Tracking is vital to making financial decisions that work for you, especially once you have a goal that really matters. If one isn’t working, try a different method. Whatever your choice, be consistent and pick a system that you know you will use. Target and Amazon have a very broad selection of categories but your bank account does not show you the details of what you actually bought and your spending in certain categories will be lost. You may prefer to use software such as Quicken or Mint which pulls information from your bank or credit union account, but we do recommend a different option in the beginning that gives you more details about your spending. (Still use receipts, not account statements, to make sure clothing spending isn’t hidden by the Costco “Groceries” label on your statement.) 4. There are many, many different apps such as Ace Budget or Pennies or Spendometer, to track your expenses as you go. Manual tracking seems to create an even greater awareness of spending habits. This makes it easier to capture the cash expenses for which you don’t get receipts, such as that $1.25 for a soda at the vending machine at work. Add each category up at the end of the month.Keep a memo pad with you to write down expenses as they occur.You can also find online tutorials on how to make a budget worksheet, as well as downloadable monthly budget worksheets. If you go to a warehouse store, you can buy clothes and food and home décor but it shows up on your bank statement as “Groceries” which is not accurate for this exercise. This is a very good habit for financial awareness on a daily basis and makes it easier to break up the big store purchases. ![]()
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