In college, I worked full-time and went to school full-time. I was self-supporting with my own apartment, bills, etc., but I had a mission to graduate without any student-loan debt. I was forced to get really good at managing my money. I tried different Excel templates, money management apps, and even my bank's budget tracker. Every time I ran into 1 of 3 issues:
1. It wasn't detailed enough.
2. Things were categorized in ways I didn't want.
3. I'm against linking credit cards to 3rd parties to watch my money.
After a lot of trial and error, I created a fully customizable budget template that I've been using for the last 7 years.
Graduated without any student-loan debt, then 5 years later I got massively depressed and stop using it. Racked up like $37k in credit card debt, got another job, started using it again, and paid off the debt in 6 months. I absolutely believe this budget template has changed my life.
Obviously, theres a GAZILLION budget templates and money management apps out there. The difference between my template and everything else is mine treats my household finances in the same way a business accounts for theirs. It's a lot like the Financial Sheet from the board game 'Cash Flow' with a few tweaks. Basic accounting principles: Income Statement, Balance Sheet, Statement of Cash Flows; all help me make sound decisions about how much should go into savings, how to prioritize debts, how much to spend on Christmas, etc.
I don't trust linking my credit cards so every payday I take the 15 min to manually input the charges on my credit card statement--I prefer it this way too because a) I know exactly where my money went without a doubt and b) it forces me to look at my finances and makes me think twice about spending my money. I think of it like exercising, only it's for my finances instead of my physique.
Worth sharing with the masses? I don't know. I saw a need for it 7 years ago and have been using it ever since. I'm always hearing people complain about how they're bad with money. 65% of households live paycheck-to-paycheck. Google Ads forecasts the keyword 'budget template' to have about 50k avg. monthly searches. There's plenty of people that need to be hyper-aware of every dollar they spend: college students, retirees, people trying to get out of debt, people with kids on the way, and any other financially distressed household from job loss or divorce or medical bills.
So I have this thing. It works, I use it all the time. I can repackage it for each target audience I listed above so that when they use it, it'll be an easier learning curve.
However, as someone who dropped $10k on a website that had a net $0 return, I'm super hesitant to start throwing money at ads and another website. It's on Google Sheets right now, so my idea is if I get someone who wants to buy it, I can just send them a copy that they can be the new owner of. They can have it for a lifetime for $4 or whatever. It being another template, I'm skeptical because there's so many templates for free... but I have yet to find one like mine. And I guess even if I did, would it matter?
Then the question is how do I get somebody to want to buy it. Google, FB, and YT are so saturated. I could hire an influencer, make a small website, and see how that goes. I'm scared to spend the money on a website and on an influencer, but that seems like the fastest way to test it. I could make a brochure or a flyer or something targeting college kids on how to 'budget their money like a business' and put a QR code to the site where they buy the template. And do the same for other targets to see which one bites hardest.
I'd love to give a free trial, but it's a Google Sheet right now and it seems like it'll only be worth building it into an established website complete with membership access after a couple people have literally bought into the Google Sheet idea.
Maybe there isn't really a need for it. I hate this part. Then I think about the surprisingly-simple-stupid-businesses-that-somehow-work thread and it's like... ridiculous. I keep reading about need. I need this thing that I use. I keep thinking about how great businesses are usually not legendary ideas and more so about bringing existing tech to underserved markets, or reinventing things that already exist. If someone came to me when I was a penny-pinching college student with a little flyer that said 'manage your money like a business' with a qr code on it and it took me to a small website where I can buy a copy of this template for $4, would I do it?
Probably.
What do you guys think?
1. It wasn't detailed enough.
2. Things were categorized in ways I didn't want.
3. I'm against linking credit cards to 3rd parties to watch my money.
After a lot of trial and error, I created a fully customizable budget template that I've been using for the last 7 years.
Graduated without any student-loan debt, then 5 years later I got massively depressed and stop using it. Racked up like $37k in credit card debt, got another job, started using it again, and paid off the debt in 6 months. I absolutely believe this budget template has changed my life.
Obviously, theres a GAZILLION budget templates and money management apps out there. The difference between my template and everything else is mine treats my household finances in the same way a business accounts for theirs. It's a lot like the Financial Sheet from the board game 'Cash Flow' with a few tweaks. Basic accounting principles: Income Statement, Balance Sheet, Statement of Cash Flows; all help me make sound decisions about how much should go into savings, how to prioritize debts, how much to spend on Christmas, etc.
I don't trust linking my credit cards so every payday I take the 15 min to manually input the charges on my credit card statement--I prefer it this way too because a) I know exactly where my money went without a doubt and b) it forces me to look at my finances and makes me think twice about spending my money. I think of it like exercising, only it's for my finances instead of my physique.
Worth sharing with the masses? I don't know. I saw a need for it 7 years ago and have been using it ever since. I'm always hearing people complain about how they're bad with money. 65% of households live paycheck-to-paycheck. Google Ads forecasts the keyword 'budget template' to have about 50k avg. monthly searches. There's plenty of people that need to be hyper-aware of every dollar they spend: college students, retirees, people trying to get out of debt, people with kids on the way, and any other financially distressed household from job loss or divorce or medical bills.
So I have this thing. It works, I use it all the time. I can repackage it for each target audience I listed above so that when they use it, it'll be an easier learning curve.
However, as someone who dropped $10k on a website that had a net $0 return, I'm super hesitant to start throwing money at ads and another website. It's on Google Sheets right now, so my idea is if I get someone who wants to buy it, I can just send them a copy that they can be the new owner of. They can have it for a lifetime for $4 or whatever. It being another template, I'm skeptical because there's so many templates for free... but I have yet to find one like mine. And I guess even if I did, would it matter?
Then the question is how do I get somebody to want to buy it. Google, FB, and YT are so saturated. I could hire an influencer, make a small website, and see how that goes. I'm scared to spend the money on a website and on an influencer, but that seems like the fastest way to test it. I could make a brochure or a flyer or something targeting college kids on how to 'budget their money like a business' and put a QR code to the site where they buy the template. And do the same for other targets to see which one bites hardest.
I'd love to give a free trial, but it's a Google Sheet right now and it seems like it'll only be worth building it into an established website complete with membership access after a couple people have literally bought into the Google Sheet idea.
Maybe there isn't really a need for it. I hate this part. Then I think about the surprisingly-simple-stupid-businesses-that-somehow-work thread and it's like... ridiculous. I keep reading about need. I need this thing that I use. I keep thinking about how great businesses are usually not legendary ideas and more so about bringing existing tech to underserved markets, or reinventing things that already exist. If someone came to me when I was a penny-pinching college student with a little flyer that said 'manage your money like a business' with a qr code on it and it took me to a small website where I can buy a copy of this template for $4, would I do it?
Probably.
What do you guys think?
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
