How often should I update my accounts?
Unlike most budgeting apps that expect you to track every single financial transaction, Build My Wealth focuses on the big picture of your finances. We take a proactive approach, offering a bird’s-eye view to help you improve your financial situation with less effort.
So, how often should you update your accounts?
Our Recommendation
We recommend updating your accounts just 1-2 times a month—either at month-end or on payday. This is when most significant financial changes happen, such as income deposits or monthly bill payments.
Daily expense tracking? Not necessary. You’re better off spending that time working toward your financial goals or enjoying life! What really matters is recording your month-end account values, so you can spot trends and track your financial progress over time.
How to Update Your Accounts
You have two simple ways to update your accounts:
1. Update Accounts Directly
This method is ideal for adjusting your balances manually:
Savings Accounts: Update for interest earned.
Stocks: Adjust for capital appreciation.
Bonds: The face value remains constant, but you can track the passive income they generate.
Fixed Assets (Cars, Homes, etc.): These don’t fluctuate much, so annual updates are enough to reflect realistic values.
2. Update Accounts Through Your Budget
When your income arrives, your budget may allocate a portion toward savings or specific financial goals. Simply execute those budget entries to automatically update your account balances.
A Proactive Approach to Your Finances
At Build My Wealth, we believe big financial wins come from smart planning and disciplined action—not obsessing over every tiny expense. Focus on creating a solid plan and sticking to it, so you can spend more time building the future you want.
As personal finance expert Ramit Sethi says:
"Stop asking the $3 questions and start asking the $30,000 questions."
By focusing on the big decisions that truly impact your financial independence, you’ll free your time and energy to plan for your goals—and achieve them.
