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The Importance of a Portfolio!

May 10th, 2011 at 10:02 am

Me and my hubby started using a portfolio for managing our finances about 5 years ago and boy was it one of the best decisions we have ever decided to make! I jot down what our monthly expenses are for the next month proir to the current months end, then we go along and cross out every expenses as we pay it we always update it every week depending on our expenses if we had anything unexpected come up. Its trully been a life saver when it comes to finances and sticking to a healthy budget!(THE SMALLER OF A LIST YOU HAVE THE BETTER!) First things first as follows:

1)RENT OR MORGAGE AMOUNT $$$$
2)CAR NOTE AMOUNT $$$$
3)CAR INSURANCE AMOUNT $$$$
4)NICOR GAS AMOUNT $$$$
5)COMED AMOUNT $$$$
6)WATER BILL AMOUNT $$$$
7)CELLPHONE AMOUNT $$$$
8)ANY CHILDCARE/SCHOOL RELATED EXPENSES AMOUNT $$$$
9)ALL CREDIT CARDS SHOULD BE LISTED LASTLY ONE BY ONE AS WELL.(AT THE BOTTOM OF THE LIST)
THE BEST BIT OF ADVICE REGARDING MANAGING OUR PORTFOLIO/FINANCES WE HAVE EVER RECEIVED WAS TO USE OUR END OF THE MONTH PAYCHECK TO COVER THE RENT/MORGAGE THEN THE MIDDLE OF THE MONTH CHECK TO COVER ALL OTHER EXPENSES! THAT HELPED US DEVELOPE THIS SYSTEM THATS BEEN WORKABLE AND EXTREMELY SUCCESSFUL EVER SINCE!(ALL YOU NEED IS A GOOD PORTFOLIO AND LEGAL SIZE PADS, A CALCULATOR AND YOUR GOOD TO GO!)

ANYTHING EXTRA/UNEXPECTED NEEDS TO BE LISTED SEPARATELY ON THE SECOND HALF OF THE LIST DUE TO THE FACT THAT ITS NOT A FIXED EXPENSE.(REMEMBER LADIES BUYING A PURSE AT THE SPUR OF THE MOMENT IS NOT CONSIDERED UNEXPECTED IF YOU HAVE ONE THAT WORKS JUST FINE!LOL!!) FIXED EXPENSES ALWAYS COME FIRST THEN EVERYTHING ELSE. DONT FORGET TO CROSS THEM OFF AS YOU PAY THEM! YOU CAN ALSO LIST YOUR SAVINGS AS WELL BUT WE CHOOSE TO KEEP OUR SAVINGS SEPARATE FROM OUR EXPENSES ITS EASIER FOR US THAT WAY. HAPPY BUDGETING! BUT MOST IMPORTANTLY HAPPY LIVING! GOD BLESS!

1 Responses to “The Importance of a Portfolio!”

  1. Petunia 100 Says:

    What you are describing sounds a lot like my bill book. I keep my bill book in a composition book, write the name of the month at the top, list all of my bills w balance, all of my asset accounts w balance, and all of my receipts. I highlight off each thing as I pay it.

    I have been doing this since I first started supporting myself at age 19. It works very well for me.

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