Fiology: The Study of Financial Independence (FI)

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Fiology Lesson 7: Where Does All My Money Go?


The first step in developing a budget is tracking your spending. But then what? We then need to accept where our money was going and reroute it to where we know it will make a positive difference. Everyone on the path to Financial Independence tracks their spending one way or another, at least for some period of time. Some adhere to a strict budget and some base their spending strictly on values, limiting wastefulness. Spending should be intentional. We should not only know how we’ve spent our money, we should know where our future dollars will go. These resources will provide a working knowledge of budgets and some real life practical lessons to make the transition from not using a budget to adhering to one a rewarding experience.   

Read:  4 Surprising Advantages to Budgeting  by Paula Pant of

Read:  These 5 Budgeting Myths are Total BS. So Stop Using Them as Excuses  by Tom Gordon of

Read:  3 Reasons You Should Stop Budgeting By The Month  by Nick True of

Watch:  How to Hold a Budget Meeting  by FrugalChicLife on YouTube

Skim:  15 Best Budget Apps for 2019  by Josh Smith of  Select one or two (or three) that you think might keep you motivated for a few months of budget familiarity.  

Take Action:  Once a week during your first two months of active budgeting, record your thoughts, feelings, surprises, challenges, etc. with regards to your spending.  It won’t all be roses but you will likely find that with time it becomes habit and increasingly empowering.  Sending an e-mail to yourself with an easy to recall subject line like “Johnny’s Budget Experiment Week 2” will prove useful in the future as you reflect on your progress towards Financial Independence.

Additional Resources:

Read:  Learn Where All Your Money Goes and Fix Budget Leaks  by Paula Pant of

Quote:  A budget is telling your money where to go instead of wondering where it went.” – John C. Maxwell is an educational resource designed to teach Financial Independence (FI). We scoured the internet to find content from the best and brightest of the FI community and created lessons covering the critical concepts.

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8 thoughts on “LESSON 7 : WHERE DOES MY MONEY GO?”

    • Nick, I am glad I did this project because I found you during this research and found it to be the most useful. Thanks for putting out the content and allowing me to share it. Keep up the great work out there.- David

  1. David,

    I can’t tell you how much I admire Fiology’s media approach of aggregating, curating and disseminating rich pre-existing content while blending in your own content. Beyond the resulting message that gets put out there, it supports the FI influencers and introduces your followers to new bloggers – a three-way win and overall public service. Hats off to you sir! I’m looking forward to watching this platform continue to blossom, support the FIRE community and continue to help scores of people.


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