Personal Finance Tips.com » Budgeting http://www.personalfinancetips.com Thu, 25 Mar 2010 04:09:29 +0000 en hourly 1 http://wordpress.org/?v=3.3 Track Your Spending http://www.personalfinancetips.com/2010/03/tracking-your-spending/ http://www.personalfinancetips.com/2010/03/tracking-your-spending/#comments Thu, 25 Mar 2010 04:09:29 +0000 tim http://www.personalfinancetips.com/?p=325 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, PDA 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.

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