadrant, where he discusses the different ways of making money and the mindset in each of the 4 quadrants.
3. Your Money Counts by Howard Dayton - Howard Dayton presents both practical tips and biblical principles for managing money. Overall, my approach is to follow God’s plan for managing money, God as the owner and we are His faithful stewards.
4. Debt Free Living by Larry Burkett - Another good book I would recommend is Debt Free Living. It’s been a long time since I read this book but I think it’s more important than ever with so many people finding themselves in debt these days and not sure how they got there. Larry Burkett addresses debt from a practical and biblical perspective.
5. You Need a Budget by Jesse Mecham - I use YNAB software to manage our family budget and Jesse Mecham wrote about on the approach that underpins the software. It might differ somewhat from the Baby Steps, but still a good read nonetheless and YNAB is solid budgeting software.

Hope you find these books as a good starting point for your personal finance library. Have you read any of them? If so, let me know your thoughts!

Here are a few thoughts on prioritizing saving over spending. It’s easier and easier to spend these days with our phones and everything being online, but keeping financial priorities straight is important. Here are a few thoughts:

1. Plan with a budget - The best part of having a plan is that you control your money versus your money controlling you. We use YNAB for all of our budgeting and reset with a new plan each month.
2. Prioritize needs over wants - It’s easy to fall into the ‘want’ trap but as long as you have your priorities in order and set aside money for savings every month, you can have some wants. It’s simply a decision and being disciplined to follow through.
3. Dig your well before you’re thirsty - Having cash savings set aside is super important and building up an emergency fund up to 3 - 6 months depending on your situation is a wise move in my opinion. Dave Ramsey often talks about ‘Murphy’s Law’ that says whatever can go wrong will go wrong - think about car repairs. Those things always seem to happen at the worst times. Most people though are wiped out with medical or job loss.

Let me know your thoughts in the comments below!

My mindset in having a family budget is that it’s a tool for my wife and I to stay on the same page with our spending, our goals and for us to manage our money versus our money managing us. Here are 3 tips that work for me:

1. Have a budget - ‘You Need a Budget’ is a popular budgeting software program. As you know, I agree with the ‘need’ part no matter your financial situation. What company doesn’t have a budget? YNAB provides an automated way to track spending and maintain account balances. You can easily assign spending transactions to budget categories as well.
2. Flow with your budget - Plans can change and I believe you have to flow with them each month by moving money from category to category. There are always unexpected expenses as well, so you have to be willing to problem solve with the money you have versus mindless spending with a credit card. Overall, I just know our budget isn’t going to be perfect, so we adjust as we go.
3. Have a weekly meeting - This works well for my wife and me. We meet weekly for a few minutes to see how we’re doing. We make decisions together. We work on our financial goals together. We plan spending on fun things together. We have our own spending categories, but we manage all of our resources together. Together, we can accomplish more.

What works for you? Comment below and let me know!

If you’re interested in budget software, use this link to try YNAB free for a month and take control of your finances—gain clarity on your spending and focus on what truly matters!

I think it’s a good idea to clean house and get rid of junk occasionally. It’s amazing how we accumulate over time. I think the same can be done with our finances. Here are some ways I clean out the junk, or cut unnecessary expenses:

1. Review subscriptions - It’s super easy to subscribe to memberships and subscriptions. I just ask if it’s something that is adding value to my life. Is there an ROI? If not, it’s gone.
2. Remove habits - One habit for me can be buying coffee. I often buy a coffee when meeting someone at Starbucks or when I’m out and about. This adds up depending on how many coffees I buy per week. So it’s a matter of evaluating where I have created these habits and changing them when they seem to be getting out of control.
3. Budgeting - The last way I cut unnecessary expenses is by updating our budget every month. My wife and I give every dollar a job so that eliminates most random purchases. There is an amount set aside for eating out, coffee, etc. and when it’s gone, we have to make a conscious decision to move money from another category (give something up) or stop spending. Our budget helps us stay on track towards our financial goals.