One of the major keys to building a solid financial foundation is knowing exactly where your money is going. Tracking the money is a key component to being in a strong financial position. This is why I advocate for having a budget. To have a successful budget, you have to be aware of where your money is. Knowing is half the battle.
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This week I want to talk about tracking the spending, I mean truly knowing where the money is going. Having a clear understanding of how and where you are spending your money is important to the budgeting process. Tracking your spending puts your money habits right in your face. Know better, do better.. right? RIGHT!
I am a visual person, so seeing is important for my success in almost any thing I try to do. A few months ago I decided to try this mini calendar to track my spending. I shared it here on Instagram.
I only intended initially, to track the spending for a month. However, I have doubled back to this method and think I am going to try and do it until I get a good grasp on where the money is going and am able to reach my savings goals.
I am a notorious over-spender, well maybe not over-spender, maybe frivolous spending is more accurate. Tracking my spending in this little calendar helped me see where my money was going, and when I was spending it. So I could be more aware, and then change my habits.
For me, I could go all week without spending much, the weekend comes and the spending got outrageous. It wasn’t all in one place, or really on anything specific. I was spending small amounts of money, A LOT. On snacks, food, small things that really hold no value and I could do without. Now that I know what I was wasting money on I can make an effort to change those habits.
Lets Do It!
A lot of people told me on Instagram that they were interested in joining me on this process, so let me break what I have been doing down:
- At the end of each day, write the total amount spent in the date box.
- Do it again the next day.
- Total at the end of the week
- Make adjustments as necessary
Numbers 4 and 5 are very important, once you see how much you are spending it is important to reflect and make adjustments!
I am getting back on this tracking, and I need accountability partners. I am sending the printable below out to my email list! Make sure you are on the list so you don’t miss out, click here to subscribe.
If you’re interested in getting the same planner as me, its available here from Amazon
Use the hashtag #BATBTracking to share your progress! I will be checking and sharing on Instagram. Make sure you follow me @bougieandthebudget.