I cannot believe that it’s already May! I recently decided that I’m going to use the beginning of each month to challenge myself to do something that can help to improve my budget. For May, I’m going to do a better job of tracking my daily spending. I do a pretty good job of watching my spending each month, but think I should take the time to really see where every cent goes.
Some Ways to Track Spending
I’ve earnestly tried to keep a spending journal in the past. I’d start strong with writing everything down in a small notebook I kept in my purse, but that would last for all of two weeks…tops. I’m sure this probably works for a lot of people, but I don’t trust myself to write everything down.
Reviewing Debit and Credit Transactions Online
This is what I usually do to track my spending. It works pretty well at giving me a general idea of what I’m spending, but I often forget about the specific items I pay for with cash. I also don’t really consider how much I’m spending until it’s time to pay a bill.
Personal Finance Software
There seems to be a lot of great options out there for tracking personal spending online or through software programs like Quicken and Microsoft Money. I love the idea of setting up a Mint, Wesabe, or Buxfer account, but I want to do a little more research before settling on a program.
I’m going to track my spending by making a conscious effort to save all of my receipts (and making notes of anything I don’t get a receipt for). At the end of the month, I’ll go through them to get a better idea of where my money is going.