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Monday Night Finance- Volume 67

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Monday, 09 May 2022 / Published in Monday Night Finance

Monday Night Finance- Volume 67

Values-Based Budgeting: Spending Your Money On What You Love

Do you have a budget? If so, how did you set your budget categories? Did you use a formula like the 50:30:20 rule? Or perhaps you created your budget based upon a book or blog you read with an example budget and then copied it for yourself. No matter when you created your budget, when was the last time you looked at your budget. Not just tracked your spending in the various categories, but looked at the entire budget structure and asked if it was really serving you and what you wanted to get out of life. If you are on budget autopilot, Kevin from Family Money Adventures wants you to consider values based budgeting. (And if you don’t have a budget, CountAbout is a great tool to help you build one!)

All of us have certain things that we absolutely love. Things that bring us joy, whether a big or small expense. Travel. Your kids. New experiences. A good cup of coffee. Self-care. Dining out. Technology. Music. Financial freedom. Entertainment. Whatever it is, a values-based budget prioritizes spending in these “loved” categories while aiming to aggressively cut out spending in other areas. ~ Family Money Adventure

On its most fundamental level, values based budgeting makes sense; spend more on what you love and cut spending on things you don’t. But if you’ve never given your values or your budget much thought, you might find that you are spending money on things that don’t make you happy. If you are interested in values based budgeting and want to give it a try but aren’t sure where to start, you can start by listing your values. Are you someone that enjoys traveling? Do you feel strongly in supporting charities that help a certain population? In this first step, you don’t need to assign dollar amounts to each category, instead you should just focus on finding what it important to you. (And just importantly, what is not important to you so you can spend less money on it.) If you’re interested and want more details about building your own values based budget, check out the article.

Is Spending On Experience Overrated?

We’ve all heard the advice- if you want to be happy, you should spend your money on experiences rather than objects. Apparently, researchers have found that when we buy a new object, we get excited about owning it for a short while. However, over time you eventually become used to owning that object and it doesn’t bring you happiness anymore. For example, maybe you really want to own a red sports car. But once you finally buy the red sports car, it just becomes your way to get to work. Eventually, you need to pay for maintenance on the car and you’re not any happier than you were with your old car. In contrast, researchers have found that spending money on experiences can create special memories that can bring you happiness for many years. In this article Joe from Retire by 40 questions this wisdom about spending on experiences.

Personally, I don’t think back on previous trips often. Is experience really a better buy if you don’t think about it much? ~Retire by 40

To illustrate this, Joe compares two of his previous discretionary purchases: an entertainment system consisting of a big screen TV and an X-box and a big trip to Costa Rica. Joe watches his television nearly every day. And while Joe doesn’t play as many video games as he used to, his son loves the X-box. He contends that he really got his money’s worth from these purchases and that they were a great investment. In contrast, while he enjoyed his trip to Costa Rica, he hardly ever thinks of it. If given the choice between the two, Joe contends that he’d rather have the TV and X-box than the trip. The moral of the story is that spending on experiences isn’t always good and that spending money on objects isn’t always bad. It’s important to know what brings you happiness and adjust your spending appropriately.

Here’s Why The Middle Class Hardly Builds Financial Empire

What separates the middle class from the wealthy? More importantly, how can someone move from being middle class to being wealthy? Many middle class people earn a healthy salary and have an opportunity to build wealth. But are they taking full advantage of it? In this article by Paulo Jose, he examines why the rich get richer why many middle class people struggle to get by.

Society wants you to do something stupid with your money. Say no. ~The Making of a Millionaire

Paulo notes that modern society encourages you to waste your money. We are constantly bombarded for advertisements promising happiness if we just buy their goods. Furthermore, many items are now being marketed in a cycle of planned obsolescence. Who wants an iPhone 6 when the iPhone 13 has so many more features? If you’re always chasing the next gadget or the latest model, you’re going to have less money to build wealth (and the freedom that goes along with it). Another example of something that destroys both your wealth and the planet is fast fashion. Buying a higher quality item one time can help you save money over the long term. If you are serious about building wealth, check out this article for more ideas about how you may be sabotaging your goals.

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Reviews

Shirley Hou
CountAbout was Perfect
15-03-2017

I was looking for finance software to use as treasurer of the parent-teacher association at my child's school. CountAbout was perfect - it had all the register features and download capabilities that I was familiar with from desktop Quicken, but it has the advantage of being in the cloud so I can use it from any computer.

 
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Amanda Sherlock
25-08-2020

I started using Quicken in 1987, before I had my own PC. I continued using it for years, frustrated by the frequent breaks in the synchronization. Finally I took the leap and used Mint for a year or two. Free software is worth as much as I pay for. Finally, in 2019 I found Countabout. The synchronization is great and I am happy to have a product that's easy to use and reliable. The customer support is excellent and very responsive to my questions.
There aren't as many bells and whistles as Quicken but the simplicity outweighs the complications.

 
Barbara Ann Feeney
16-05-2016

I switched from pencil and paper on grid accounting paper, then to a Google spreadsheet, then to CountAbout. Really happy with how this app makes it easy to track how I doing, staying (or not) on budget.

 
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Steve P.
22-09-2017

My search for a cloud-based alternative to Quicken is over! Very easy to transfer my Quicken data and customize my account. Thank you CountAbout!

 
‏@davepurcell
15-11-2016

I rarely tweet endorsements, but -- after years of using/hating Quicken, Countabout is awesome for tracking home budget/finances. Thx!

 
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Richard Luna
03-02-2021

I'm a one-person real estate brokerage and having accurate financial records and being able to easily search transactions and generate reports is crucial. I'd been using Quicken for Mac for 10+ years and wanted to migrate to using a Chromebook instead of a Mac, to do that I had to find a replacement for Quicken.

The replacement had to be online; available from my phone, tablet, etc., and no software installations almost every year. I immediately dismissed any 'free' financial software (Mint, etc.) - I believe that you get what you pay for and there is no such thing as 'free.'

I settled on Tiller and CountAbout and subscribed to both; I quickly decided that a spreadsheet is not what I wanted. I wanted something that worked a lot like Quicken and CountAbout fit the bill. It took me awhile to fully embrace it but once I did I've been very happy and would not go back to Quicken even if they offered a fully online version. The few times I've had a question about using CountAbout I've always gotten a response by the end of the day - and often in an hour or less. If feels like I'm working with a small enterprise that's interested in putting out a superior application, improving it and solving issues and responding to questions. I'm very satisfied!

 
David M.
16-07-2016

CountAbout is as easy to use on my mobile as it is on the desktop and it provides me with the same or better information than Quicken.

 
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Jim Powell
17-03-2018

Vastly superior to the execrable Quicken, which caused me to have to choose a new bank password every time I used it. CA is fast, simple, and all you need unless you have a complicated investment portfolio. Its almost fun!

 
Nate E.
05-02-2016

Fantastic! I finally found a great replacement for Quicken! CountAbout is entirely cloud-based, so you can access it from whatever OS you happen to be using. And the mobile app isn't hamstrung like Quicken's. No looking back for me, this is a great app and a great service!

 
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Jeffrey Wilk
02-04-2018

Great product and great customer service. Thanks!

 
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Keith Hurst
22-05-2020

I've been trying to ditch Quicken for years, finally a worthy replacement, but it's so much more, so clean and intuitively designed. I was really surprised and delighted to find a full featured iphone app that meets all my needs.

 
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Nancy
10-08-2018

I love CountAbout! I have hated Quicken for years, but didn't have an alternative. Now I do! I love that the cost is only $9.99 per year for the basic service (which is all I need). You can upgrade for more features, if you need them. But for personal use, the basic plan is just fine. When I found CountAbout, I gleefully gave Quicken the boot and I haven't looked back or missed it at all. Bye bye Quicken!!!

 
Widgets to Compare Monthly Spending in Active Categories
17-02-2017

Huzzah! I can add widgets now and already made one to compare my monthly spending in my active categories to my budget. Excellent. That tool is one of my favorite features in a personal finance product.

 
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Ann
28-06-2021

Countabout's concept is awesome. I track checking and credit cards by transactions, and investments by total only. The reason for four stars is that periodically the investment accounts refuse to update the correct amount. Then, I have to unlink the account, delete the account then set up the account a second, third or fourth time. Often times, when trying to link a new account, CA logs me out. If you have patience, CA is a hundred times better than Quicken, but not yet perfect. Still trying to set up a credit card account after 6 attempts. At some point, it will click.

 
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Dana Linder
29-03-2019

This is an incredibly well thought out program.

It imports QIF files perfectly. I tried a number that failed miserably.

It has a function that emails reminders about scheduled transactions. That is an extremely useful function that I hadn't seen anywhere.

Tech support is second to none. All my questions were answered in detail within hours (sometimes minutes).

The companion phone app is very simple. You can browse, search, enter transactions and see scheduled transaction. That's really all you need on the phone.

It's one failing for me is that I have a transaction that I have a transaction that occurs on the 3rd Wednesday of the month, and it's not possible to set that up. It's easy enough for me to change the date of next transaction when I enter the current one.

I am extremely impressed with the company. The trial is free for 15 days. You have nothing to lose.

 
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Colin R. Vine
13-07-2021

I have been using Countabout Basic for a few months now and love the program. It is far and away better than any other personal finance program I have used.
I would recommend Countabout to anyone. Give it a try. The web interface is easy to use on my Chromebook and on my Android phone and tablet.
When I have had a query, the company has written back almost instantaneously. Great service!

 
My Bank Tracker
24-11-2016

...you won’t be bombarded with ads when you log in. Mint, for example, uses targeted ads to help keep the platform free. All in all, CountAbout could be a good choice for Quicken and Mint users who want to start fresh with their finances without losing their past transaction history.

 
Mark Goldfarb
20-01-2017

I love the software – nice and clean – the categories was a must have that your competitors are lacking.

 
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Wayne Everett
07-02-2022

I have been using Countabout for over 2 years. I got sick of quicken continuing to "improve" itself with crap I did not want, even if they did not increase their costs constantly. Countabout has done everything that I need. I have 20+ accounts linked and all is great!

 

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CountAbout® is an easy-to-use online personal finance application that imports data from Quicken and Mint and automatically downloads data from banking, credit card, and retirement accounts. With no software to install, we’re anywhere you have an Internet connection. Our platform is stable, secure, and totally private. Our dedicated customer service team is friendly, knowledgeable, and quick to respond.

Never lose track of your finances, or the big picture, with CountAbout. Sign up for a free 45-day trial today.

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