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Why We Stuck to Summit's Expense Spreadsheet

July 24, 2024 As mentioned in last week’s blog, our coach Tori assigned homework requiring us to utilize Summit’s Daily Expense Tool for two consecutive weeks. We decided to continue to use Summit's expense spreadsheet for several reasons. First, it helps us to see our financial situation clearly and objectively. We can see where our money is coming from and going to and how much we have left at the end of the week. We can also see how our spending and income patterns change over time and identify any issues or opportunities for improvement.Second, it helps us to learn what we need vs. want. By categorizing our expenses, we can see how much we spend on essential and non-essential items, and how they affect our cash flow and balance. We can also see how our spending aligns with our values and priorities, and whether we are investing in things that matter to the future us. This helps us make more conscious and intentional decisions about our spending and cut out any unnecessary or wasteful expenses.Third, it helps us to stay accountable and motivated. By setting goals and projections for our future income and expenses, we can see how our actions today affect our outcomes tomorrow. We can also see how close or far we are from reaching our financial goals, and what we need to do to get there. This helps us stay focused and disciplined and celebrate our progress and achievements. Maybe even brings out our competitiveness!Summit's expense spreadsheet is a simple but powerful tool that helps us manage our expenses and cashflow, learn what we need vs. want and stay accountable and motivated. It has helped us improve our financial health and performance and moved us toward achieving our financial goals. If you are looking for a way to simplify and streamline your expense management, we highly recommend you try it. You can and start using it today. You might also be interested in As we wrap up our last week on the money budget challenge, it's incredible to look back and see how much we've learned and grown. This journey has been... When it comes to managing investments, the importance of effective communication and trust cannot be overstated. Our recent experience with Summit Credit... We are thrilled to share some wonderful news—Matt has successfully graduated from his electrician apprenticeship! This major milestone not only signifies... Life often throws unexpected challenges our way, testing not only our resilience but also the flexibility of our financial planning. Recently, our family... As the holiday season approaches, many of us find ourselves excitedly planning for Thanksgiving gatherings and the subsequent Black Friday shopping spree... We find ourselves quickly approaching the end of our budget competition. The past few months have been an exciting journey of financial mindfulness and... Check engine light drama and a flat tire adventure with a sprinkle of gratitude and resilience... Life has a funny way of testing us, often all at once. As the old saying goes, "When it rains, it pours." Recently, we've been feeling the truth of this... Financially, Britt’s new job has brought additional income, which has offset Matt’s layoffs, and we are trying to use any leftover money wisely. Staying...
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