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Make the Money You Have Work for You

A yearterm has lower monthly payments so it offers more financial flexibility in the long run. We can always pay more on our payment, but we can also dial back to the minimum if we need to. The longer term may also be a good hedge against inflation. Instead, we funnel any extra money toward investments or other financial goals. We are a little scattered when it comes to where our investments are located. We have close to a dozen investment accounts, which seems a little overboard to me, but most of the accounts are necessary.

For example, we have retirement accounts, taxable investments, Health Savings Accounts that hold investments, college savings plans, etc. Our retirement accounts are probably the most scattered. We have 8 separate retirement accounts with 4 different companies. The best we could do at this point is consolidate our retirement accounts down to 3 companies. Even if we consolidated companies we would still have 7 separate accounts.

I addressed this topic in the article about which financial products we use. Other investments. We have taxable investment accounts with Vanguard and Ally Invest , and we have a College Savings Plan for each of our children, which adds to the mix. Looking to open a new investment account? We make contributions to our retirement investments through automatic deposits to take advantage of dollar cost averaging and so we have a more stable cash flow throughout the year.

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Every few months we may make a lump sum contribution into a taxable investment account, depending on our investment goals, cash flow , etc. We try not to make automatic deposits to these accounts because commissions can add up quickly! This gives me more flexibility when it comes time to sell the investments more control over short and long term capital gains. I sync all of my banking and investment accounts and credit cards to Personal Capital and it pulls in all the account balances and other data. I can view everything in one place and know in a few minutes if I need to change my asset allocation or transfer any funds.

Financial Know-how Is Important For Both Personal And Professional Success

Then I simply log into the accounts as necessary, make any adjustments or transfers, and get on with my merry life. The entire process takes about 30 minutes or less each month. This is a little outside the scope of this article, so I wrote a full length article that covers how we manage our business income and expenses. The article includes the financial accounts we use Chase Business Checking and Capital One Spark Savings , business credit cards, as well as some of the tools, including our payroll provider Gusto , accounting software QuickBooks Online , etc.

I am self-employed, through this site and other online ventures. To smooth out my income, I pay myself a salary I use Gusto as my payroll provider. My salary is directly deposited into my bank account and we try to live within the confines of my monthly payroll. Prior to being self-employed, I used all the business profits to accelerate our financial goals. Did I miss anything? I think I covered just about everything that relates to our daily money management, and some of the recurring expenses such as mortgage payments and investing.

How We Manage Our Money on a Daily Basis

Feel free to leave a comment or ask questions and I will address it in the comments section or make an addition to this article. Image created at GetStencil. Ryan Guina is the founder and editor of Cash Money Life. He is a writer, small business owner, and entrepreneur. Ryan started Cash Money Life in after separating from active duty military service and has been writing about financial, small business, and military benefits topics since then.

He also writes about military money topics and military and veterans benefits at The Military Wallet. Ryan uses Personal Capital to track and manage his finances.

How We Manage Our Money

Personal Capital is a free software program that allows him to track his net worth, balance his investment portfolio, track his income and expenses, and much more. You can open a free account here. This is really comprehensive—I particularly like your approach to irregular income. If people start to depend on unreliable income, problems arise. That way, whatever she brings in we can either 1 invest back into her business or 2 do something special for someone else or our kiddos.

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Very similar approach to what we do. Even though we bring in far more than we spend every week, I do track every cent that passes through our hands. I have a spending plan laid out for the entire year in advance and as the actual amounts gas, groceries, autopay bills etc arrive on the CC I update the estimated amount. This is my cue to assess how much excess there is for the week and then I send it to either our retirement savings or mortgage.

If I set up automatic payments for savings or extra mortgage payments I would likely choose a lower amount which I could be certain would always be available. Buy reviewing the actual numers every week I contribute far more. I enter an amount on the spreadsheet and then scan down several weeks to see if that amount causes any issues in the future.

I could do this review and transfer process monthly, but I prefer to get that money moved sooner to maximize the benefit. We also use our CC for everything that can be paid that way — auto pay bills, groceries, gas, annual insurance premiums etc. I review transactions online and pay it off weekly.

We travel a fair bit, so we selected a card which gives us points for Air Canada.

finance 101, finance overview, basics, and best practices

Some retailers let you swipe the actual Air Canada card so we earn double when combined with points earned on the CC. JMK, it sounds like you and your family have a well managed system in place! But points cards an be a great way to get discounts or even free airfare.

Getting started – set goals

Thanks for sharing! Your system sounds similar to mine, except ING is my main account. I also pay bills via credit cards and then use ING to pay the credit cards. I like how you treat irregular income as a surprise and live off your salary because that is really the best approach.

This allows you to plan much better because you know what your salary is going to be but the irregular side income can fluctuate wildly from month to month. Refresh and try again. Open Preview See a Problem? Details if other :. Thanks for telling us about the problem.

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