Read on..
Background
We have been working pretty hard on our Financial Freedom Planning and Tracking Tool for our readers. It is a FREE tool that we provide to all our book readers (and even non readers) to help them track their Income, Expenses, Assets, Liabilities, Special Events and build up their entire financial freedom plan.
Not only that, it allows the users to even track their plan on a monthly basis so that they can stay on track of their freedom journey.
Not only that, it allows the users to even track their plan on a monthly basis so that they can stay on track of their freedom journey.
[Recommended Book : From the Rat Race to Financial Freedom ]
It is so simple and boring. Why should someone even track monthly expenses?
Ah ! Why should you do such a simple and boring thing like tracking expenses? There are many reasons.
A few important ones are listed here for your kind consideration:
1/ Tracking your expenses is like tracking the cost of your project. Those who have been project managers very well understand the importance of tracking project costs. If you fail to track the project costs, you are tracking for failure.
2/ You are currently highly underestimating your expenses. 99% of the readers (and this number is only on the lower side), who interact with us are "shocked" to see their "actual" monthly expenses, only when they start tracking them regularly.
3/ The more accurately you track your expenses, the less you tend to spend every month. There is a very common saying - Anything that can be measured, can be improved. Many scientific studies have proven that a family can reduce their monthly expenses by as much as 25% just by the mere act of tracking them everyday.
4/ You got to be in charge of your money. If not you, who else will? It is your hard earned money, isn't it? And if it is a question of your freedom, you better take charge.
A few important ones are listed here for your kind consideration:
1/ Tracking your expenses is like tracking the cost of your project. Those who have been project managers very well understand the importance of tracking project costs. If you fail to track the project costs, you are tracking for failure.
2/ You are currently highly underestimating your expenses. 99% of the readers (and this number is only on the lower side), who interact with us are "shocked" to see their "actual" monthly expenses, only when they start tracking them regularly.
3/ The more accurately you track your expenses, the less you tend to spend every month. There is a very common saying - Anything that can be measured, can be improved. Many scientific studies have proven that a family can reduce their monthly expenses by as much as 25% just by the mere act of tracking them everyday.
4/ You got to be in charge of your money. If not you, who else will? It is your hard earned money, isn't it? And if it is a question of your freedom, you better take charge.
[Recommended blog posts :
How important it is to formally track your monthly expenses?
2 Simple and Powerful money saving tips]
How important it is to formally track your monthly expenses?
2 Simple and Powerful money saving tips]
Why this new feature?
A lot many users who are tracking their Expenses regularly on our online tool keep giving us some invaluable feedback. This has helped us to make the tool defect free as well as add some real great new features - features which are not only practical but make the entire process very efficient. One such feedback was this. Many times, users forget to enter certain expenses in a month, which leads to skewed calculation of average monthly expenses. All this ultimately leads to inaccurate financial freedom planning. We got this suggestion that our tool should warn the user as and when the user missed tracking some key expenses. So, here we are with this new feature.
What this feature does?
This feature allows you to tag some of your regular expense heads (e.g. Mobile Bill, Electricity Bill, EMIs etc.) as 'Repeated Expenses'. Once you have tagged some expense heads as Repeated expenses, then the tool takes control of those expense heads. It will start keeping a track whether you are entering expenses for these Repeated expenses every month or not. If you are missing out on certain of these repeated expenses in a particular month, it will warn you, and continue to warn you until you dismiss the warning or enter the expenses. At any stage, you can also revert the expense back to a non repeated expense.
How this feature works?
Step 1 : Login to Elevate Your Life (EYL) Portal with your existing username and password. If you are not yet registered on the portal, then go ahead and register. Its FREE and pretty fast !
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| Step 1 |
Step 2 : On the Home page after login, under 'Wealth Management Tools', click on 'Build & Track Freedom Plan' tool. Once you click on this tool, click and move to Step 1(Cash Flow Tracking)
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| Step 2 |
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| Step 2 |
Step 3 : Under the Expense section, click on 'Manage Expense Heads' (assuming you have created customised Expense Heads for tracking your expenses). If you are a new user or have never created any expense heads of your own, then you need to first create your Expense Heads on the basis of which you would be tracking your expenses. Use the link 'Create new Expense Head' to create a list of your own expense heads. After creating your expense heads, go back to the Cash Flow Tracking screen and click on 'Manage Expense Heads'.
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| Step 3 |
Step 4 : On clicking 'Manage Expense Heads', you will see a new pop up window with a list of all your Expense Heads along with their frequency (Default frequency will be shown as Nil). Click on 'Edit' against the expense whose frequency you wish to change to a Repeated Expense (the expense you want to track as a mandatory expense every month).
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| Step 4 |
Step 5 : Under 'Edit Expense' , go to the 'Change Frequency' section and change the frequency of this head from 'Nil' to 'Monthly'. Update the new information.
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| Step 5 |
Step 6 : That's it. Leave rest for the tool to track. Once you come back and refresh the 'Systematic Cash Flow tracking' page, you might just see a few Warnings if you have not yet entered some of your expenses which ought to have been entered. If you click on the Warnings, you will see a new pop up window detailing out each of the expenses you have missed entering this month.
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| Step 6 |
Either Dismiss specific entries or go on and enter the expense. Now, you cannot miss any of your key repeating expenses ever !
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| Step 6 |
Haven't yet started tracking your expenses?
You might have started sometime earlier, but left it in between. Or may be you never thought it was that important. But here is the key. The simplest things in life also happens to be the most powerful too. Go on, get going on. Just login and follow the tool,as it guides you towards your financial freedom.
Is it FREE?
Absolutely. All the tools that we provide (whether Wealth Management, Life Management, Tree Plantation) are all absolutely FREE, and they will remain so for our life. And I am not doing anything for you. I am doing this because it is my mission of life - to elevate lives around me !
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