Personal finance habits

There's a great post by Brett McKay on his "The Frugal Law Student" blog about maintaining sound finances.

In general, he lists 3 habits which I think we all can benefit by cultivating into our way of life:

1. Review your accounts weekly
2. Keep track of your spending
3. Use the envelope system

Read the entire article for the details behind each habit.

These are 3 very basic, but powerful suggestions to help maintain good finances.  Do this and you will be serving strong!

Comments

[lotusflower]

Using the envelope system is the one thing I could really relate too because I have been doing this since I was in college. It was my mom who put me up to it making the assurance that if I strictly followed the "no cash in envelop-no buying" money management style, there never would be any debt problems for me. I must admit though that most of the time it worked -- other times I caught myself cheating. Aaaarrrgggghhhh

[Scott]

Lotusflower,

I am simply amazed at how much money goes out when this isn't tried. Where does it all go???

But it DOES take consistent discipline. You're right -- "aaaarrrrgggghhhh"!

Scott