Organized Monthly Spending

To transform your financial life, one of the best weapons against money problems like overspending or overdraft fees is tracking all money that comes in and goes out.  For each expenditure, record the date, the amount, the recipient, and the purpose.

You can do it on paper, with Excel, or electronically with a great software program.  Tracking this information can help you become mindful about your everyday interactions with money. You will see how much you have, how you use it, how you feel about spending it, and the consequences of your choices.

People are usually surprised by how quickly this simple process begins to improve their lives. You may find that you waste less time and energy because you are not worrying, juggling transfers, and cleaning up financial messes. The simple act of tracking may help you think twice before making a purchase and less impulse spending means more money for the things that truly matter to you. Practical payoffs, such as lowered debt and improved credit ratings, help reduce stress and boosts self-esteem. Better money management also means fewer family arguments over money which is a common source of conflict.

The purpose of tracking expenses and minding your money isn’t to punish you for bad spending, but to empower you to make informed choices about where your funds go. If you are lucky enough to have a bookkeeper who does the entering, tracking and balancing for you, be sure to read your monthly reports.  Your bookkeeper is also beneficial with their expertise and knowledge of reviewing these reports with you which helps gain control of your budgeting power.

Now it’s your turn! What did you think of this post? Have a tip to share that you’ve found helpful? Do you have feedback of what you would like to read about in the future? Leave a comment below!

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