S6E2: Audit your spending
The Meaningful Money Personal Finance Podcast
Pete Matthew
4.9 • 1.7K Ratings
🗓️ 17 May 2017
⏱️ 34 minutes
🧾️ Download transcript
Summary
Last week I introduced the nine areas of your finances that we’re going to delving into for our Personal Finance Audit. The idea is that over time, some things get neglected and left to run, and sometimes it’s good to take a fresh, detailed look at these ares to make sure they’re still in good shape in helping you move towards your aims. Today I want to take a look at the absolutely fundamental area of spending…
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Audit Your Spending
I’ve often said that financial planning is essentially about income and outgoings. If you’re building wealth, you need to have some excess income so you can save and invest that over time. If you’re retired and enjoying your money, then your spending rate will be a key determinant as to whether or not you run out of money one day. So no matter what stage of life you’re at, keeping some kind of rein on your spending is important.
As we go through this season, I want to keep the stuff you need to KNOW fairly short, and go long on the practical, what you need to DO stuff.
Resources
Here's the cheatsheet I've put together to summarise the things I talk about in this session: 
Budgeting Tools: YNAB, Spending Tracker for iOS, Spending Tracker for Android, Fudget for iOS, Fudget for Android
Podcasts: Session 3 - How To Budget Session 207 - Enough with Paul Armson Season 5, Episode 6 - Investing in Retirement, with Abraham Okusanya Session 157 - Making More Money, with Chris Marr Money To The Masses
Websites: I Will Teach You To Be Rich, savings article Meaningful University - Budgeting course launching soon! Envision Your Money
New style bank: Monzo
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Transcript
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| 0:00.0 | Hi folks and welcome to the Meaningful Money podcast Season 6, Episode 2, and your word for the day is intentional. |
| 0:14.0 | This is the podcast dedicated to helping you put your finances in order. My name is Pete Matthew |
| 0:19.7 | and I'm going to share with you everything |
| 0:21.1 | you need to know and everything you need to do to secure your financial future. I'm here to help |
| 0:26.2 | you make sense of money. Hello, hello, great to have you with me once again. This is actually my second attempt at recording |
| 0:42.1 | this episode. I did it last night and then realized I'd recorded the whole thing on the |
| 0:47.3 | inbuilt microphone on my laptop rather than the very nice microphone that I was talking into. |
| 0:52.9 | A simple settings error, but that'll teach me because now it's 7.30 in the morning nice microphone that I was talking into. A simple settings error, but that'll |
| 0:55.6 | teach me because now it's 7.30 in the morning, and here I am doing it all over again. But you are |
| 1:00.3 | worth it, folks. I'm happy to do that for you because, you know, production values and all that. |
| 1:05.0 | So last week I introduced the nine areas of our finances that we're going to be delving into |
| 1:09.8 | for our personal finance |
| 1:11.1 | audit over the next few weeks. The idea is that over time, some things get neglected. They get |
| 1:16.5 | left to run. And sometimes it's good to just sort of step back, take a fresh, detailed look at these |
| 1:21.9 | areas to make sure they're still in good shape, particularly when it comes to helping you move |
| 1:26.3 | towards your aims. So today I want to |
| 1:28.9 | look at the absolutely fundamental area of spending. Okay, so that's what we're talking about today. |
| 1:34.8 | We're auditing our spending. After the main body of the show, I'll look at a review that's been left |
| 1:39.1 | and now that's what we're going to be talking about next time, usual stuff. But before all that, |
| 1:42.8 | remember, this podcast is brought to you |
| 1:44.8 | with the help of my friends at Seven Investment Management. Now, they're a firm of investment managers |
| 1:48.6 | based in London who specialise in multi-asset investing, which brings institutional level investing |
... |
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