Sign Up to our social questions and Answers Engine to ask questions, answer people's questions, and connect with other people.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
This was me some times back, my money used to finish even before I realized it. The sad part, I wouldn’t even know how I spent it. You may not realize how much money you’re spending on coffee, food, shoes and clothes until you track the data.
It is imperative to create a budget. This is because people need to know where their money is going every month. Expenses can be tracked easily if you monitor the way you behave with your payment. For instance, there are chances that you spend more on weekends or tend to order food. This happens at times when you don’t wish to cook.
Once you are done creating a necessary budget or planning your budget, you need to start going along with it. This is the exact time when you have to start tracking your expenditure. There are a lot of trackers available out there. These give you some of the many conventional ways to spend your money.
If you track your expenses every week, you will not lose track of the same. You will be able to understand the areas where you are spending more in detail. This way, you will be able to control your expenses by cutting down your expenditure in that area. If you can visualize where exactly your money is going, you will be able to see what measures you can take to reduce useless spending.
You need a way to automatically track all expenses. Doing anything manually is going to fail eventually. If you use credit cards for almost all expenses, you can use tools from the card company to track where you spend. Most of them organize the receipts in some way. You can even download your records each month for further processing. Remember that you must pay off the balance each month so you don’t pay fees and interest. If you use cash, you will need to do more work manually to track expenses. You will need to get into a habit since lapses will defeat the purpose. In my younger years, I would put $10–20 in my pocket if I was going out. Once that was gone, I went home. That’s one way to track expenses.