The author, Ed Coleman. Courtesy of Ed Coleman
To get my finances back under control after a divorce, I adopted a six-step system for managing my cash and maximizing my savings.
First, I divided my net monthly income into a budget for fixed, variable and personal expenses.
I allocated the rest of my income to savings and set up automatic deposits so I never missed a month.
If my career in aerospace engineering has taught me anything, it’s that simplicity is elegant. This applies to all things, including budgets. Budgets don’t fail because you calculate incorrectly. They fail because they are too complicated. While I’m good at math and numbers, those are the last things I want to worry about when it comes to my household budget. I want a simple approach that just works. This is how I came up with my six-step plan to actually save money.
This 32-year-old saved almost 80 percent of her income for five years – that’s why she stopped