tag:blogger.com,1999:blog-37886248.post1145017275363789544..comments2024-03-13T00:41:52.105-07:00Comments on Casual Kitchen: YMOYL Chapter 3: Where Is It All Going?Danielhttp://www.blogger.com/profile/02388302796031288076noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-37886248.post-19101602567132451192014-09-30T12:27:41.646-07:002014-09-30T12:27:41.646-07:00Budgeting for me has always been "idealized&q...Budgeting for me has always been "idealized", and my spending would rarely align with my ideals. I got around this, to some extent, by simply paying myself first in savings and spending only what's left without any kind of tracking. With this process, I could build my savings without worrying about staying within budgetary categories. But even with this system, I could be better utilizing the money I do spend month to month. <br /><br />Breaking expenses down into _personal_ categories provides helpful insight into where I am spending my life-energy, and gives me good data to work with in refining my choices.<br /><br />"What has this process taught you?"<br />It is surprisingly helpful to compare the totals for each category of spending _against each other_. It's also interesting to compare the relative --value-- of each category against the amount spent within that category. There's more to say about this, but I've already read chapter 4, and it relates to the concepts therein. :P<br /><br />"What actions are you going to take as a result?"<br />Keep tracking my spending (via pen and paper), so that I can see how my expenses ebb and flow over a longer period of time, as well as see how they evolve as I apply the concepts of this book.<br /><br />"And where can you create more life energy for yourself?"<br />I'm proud to say that I was largely pleased with the allocation of life energy; however, I'm embarrassed to say that (while I am not a daily customer) Starbucks gets more of my money than I would like. Granted, some of that money is actually providing true value, as I go sit and read/study in a Starbucks from time to time, and the environment, experience, and productivity while I'm there are well worth the amount spent. Unfortunately, those productivity-rich drinks do put a taste in my mouth, and there are other times that I stop in for a drink ---to go--- based on a craving, and those are purchases not truly worthy of my life energy. <br /><br />Regarding your Appendix/Side Thoughts:<br /><br />2) Oh yes, just what I need. MORE books to put on my "to read" list... O_O But actually, it sounds great, so on it goes!<br /><br />3) HA! That quote made me do a double take when I first read it. They couldn't have REALLY said that... did they? Oh... they did.... o.O<br /><br />4) I love the 80/20 rule as it applies to fitness and eating healthy, so I will have to consciously keep it in mind as I review my YMOYL data. Thanks for the reminder. :)Julinoreply@blogger.comtag:blogger.com,1999:blog-37886248.post-31040403784347979292012-05-29T13:22:14.369-07:002012-05-29T13:22:14.369-07:00I never have done the diligent, daily money-tracki...I never have done the diligent, daily money-tracking that YMOYL recommends. If I had done, I suspect I would have gotten to a good financial place a lot sooner.<br /><br />My equivalent was taking over our joint tax return and being an utterly annoying completist about what got entered in Quickbooks. Oh my many "accounts." <br /><br />But lordy, you cannot run and hide from documented food expenses. You can just say "holy crapolies" and back away from the takeout menus.chacha1http://www.ombailamos.comnoreply@blogger.comtag:blogger.com,1999:blog-37886248.post-16665431719810168952012-05-29T07:41:05.491-07:002012-05-29T07:41:05.491-07:00Ronda, great comment. First, yes, I recommend you ...Ronda, great comment. First, yes, I recommend you check out a physical copy of the book at your library. I have and I will be referring to specific page numbers and specific quotes, so having the book available will probably make this series more useful to you. <br /><br />As for your question about what to do about the spending you track, just wait for Chapter 4. <br /><br />And don't doubt your decision-making. We're all going to make a mix of good and bad decisions with our money over the course of our lives. The simple fact that you track your spending and are aware of where it goes puts you miles ahead of most people on this front. That in itself is a brilliant decision. <br /><br />DKDanielhttps://www.blogger.com/profile/02388302796031288076noreply@blogger.comtag:blogger.com,1999:blog-37886248.post-86739628375737058232012-05-29T06:49:54.439-07:002012-05-29T06:49:54.439-07:00I downloaded YMOYL as an audio, so I can't loo...I downloaded YMOYL as an audio, so I can't look up the quotes you mention, and in fact, some don't ring a bell, so I am wondering if what I got was just a short overview. (I was amused too by the one about what FUN it is--really, now?) It does seem to go rather quickly, and there are no chapter divisions. I may have to order the book from the library. <br /><br />Anyway, on this part...my trouble is that I've been tracking spending for years, but I'm not very good at doing anything with it! While I can give a detailed account of where our money goes, I still can't seem to figure out how to change it. Perhaps this is partly because my husband is pretty much uninterested in it. He prefers not to touch our finances, and I am not a good decision-maker.Rondanoreply@blogger.comtag:blogger.com,1999:blog-37886248.post-9061154661478735932012-05-29T04:32:19.677-07:002012-05-29T04:32:19.677-07:00Agreed Diane, on some level it's just a semant...Agreed Diane, on some level it's just a semantic debate. But whatever you call it, the point is to be truly aware of your spending. I guess for me the insight is that tracking your spending first (rather than creating the budget first) eliminates the risk of "budget idealization." But not everybody stumbles over this issue (including you!).<br /><br />Thanks for the thoughts. <br /><br />DKDanielhttps://www.blogger.com/profile/02388302796031288076noreply@blogger.comtag:blogger.com,1999:blog-37886248.post-38737205738012368442012-05-27T08:45:04.467-07:002012-05-27T08:45:04.467-07:00"Deficit," not defect...
haven't had..."Deficit," not defect...<br />haven't had my coffee yet...Dianenoreply@blogger.comtag:blogger.com,1999:blog-37886248.post-67784524701011201122012-05-27T08:44:15.028-07:002012-05-27T08:44:15.028-07:00I see not much difference between doing this and d...I see not much difference between doing this and doing what I did, which is to set a budget, track against it, and adjust it as needed. With the added disadvantage that if you do this you can actually set your "budget" higher than your income.<br /><br />But really that's a small quibble. Whether you set budget first and then track (which makes sense to me), or track first and then call that a budget (you can defect spend this way...), the important thing is to track it.Dianenoreply@blogger.com