A Balanced Life? - Tracking Expenses

[Ahmed Aboelela]

G’day

How do you track your expenses and find a balance between being a spendthrift and being too conservative? What does that middle ground look like for you?         

Many Thanks

Ahmed Aboelela

[Nathan Gesner]

Quote from @Ahmed Aboelela:

Practice, practice, practice!

I'm at a point where I can afford almost anything I want, but I still have to consider whether it will really bring me joy or if it's just a temporary impulse for a shot of dopamine. It's a struggle.

In my business, I am inundated with shiny objects that promise to make my business run better, faster, produce more income, etc. I have to slow down and really analyze the cost vs. benefit before jumping in.

My personal life is the same. It would be fun to have a motorcycle again and there's one for sale at a great price! But the truth is, I won't ride it enough to justify the cost, my wife can't/won't ride with me, the maintenance, storage, etc.

I also know that "stuff" brings stress. The more stuff (toys, decor, shoes, software apps, employees, etc), the less joy I experience. I try to minimize what I surround myself with so I can really enjoy my environment.

[Brandon Tusing]

My wife and I have been using everydollar budgeting app by Dave Ramsey for the past 8 years.  The premium membership is great for tracking expenses.  It links to your checking account and credit cards.  then you slide each expense to it budget category.  

As far as finding balance with spending - for us it all comes down to the budget.  We each have a spending budget and it accumulates each month.  So if there is an item that we really want to purchase then we will save up for that big purchase. The budget brings freedom and also helps to control impulse buying.