Everyone wants to keep the money they earn. The first thing anyone should do when they are trying to budget their money is to create a list or a spreadsheet for expenditures. Before you can curtail spending or find where you can ‘trim the fat’ so to speak, you need to find out exactly where your money is going.
This step can be inconvenient and time consuming but with commitment to this you can succeed at saving money. To truly track your spending properly it is important to document every transaction in one place so you can review it at the end of the week and again at the end of the month. For help in starting a spreadsheet with Excell there are some great videos on YouTube.
Fortunately, most people use their credit or debit cards for purchases so you have those receipts readily available. The important thing is to be detailed on your expenditures sheet, VERY detailed. For example: If you stop at a convenience store for some gas and remember you need milk and bread but also have a craving for a candy bar, that purchase should be itemized on your spreadsheet. Gas is one column, groceries (food needed to feed your family) in another and snacks/misc. for the candy bar because that isn’t a necessity.
Seeing where you money goes, and how much, is really an eye opener and this simple step alone could change your spending habits. That could lead to being a bit more cautious and saving money without doing any more work. But if you want to start learning more tips and tricks to saving, subscribe and the subsequent articles will continue providing help and insights for being able to keep more of your money.