June’s book recommendation is Wealth Watchers by Alice Wood. Wood created a financial education program called Wealth Watchers after suffering from a brain injury that left her unable to handle her finances. The basic idea is inspired by Weight Watchers, a daily accounting of everything you spend to see if you gained (spent more that you should) or lost (spent less than you should).

 

Anyone who has done Weight Watchers knows the concept. It’s not about denying yourself what you enjoy eating, it’s about making every day choices that allows you to still enjoy what you want and lose weight and get healthy in the process. You keep a daily journal of everything you eat which is allotted a Point value based on its nutritional value. If you know you are going to have something “bad,” you compensate on a different day by being extra “good,” and at the end of the week you can see if you went over or were under your Points allowed. While you aren’t suppose to deny yourself anything you really want, you also need to keep track of your eating habits so that you don’t go overboard. If you write down and see what you’re eating every day, you may think twice before eating something.

 

The Wealth Watchers program functions very similarly. After deciding how much “Daily Disposable Income” you have to work with, you track all your daily spending in a journal. At the end of the week, you see how your spending adds up against what was allotted. The idea is that if you are tracking all the money you spend, you are less likely to go overboard because you know just how much there is to spend. Also, if you have to write down everything you buy, you may think twice about spending money.

 

Wealth Watchers isn’t a complex financial tool, and it certainly doesn’t get into much detail about bad financial situations. It’s an easy read, and could be very useful to someone who is looking for an accountability tool to help them keep track of their spending.

Advertisements