Is it necessary to know how much you spend and save each year?

[TOZZIBLINKZ]

Your yearly spendings and saving evaluation is not wrong to find out , and to be honest and frank it actually helps and an individual know whether he or she spends more and save less or spend less and save more . In evaluation it helps an individual know whether he or she is actually effective and efficiently in managing his or her money in the best advisable and supported way . Money management is something an individual must do accurately so as not end up overspending his or her hard earned money on things that are considered to be unproductive and non-positively rewarding . To be successful in keeping track your financial spending and savings and individual can chose to prepare a financial records whether via offline or on his or her smartphone device so as to equitably have a close watch whether he or she is actually spend way to much and saving way to less and vice versa.

I prefer the smartphone method of personal spending and savings documentation , because it way more easier , flexible , and retrievable compered to the offline method . The offline method can easily be filled with errors and mistakes and sometimes your end valuations could be gotten base on probability and approximation .

 

[CALVINDOL]

For what we know it is absolutely necessary for an individual to know how much he or she absolutely spends in a particular day or in a particular week or possibly in a particular year and it is absolutely very important that an individual to some extent know how to control his money and what that simply means I have an effectively of money management . There are so many ways to can individual can definitely keep track of his business spending and having his financial spending transactions and one of the benefits and advantage of doing so is so as to be able to understand whether you are extravagantly spending your money or wisely y spending it .

Money in need is a very resourceful and important assets that an individual must not only have but also learn how to sufficiently and effectively manage it to the fullest .he or she can possibly document every spending and financial transaction that he or she comes out in a particular week or possibly document each financial transaction down to the beginning of the month or at the beginning of a particular week so that he or she can successfully keep track of every spending that he or she does .

 

[Shaf]

It will be helpful to anyone to know exactly how much he or she earns and spends per year. For some categories of people though, it's a necessity to have a precise account documentation so that they do not run at a loss like business men, while some people can just choose to have wing it through with just a basic knowledge of their yearly expenditure and income, like house wives and children.

Of course the more complex and numerous your income and expenditures, the more important it is to have a means of accountability. For professionals, this would mean having a basic knowledge of preparing accounts or outsourcing it. For small freelancers like us, you can simply use Microsoft Excel on your phone to keep track of it.

It may not seem so important but if you have plans of running a business now or in the distant future, a yearly account details can help you in securing loans as well as managing the accounts for the business.

 

[Mango9]

Yes it is very necessary to know how much you spend so that you can calculate and know how much you need to spend and I also help you save money any time you want to spend you should calculate your self and know what you are spending for, don't waist money on things that don't really matter

 

[Ithedicious]

Well it depends on the reason why you have to keep this record. Some people will say that they are keeping the record just to have an idea of how much they have spent in a certain year for one thing or the other . personally I wish I had an idea , I could have kept a record of how much I spend the whole year just know how much I've been able to make ever since the year started.

But at the same time , keeping accurate record of all the money you make and how much you are spending every year is not going to be easy, most especially for people that are occupied with a lot of jobs and responsibilities.

Probably if you need this for something very special then you need to hire someone for this purpose alone because it could be very stressful when you don't have time...

 

[Shigobad2020]

As a good business man and an entrepreneur, you should be able to know everything about your spending each year , though we all know its not possible to keep a list of what and how much you have spent throughout the year , but There are some situation where you will need to be listing the amount of money spent and the one in your savings to know the total income for the year .
As an entrepreneur who want to know his yearly total expenditure . You need to be making a list of the total income , outgoing expensive and the amount you spent everyday to know the total amount of everything at the end of the year .
Though keeping a total and accurate record is almost impossible , but you can at least know how you spend your money throughout the year and If you want to make amend on your spending ,

 

[eldavis]

Personally I believe it depends on the kind of person you are though. There are some persons who are so detailed in their lifestyle, they tend to take note on every single thing they do, not just money related issues. When it comes to keeping records of how much you earn and save, I believe it is not a must but it is definitely necessary. This would enable you know if you are actually growing in terms of capital and even material processions. There are so persons who think they are doing well financially but with careful care and calculations they discover they are actually going on losses.