Take Part in the Everything Challenge 30-Day Course to Control Your Spending
For an experienced budget manager, the question of whether you need to keep track of all expenses remains controversial . If you’ve never done this, try 30-day tracking. Just keep track of every penny you spent throughout the month.
As the personal finance site Saving Advice explains, tracking your money for thirty days is one of the best ways to find out exactly where your budget is leaking and how to fix it. Most people are likely to find one or two surprises when they start paying attention to how much they spend each month:
This task will help you better understand where your money is going. Take 30 days and track every penny spent and what you spend it on. At the end of the month, make a budget and choose the places where you think you are spending too much money and save a little. It’s a great idea to not only save money, but also better control your finances. The longer you spend on this tracking task, the more you will become aware of how you are spending your money, and this will affect your financial health in the long run.
Once you’ve tracked everything for a month, it’s up to you to decide if you want to continue that track. For some, keeping track of everything on a daily basis is the best way to control their spending. In this case, using You Need a Budget is a great tool. For others, the spending plan is easier than every dollar. Still, no matter what, keeping track of all your expenses over a period of several weeks is a great way to get a basic level.