Track Your Spending

March 25th, 2010

The first step to establishing a budget or to control your money is to track your spending.  Get receipts and/or write down the cost in a notebook, phone, or computer for all of your expenditures.  Be sure to group your spending into appropriate categories e.g. eating out, groceries, entertainment, transportation, etc.

By recording your expenses, you’ll figure out your habits and become conscious of where your money goes.  After a month of recording your expenses, start reviewing your expenses and see what areas you are spending too much on and come up with a plan to cut down or optimize your spending in those areas.

Written by: tim

Categories: Budgeting

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  1. ctreit

    I would also add that the last step to establishing a budget or to control your money is to track your spending. What good is a budget if you don’t know whether you are actually staying within its limits?

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