Robert Brokamp

I think of it as you're basically removing speed bumps or even hurdles, right?

Things that slow you down or get in the way of you making the most of your money.

Every time you can remove the need for you to make a decision or take an action, you're better off.

I do think it's a good idea to have a single document that has all the info about all the ways you've automated your finances, including money going to a savings accounts, maybe extra money going to debt, or just payments for services, and we're all doing that, of course.

That way you have one document to review every once in a while, maybe once a year,

to make sure that your money is going to where you think it should go.

It also facilitates communication with your spouse, because sometimes a spouse will sign up for something and the other spouse may not know about it, that way it's all on the same page.

And this is a good document to include in your estate plan, and we're going to talk about estate planning in a future month during our year while planned.

But this is one document that, in case someone has to take over your finances, either temporarily or permanently,

they can see which bills are being automatically paid, which are not, what services are you paying for, which accounts are being contributed to, where are those accounts, so that they can make any changes that are necessary.

And I'll just add a final thought here.

You mentioned at the beginning, Stephanie, the B word, budgeting.

And many people don't like budgeting because they don't want to have to account for and categorize every penny.

But if you take the time to calculate how much you need to save for your goals, automate those savings, and then make sure you're paying off your debts on the timeline that's right for you, then you can feel comfortable spending whatever's left over without always getting into the nitty gritty of where it's going.

I call it goals-based budgeting because you're funding your goals first and then spending the rest however you see fit.

Now, I still think analyzing your spending is very informative, but if your goals are properly funded, you don't have to stress so much about whether you spent $100 more than planned on dining out or whatever, as long as you're not overspending and relying on credit cards.

And on that note, let's end this month's installment of our 2026 Financial Planning Challenge.

Thank you, Stephanie, for joining us.

Thanks so much, bro.

It's time to get it done, fools, and Stephanie and I just discussed many items for your to-do list.