What a fantastic basic concept.
Hitler lost the second world war because he attacked Russia too soon. udervise ve vood all be speeking Deutsch now.
We employed the alternative massively effective budgetting tool.
Be a self employed Engineer for 15 years with take home pay of £50K a year and spend it all (and more besides, because ‘I want one of those NOW’) because ‘my jobs safe’.
Watch as the banks destroy the worlds finances.
Suddenly realise that over 90% of British industry is ultimately owned by Japanese investment banks, who suddenly have no money to fulfill their legal obligations to complete legislation driven improvment projects.
Watch as my £50K a year take home falls to ZERO.
Start a brand new business with Kleeneze (sorry not available in the USA) Which although it’s building really well is , after all, a business and needs time.
Suddenly HAVE to live on £18K a year GROSS.
Best Motivation for re-inventing your budget that anyone can have LOL.
We used to spend about £1,000 a month on groceries, now we spend around £300 a month, AND we eat more healthily.
Fortunately the finance on my car ended a month after our income disappeared saving us £375 a month.
We’ve sold my wifes’ car (THAT hurt) it was a really nice car, but it was costing us £489 a month in finance.
We’ve moved to a cheaper house saving us £400 a month in rent.
We’ve cancelled everything that wasn’t absolutely essential - including SKY and the TV license (It’s true, you don’t die if you turn the telly off!)
We still have creditors who we’re negotiating reduced payments and frozen interest with, but basically we are starting again from scratch.
We won’t fall into the credit trap again
Certainly not in the next six years or more ‘cos no-one in their right mind will give us credit now anyway!!
The one thing that keeps coming back to me though is
WHY aren’t our schools teaching kids how to budget? It’s a thousand times more important than even the basics.
Who cares if you can’t spell budgit if you can make one and stick to it.
It CAN’T be one of the things that are left to parents because nobody ever taught us!
Back to subject,
Your article is brilliant and if it helps one person (which I’m sure it already has) to get out or stay out of debt then you’ve done a service to humanity.
Keep it up &
we’ll see you
OVER the top
Mint.com is arguably one of the most popular personal finance management tools out there. For all that it has done well, up until this week, it hasn't been the best place to track financial goals. Now, with the introduction of Mint Goals you can link all of your financial goals with the accounts that you have connected to Mint to better track your progress.
Mint Goals improves on the Planning section, which Mint users had until now used for goal-setting. The new Mint Goals section provides users with eight goal areas which can be tailored to the individual so that the goal is realistic and achievable. These eight goals include getting out of debt, saving for an emergency, saving for retirement, buying a home, buying a car, saving for college, taking a trip and improving your home; you can also set a custom goal.
Mint Goals Video from the Wall Street Journal:
When you create a goal Mint will ask you a few questions to find out when you want to achieve it and suggest a monthly contribution to this account. If you have Mint connected to all of your accounts the service can use the data it already has to automate some of the planning process. For example, if you are setting up an emergency fund, Mint knows about how much you spend a month so it is easy to figure out how much you need to cover three months' worth of living expenses. If you are working to pay down debt, and have your credit cards linked, you'll get a look at what you owe and a pay-down plan based on that amount.
After you choose the amount you want to save, Mint allows you to link the goal to a specific account, add a new account or suggests an account to open that fits the goal's purpose. When I was setting up an emergency fund goal, Mint shared several high yield savings accounts.
If your goal is getting out of debt, Mint may suggest that you get a loan through a partner like Lending Club, a peer to peer lender that offers personal loans at rates more than 50% lower than the average credit card APR. The suggested accounts are not all encompassing and you should still take a few steps to find the best bank or account for you.
In addition to budgeting for your day-to-day expenses, setting a goal for purchases and events such as buying a new HDTV, a house or taking a vacation is an important step to getting out of debt and staying out. If you need help after setting up your goals, Mint provides a checklist of to-do items and advice. You can also come back to WalletPop to learn more about all topics personal finance.
What do you think about the new Mint Goals?
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