With the new year coming up, people often feel it is time to take on new challenges. What better way to focus your efforts than improving your financial fitness with the Mvelopes challenge.
The Mvelopes challenge is to create a budget and track every transaction for 30 days. Most people are shocked when they do this exercise. They discover large portions of their budget is going to waste on things like impulse buying and eating out.
Companies in America spend billions annually tracking every transaction including sales, expenses and cash receipts. Imagine trying to successfully manage a company without using and applying basic accounting principles. Yet most people don’t track their personal transactions and are surprised when their budget runs out of month.
Companies don’t choose which transactions to track, they track every transaction. The only way to get complete value from tracking is to track every transaction.
If you want to be financially fit, you must be prepared to carefully follow this principle.
The Mvelopes app can help you make this process easy.
- Download the App
- Import in your accounts from banks and credit cards
- Set up your budget
- Fund your budget with your planned expenses
- Track your transactions