Description

In this episode, Mark discusses the process of creating an income and expense statement to track and manage personal finances. He provides detailed guidance on gathering financial information, organizing it, and analyzing it to improve savings and spending habits. 

Mark also answers a listener question sharing his experience with the “fun bucket” as a mechanism to rewire the mindset from accumulation to spending in retirement.

Send your questions to Mark@MarksMoneyMind.com (put “Podcast Question” in the subject line)

Episode Links:

Quicken

YNAB

Spending Tracker app (Apple)

Spending Tracker app (Google)

The 4% Rule

Early Retirement Now – Safe Withdrawal Rate Series

The Fun Bucket

Timestamps:

• 00:27 Recap from the EconoMe Conference
• 01:07 Diving Into the Income & Expense Statement
• 02:04 Gathering the Information
• 04:25 Organizing Your Financial Data into Income, Savings, and Expenses
• 15:41 Analyzing Your Financial Data for Better Money Management
• 17:24 Maximizing Your Savings: Strategies and Tools
• 18:51 Finding the Right System for You
• 20:52 Listener Question: Developing a Spending Mindset with the Fun Bucket
• 31:26 Listener Engagement and Show Wrap-Up