Do You Keep Track of All Your Expenses?
Keeping track of your budget requires a lot of math, which can be overwhelming in the end. While some suggest that you can’t really manage your budget without keeping track of all of your expenses , others suggest that you only need to cover a few key points. Which one do you prefer?
The Daily Worth personal finance blog invites everyone to track their spending for at least a few weeks for one very important reason: to identify their patterns. You might not need to keep track of every penny forever, but according to the Daily Worth, you need to know what your strengths and weaknesses are:
However, keeping a close track of where your money is going over the course of several weeks can be incredibly rewarding. If you haven’t done this before, chances are you will find a few Shockers. For us, it was how much we spend on food, especially eating out, and the U-verse account that loves to climb into the stratosphere every time I look away.
Whether (and how long) you should track your money is a surprisingly controversial question. While some, like the Daily Worth, feel that this is necessary, others suggest that if your bills and savings are set to auto-deposit, you can spend however you want. How much do you track your money? If you do this in a short time, how often will you check again to adjust your budget? And how has tracking improved your financial life (or not)?
Do you know how much you are spending? Start tracking | Daily Value