5 Reasons To Track Your Expenses
This week's post is a really simple one! Exactly what it says on the tin:
Here are 5 Reasons why you should be tracking your expenses:
- Without knowing what you spend on everything - how are you meant to know if there is a better deal out there? What have you got to compare it to. If you are on top of how much your bills and regular spends cost you, you are much more likely to be able to spot a good bargain or better option for service providers!
- By Tracking your bills and expenses - if you are no longer using a service - you'll be able to recognise quicker that it is no longer useful to you, and cancel it; saving yourself some money! (With gym memberships and occasionally used services, this may also make you more mindful that you are paying x amount to use them - and use them more effieciently to get your money's worth!)
- If you are saving whilst tracking - you are far less likely to spend impulsively as you will have a clearer picture of where your money is going! - It can keep you motivated to top up that savings pot
- Confidence! If you know where your money is, and how much of it you have, and where it is all going - you can spend with confidence, without worrying if you overspent - because you know what you have and haven't spent, and what you have left available to spend! No more anxious waiting, to see if the payment will go through or not!
- It allows you to plan, and prepare for the future. Even if that's just a small plan - like having an extra takeaway as a treat at the end of the month!
If you find it difficult to stay on top of all of these things, my planner has a section at the beginning of each month to track expenses, and debts - I made it with mums in mind, who are juggling the household expenses, along with all the other to-do lists that end up being generated, week on week. You can get a copy of it here if that helps.
What would you plan for if you were better with your money? Or is there a different reason why you want to track your expenses?
I'd love to hear about what you are doing to improve your financial situation as a family - or individual. :)