Let’s Keep Track

Posted by :caretaker On : January 20, 2012

Welcome back. I’m so glad you came! You’re showing a real commitment to getting control of your money! I’m proud of you.

Last time we talked about the difference between needs and wants. Remember if doesn’t fulfill a basic survival need it’s a want! Today we’re going to begin making our spending accountable. A written record of spending has many uses. By tracking our spending, we will become aware of when we’re spending and on what. A written record will also give us the big picture! It will enable us to spot frivolous spending. It will give us the opportunity to reduce or eliminate much of our spending. Again we will be spending wisely!

There are several ways to track our spending. If you use credit or bank cards you can look at your monthly statement. Just be sure to keep recipes for any cash expenditures and add them to it.

Another method is to get and keep recipes for anything you buy. Remember to write what they are fore for future reference.

Or you can keep a log. Write the date,what it is, where you spent, and how much.

You need to keep a record for one month. Then you can go over the spending and immediately see where the money is going. Later we’ll go over this and decide what we can eliminate or reduce. It’s that simple. Yet this is a very important step toward ending your financial worries. This is the second step in achieving this goal.

Next time we’ll begin looking at some ways to spend less. We’ll learn how to cut back on costs and free up money for other things. See ya then.