Track Your Spending
April 6, 2009 5:56pm CST
Have you ever wondered where your money goes? With today's economy we should really track our spending. Once you know what money you have and what income you can expect to get, it's time to find out where your money goes. Take a month and track your spending down to the penny. Make your first purchase a small notebook and pen you can carry in purse of pocket. Record everything. In addition to tracking the cash you spend, use your notebook to record every bill payment, check, debit and credit card card expenditure. Include the amount you paid, who paid (or where you shopped), and the date you made the purchase. After a couple of weeks, you'll find yourself reconsidering if you really need that pack of gum or mid-morning cafe latte. This is to show you how you usually spend your money. Setting a realistic goal, knowing what you have, what you expect to earn, and tracking your spending are the basics of money management that enable you to control your money and make wise budgeting choices in the future.