This week’s Money Master Class focused on finishing up our spending analysis and a bunch of wisdom tid-bits from Gail.
Spending Analysis Continued
Gail introduced the spending analysis to us in Week 32 and continued the task last week. The spending analysis is an opportunity to look at a detailed overview of your spending. Gail is requesting we input 6 months worth of spending so that we can see the average spend for each category of spending.
The spending analysis makes it so you don’t have to wonder where your money goes. The worksheet gives you a clear idea of how you spend your money.
The spending analysis worksheet can be found here: https://www.hoyes.com/money-master-class/
Needs vs. Wants
In addition to inputting all of our spending, Gail has given one more task to complete with the spending analysis. We are to highlight each category of spending as “need” or “want.”
The spending analysis and identifying our needs/wants helps us to understand where we can cut back in our budget if we need to.
Knowing the true our needs will also help to calculate the amount needed for an emergency fund.
The work is worth it
If you haven’t been tracking your spending already, inputting 6 months of statements will take a bit of effort. But it is worth it! Knowledge is power–especially with respects to money and your personal finances. Gail is giving us extra time to focus on this task as she won’t be posting anymore tasks for the remainder of the month.
The rest of the week was filled with some of Gail’s words of wisdom.
For me, the Money Master Class has had me focusing on personal finances daily. This has allowed me to really identify and confront the emotional hangups I have with finances that I previously was able to turn a blind eye to.
Don’t let the setbacks hold you back.
What have you learned from the Money Master Class so far this year? Or, if you haven’t been participating, have you been learning any financial lessons this year?
New to the Money Master Class? There’s still time to get started!
Check out this Twitter Archive to see all of Gail Vaz-Oxlade’s #MoneyMasterClass tweets from the start.
Find the resources, spreadsheets, and quizzes here: Money Master Class
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap
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