Saving Money This is how to keep track of your expenses.

[Deleted member 13140]

I think the best saving money tip you can receive is to know where your money is going, yeap, for those who think its not worth it, think again, have you ever came home and you're like wait what are the things that I bought that reduced my money to this, everyone needs to keep track, am not saying write it down once you buy it, if you can do it then sure do it, but am coming from a different angle.

Knowing where your money is going can make it easier to make changes if necessary. For a week or two, use BALANCE's Fritter Finder tool to see where your money is going. But just for those who can't let's see how to keep track of spending.

1. Check your account statements Take inventory of all of your accounts, including your bank account and all of your credit cards, to pinpoint your spending tendencies. Examining your bank accounts will assist you figure out where you're spending your money.

2. Categorize your expenses Begin categorizing your spending. Some credit cards categorize your purchases for you, such as department stores or automobiles. Those Target impulse purchases could end up costing you a lot of money. Or you may discover that you're paying for recurring subscription services that you don't need.


3. Use a budgeting or expense-tracking app Budgeting apps like You Need a Budget and Mint are made for on-the-go money management, allowing you to set aside a specific amount of spendable income each month based on your income and expenses. These applications will work if you're willing to keep track of your purchases, put in the effort, and stay on track with your budget. (These budgeting suggestions can assist you in doing just that.)

I think I'll stop here, goodluck.

 

[Abigael]

It is very important indeed for one to track their expenditures. That way, you will be able to know exactly how you used your money. It is a big shame of you find yourself broke Everytime and you don't know where the money went. You cannot account for the salary you earned at the end of the month yet it is on 15th and you are broke.

Tracking your expenditures helps you know which things you needs and which ones you are spending on just impulsively. That way, you will start making better financial decisions about where you what to spend your money and where you don't.

Now you can either track your expenses manually or using many digital methods available. Personally, I like the manual method of tracking through writing down your expenses. Call me traditional but it is what I understand the most. You should choose a tracking method that you know well so that you don't have trouble using it.

The digital methods are great too. Especially if you have a software or application that you use. I think that requires you to just feed the details needed and it will keep track for you. All in all, you will still gain the benefits you need.