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Thursday, September 08, 2016

Free online Tracking of your Income and Expenses

After having interacted with thousands of readers over the last 3 years, we realize that more than 50% of us do not know how to calculate our average monthly income and a whopping 90% of us grossly underestimate our monthly expenses. So here you go...
With the recent launch of the 2nd edition of the bestselling book (From the Rat Race to Financial Freedom), we also launched this online tracking mechanism to track - both your Income and Expenses, so that you are in charge of your money
Needless to mention, it is all FREE of cost...Read on to find out how to get started...

If you ever wanted to start taking charge of your life, first thing to take charge of is your money. Because this beautiful thing called as money gets entangled in every aspect of your day to day life and its decision making. To start taking charge of your money, the first step is to start taking charge of your cash flow. 

Cash flow means understanding how much cash is flowing in, and how much of it is flowing out of your family budget every month. This difference in 'Income' and 'Expenses' will tell you your saving potential, and then it allows you to think about the possible investment options that you have.

Freedom Portal website will help you :
- Understand what to consider as Income (e.g. most salaried people tend to forget including EPF contribution as a part of their Income)
- Show you valid and invalid Income examples (e.g. A Life Insurance policy bonus also impacts your average monthly income)
- Allow you to create your own custom Income Heads and track your income. 
- Allow you to view your average income, month-wise and head-wise income for previous months and years in a single snapshot.
- Understand what to consider as Expenses (e.g. a large section of people count their monthly investments as their Expenses)
- Show you valid and invalid expense examples (e.g. a Mutual Fund SIP is not an expense, rather it is an investment)
- Allow you to create your own custom Expense Heads and track your income. 
- Allow you to view your average expenses, month-wise and head-wise expense for previous months and years in a single snapshot.

So, here we go, step by step, on how you can start tracking your cash-flow through Freedom Portal

STEP A
Login to the Freedom Portal
If you are not a registered user already, get yourself registered in under 2 minutes. We are already 1,300+ registered users and growing every single day. You get free access to a host of features and tools that can potentially revolutionize your personal finance journey.


STEP B
Access 'Track My Plan' Module
Once you login, you will reach the Home page where you will have access to many modules. To start tracking your cash flow, click on 'Track My Plan' module.This is a new module introduced with the recent launch of the 2nd edition of our book 'From the Rat Race to Financial Freedom'.


Step C
Access 'Establish Cash Flow' Step
You will be taken to the first 4 planning steps of Financial Freedom. This is a part of the '8 Steps to Financial Freedom' as mentioned in the bestselling book 'From the Rat Race to Financial Freedom'. 
For tracking your Income and Expenses, you need to work on 'Step 1 : Establish Cash Flow'. Click on that.


Step D
Start using Systematic Feed
If you are approaching 'Step 1 : Establish Cash Flow' for the first time, you will get a choice to use 'Quick Feed' or 'Systematic Feed' strategy to start feeding in your Income and Expenses.  
Quick Feed is a quick fix strategy for financial freedom planning but long term wealth builders will chose 'Systematic Feed' option. 
Use the 'Systematic Feed' option and get access to entering real time income and expense data. On selecting 'Systematic Feed', you will get access to the below screen:


Create your custom Income and Expense heads and start feeding in your Income (as and when it gets credited) and Expenses (preferably on a Daily Basis). It has been my personal experience that daily tracking of your monthly expenses reduces your expenses by as much as 20%, and regular tracking of your income opens up completely new income opportunities for you. It is all our subconscious mind at work when we do consistent tracking of income and expenses.

Step E
Analyze Data & Reports
As you enter data, you will start realizing that you have more and more control and authority over your money. Your money starts to act as your employee - working hard for you. (Read this : Your Assets are your Employees and you are the CEO)
Freedom Portal will allow you extremely quick analysis of all your data so that you can monitor your progress and start taking charge of your money and your destiny. Some of the analysis screen would look like these:


So, go on, get going with your daily expense tracking and regular income tracking to establish your monthly cash flow. This is the first step to a beautiful journey towards Financial Freedom.

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