How To Track Expenses To Keep A Healthy Budget

Person using phone
Via Pxfuel
Shiavon Chatman
July 19, 2021

Most people don't know exactly how much money they spent last month! But “hidden” expenses here and there add up. 

While tracking everything can seem daunting, these simple tips can help you become a budgeting pro in no time.

#1: Download an app.

Finance tracking apps like Personal Capital or Wally analyze all of your spending to see if you're living within your means. These apps are super useful if you use a debit or credit – but if you prefer cash, the next method is for you.

#2: Withdraw cash once.

For some people, using “invisible money” like debit or credit makes them overspend. If you prefer cash, try this: withdraw ALL of the cash you plan to use on non-fixed expenses, like groceries or entertainment, and leave the rest in the bank. Then you HAVE to track everything: when all your cash is gone, you’re done spending!

#3: Prioritize tracking,

If you wait until the end of the month, budgeting can be overwhelming. Dedicate just a few minutes every day to track that day’s spending. That’s all you need!

“Invisible” spending can really add up – and we’ll have less left over for the good things in life or for savings goals. Getting on top of all of our spending is the first step toward financial freedom!

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