Money Matters

#MoneyMasterClass Recap–Week 34

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.

Reflections

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.

Failure

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

Check out Gail Vaz Oxlade’s books here:*

Money Rules
Debt Free Forever
CEO of Everything
Money Smart Kids

12 Comments

  • darinaiv

    Your post was so interesting and insightful. I tend to believe that I am good with money but there is always room for improvement. Thank you for introducing me to Gail and her wisdom.
    Darina from daramiblog

  • Markus + Micah

    This is so useful, thank you very much. Financial wellness is a super important part of overall wellness that must not be skipped. The tips you shared here are spot on. In the past months, we started tracking our spending and it feels good to know that there is no waste. Cannot agree enough with the writing it all down tip. It simplifies it all very fast.

    • A Sustainably Simple Life

      I definitely agree with you that financial wellness is a part of overall wellness. I like how you put that 🙂 And that’s great you’ve been tracking and paying attention to your spending!

      • Markus + Micah

        Thank you. We often forget that money intelligence will keep us sane, too. It is about a healthy balance, right? Oh, tracking our spending is actually fun for us. Some people find it a bore, but for us, seeing where everything goes is both liberating and relieving. How about you?

        • A Sustainably Simple Life

          I’m with you on that! I find that budgeting and knowing where my money goes actually gives me more freedom. 😀

  • Ellis James Designs

    “Having the tenacity to get back up, the determination to pick up, brush off & get moving again, now that’s really something to be proud of. There will be stumbles. Refocus and get moving again.”

    Never thought to apply this to finances. Thanks for the post!

    • A Sustainably Simple Life

      Gail has some great quotes, doesn’t she?! I love how her advice can apply to different areas of our lives too 🙂

What are your thoughts? Let us know in the comments!

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