Book: “The 60 Minute Money Workout” by Ellie Kay
I recently finished reading The 60-Minute Money Workout by Ellie Kay. Each chapter was designed for a 60 minute personal finance workout once a week. You can work through the chapters on your own or with your spouse. The author uses the personal finance steps like an exercise workout but for your finances.
The five “workout” steps are covered in each chapter:
- Warm Up – prep for your money workout (5 minutes)
- Strength Training – set financial goals (10 minutes)
- Cardio Burn – put goals into action (20 minutes)
- Heart Rate – measure financial performance (20 minutes)
- Cool Down – Reward Yourself (5 minutes)
The book includes nuggets of personal finance information as well as worksheets that you can use or you can go to her website for additional worksheets and tools. Several of the financial principles she goes over are great for someone or a couple just starting to get their finances in order. I do agree with Ellie Kay on the importance of paying off debt, saving for emergencies and paying cash whenever possible. I think her “10/10/80 Rule” is a good starting point too:
- 10% – Share with nonprofit organization (church or other worthy organization)
- 10% – Save through an allotment or designation to a savings account and for investments
- 80% – Spend wisely
Making it a habit to give, save, as well as where you spend your money is valuable with the intention that you would eventually get better with your finances and you will be able to both give and save even more then the initial 10%. The author gives several quizzes throughout the book to help you identify were you are at on certain area of personal finance, such as personalities, spending, saving, debt, and more. I do like that she dips into the entrepreneurial side especially for the kids and small businesses.
Overall I think Ellie Kay provides a good basis for personal finance with nuggets of valuable information to get you started on the right track. At times I felt the five workout steps distracted from the content of the chapters and there were a couple areas I felt could have been more detailed such as outlining how to set up your first basic budget. Even if you have already been following the majority of the principles she outlines in her book it is good to be reminded of some areas that may need continual improvement.
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Disclosure: I received a complimentary copy of this book for review purposes from the publisher through the Waterhouse Multnomah. The opinions I have expressed are my own. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255 : “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
