Track Your Spending, See the Difference
August 10, 2020
Learn the best ways to track your spending and the 3 reasons why you should be doing this...you'll be surprised by some of its benefits.
How Do You Track Your Spending?
Do you at all? Are you old school and balance your checkbook? Do you use an app? How about excel or google sheets?
Choose the method that best suits you and stick to it.
3 Reasons Why Tracking Your Spending Can Be So Beneficial
Tracking your spending can have many more benefits than you may think. Obviously, it shows you where you are spending your money which is a big benefit in and of itself. Having that information can help you plan, stay organized, and it can teach you a few things about yourself.
Reason 1 - Planning
Have you ever made a budget? Some people and organizations do. How do they know if they are sticking to it? Tracking their spending. To do this, you'll want to break up your spending into different categories: bills, groceries, food, leisure, etc. to get a better understanding of where you are spending the most amount of your money. After a few weeks or months you'll be able to get a clearer picture of your spending habits. After you have a little bit of history, take some time and make a budget. Plan for the future by studying your past.
Reason 2 - Organization
Time is money. You work hard to earn the almighty dollar. Don't you want to know how that "time" is being spent? Being organized helps you stay on top of things. After cleaning your room, tracking your spending should be the next thing on your organization list. Organization is power...it's freeing. It allows you to spend with a purpose and not be wondering what the next big splurge will be. Track your spending. Get organized.
Reason 3 - Habits
Everyone's favorite topic. But seriously, tracking your spending will quickly lead you to your habits. Have you been spending way too much eating out? Noticing your grocery bill getting higher and higher, and realizing that the ice cream hasn't tasted that good in awhile? Seeing that TV bill skyrocket into another planet, yet you are hardly watching half of the channels they offer? You never thought this simple act of tracking your spending could tell you so much. Maybe you start cooking in, eating healthier, working out, start reading instead of watching...I could go on and on.
It takes a little effort on your end. Get home from the grocery or dinner and write it in your checkbook, enter it in your app, or put it in the excel sheet. Make a plan, get organized, and see how your habits change for the better.