I need to put more effort and discipline in capturing the all budgetary data to know exactly my cash flow.
I strongly believe that knowing my my spendings cash flow and getting detailed as possible monthly budget data will bring valuable information about my spendings habits and the saving opportunity and the projection of the savings.
It is essential information about the one's life and it should be known.
Any life planning also has to considered this essential spendings data.
I will continue urge my wife to use the credit and debit cards to have the shopping record from the online banking.
I will continue collecting the receipts to track the spendings and record them in the budget spreadsheet.
My objective to reduce the gap in the monthly balance to be a very narrow margin.
I will add another column for the gap between the income and the expenses to measure the performance of my spendings data capture and recording.
So If I will earn 100 and I found that I spent 50 and 30 left in the bank that means I have 20 as an unrecorded in the budget which should be reduce gradually by improving the data capturing and recording.
Definitely the credit and debit payment and the online banking will totally ease and facilitate this task.
As usual my wife will need a little push to follow this requirement and to reduce the cash withdraw against the plastic money spendings.
Any investment planning should be based on this valuable expenses data. That's why the first step in the financial planning and in any proper investment planning or personal finances discipline is to have well documented budget records.
I know that iPhone apps has one of the application to track the expenses. I will think about utilizing more the cell phone to capture the spendings data.
The next stage will be the full analysis of these captured data and to convert it to meaningful information about our spendings habits and our life style and to take the appropriate actions and decisions to improve that.
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