September 26, 2023 3:19 pm CDT
MoneysMyLife
SUBSCRIBE
  • Home
  • Bank Bonus
    • Featured Bank Offers
      • Chase Bonuses
      • Axos Bank Bonuses
      • Bank of America Bonuses
      • BMO Harris Bonuses
      • TD Bank Bonuses
      • Fifth Third Bank Bonuses
      • Upgrade Bonuses
    • Best Bank Bonuses
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Checking Accounts
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Crypto
    • Best Crypto Offers
    • All Crypto Offers
  • Deals
    • All Deals
    • Referral Deals
    • Best Referral Deals
    • Best Cash Back Shopping Sites
    • Best Contests & Sweepstakes
    • Best Freebie Deals
  • Credit Cards
    • Best Credit Card Bonuses
    • All Credit Card Deals
  • Advertiser Disclosure
No Result
View All Result
MoneysMyLife
  • Home
  • Bank Bonus
    • Featured Bank Offers
      • Chase Bonuses
      • Axos Bank Bonuses
      • Bank of America Bonuses
      • BMO Harris Bonuses
      • TD Bank Bonuses
      • Fifth Third Bank Bonuses
      • Upgrade Bonuses
    • Best Bank Bonuses
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Checking Accounts
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Crypto
    • Best Crypto Offers
    • All Crypto Offers
  • Deals
    • All Deals
    • Referral Deals
    • Best Referral Deals
    • Best Cash Back Shopping Sites
    • Best Contests & Sweepstakes
    • Best Freebie Deals
  • Credit Cards
    • Best Credit Card Bonuses
    • All Credit Card Deals
  • Advertiser Disclosure
SUBSCRIBE
No Result
View All Result
MoneysMyLife
No Result
View All Result
Chase Total Checking $200 Bonus Chase Total Checking $200 Bonus Chase Total Checking $200 Bonus
Home Other

Tracking Your Expenses 101: How To Save Money By Sticking To A Budget

Diana Mason by Diana Mason
October 26, 2022 1:51 am CDT
in Other
0
50
SHARES
830
VIEWS
TwitterFacebook

If you want to save money, then you have to make a budget and stick to it. How to stick to a budget? Easy! Track all your expenses. Well…easier said than done. If you’re a budgeting newbie, fear not. I’ve got all the info you need right here to get you started on a new life of tracking expenses and budgeting.

Why Track Your Expenses?

If you’re making up budget lines and assigning totals for each category, that’s a great start. But what you also need to do is hold yourself accountable to stay within those limits. It’s not enough to know where your money should go, it’s also important to put it into practice. To make sure you’re spending as you should, you need to track your expenses.


Ways to Track Your Expenses

You’ve made your budget. Now you need to track your expenses. But how? Check out four different methods below and choose the one that best fits you.

Pencil & Paper

Don’t knock this tried and true method. Besides not needing access to technology, the act of writing things down stimulates your brain. And, an active brain is what you need when you’re faced with a bunch of numbers.

The downside to jotting things down is that by the time it takes you to get to your expense log at home, you might have already forgotten how much you spent at the corner store. Or, maybe your partner didn’t write down a purchase thinking you were going to do it. Any of these scenarios lead to a breakdown in budgeting.

The Envelope System

This tracking method only works if you pay for various expenses in cash, in person. Non-in-person expenses, like mortgage, utilities and whatnot, can be made by checks or by debit card online, but these are easy to track.

At the beginning of every month, divide your income into different envelopes and write the spending category on each one. For example, groceries, entertainment and eating out. When you’re at the grocery store, payout of the grocery envelope, and so forth. When the envelope is empty, that’s when you shouldn’t spend anymore in that category. This way, your money is tracking itself.

The disadvantage to this method is that paying in cash is quite inconvenient these days. Counting out coins and keeping track of them is also a pain in the butt. My own biggest fear is losing an envelope with a big chunk of my budget in it. Can you imagine?!

Computer Spreadsheets

Moving on from pencil, paper and envelopes, let’s get into the digital world. In this day and age, spreadsheets are everywhere. You can even find budgeting templates online that will do the math for you. If you’re technologically savvy and you’re keen on organization, you’ll want to consider keeping track of your expenses with spreadsheets.  

However, there are a couple of downsides to keep in mind. Even if you are all about spreadsheets, your partner might have an aversion to them. Keep open communication with your significant other about your spending, so expense spreadsheets don’t get in the way of your relationship.

Another disadvantage is actually using your spreadsheet to keep up with your spending. If you’re lazy and you don’t get around to it every day, then you’re not really tracking your expenses.

Budgeting Apps

If you often forget to log in your expenses, then you’ll want to consider downloading a budgeting app. Your phone is constantly by your side, so there’s a better chance of you remembering to keep up with your expenses. Which one should you try? Check out The Best Personal Finance Apps to help guide your decision.


Bottom Line

Regardless of the method you choose, you have to turn tracking your expenses into a habit if you want to hold onto your hard-earned cash. Turn a blind eye to spending, and you’ll be scratching your head wondering where it all went.

All you have to do is set yourself up with effective tools of your choice and keep telling yourself that all the detailed work will be worth it in the end. Because it IS worth it!

READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.

Tags: budgetexpenses
Temu Bonus Temu Bonus Temu Bonus
Diana Mason

Diana Mason

Diana's passion for travel eventually led to her separation from the 9 to 5 office life and into the arms of freelance work. Cali-born and Philly-bred, she's a creative professional with a delightful knack for words. When she's not gallivanting across the globe, Diana can be found writing (of course), teaching yoga and dreaming of her next big adventure.

Leave a Reply Cancel reply

Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.

Your email address will not be published. Required fields are marked *

Newsletter

Get new posts by email:

Recent Articles

Betterment-promotions

Betterment Promotion: 1 Year Free Investing & Referral Bonuses

September 26, 2023 2:52 pm CDT

Stash.com $20 Sign Up Bonus & $20 Referrals

September 26, 2023 2:50 pm CDT

Topics

Categories

Banking Bank Promotions Credit Cards Cryptocurrency Promotions Deals Investing Other Referral Promotions

*Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card and banking companies from which MoneysMyLife.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MoneysMyLife.com does not include all credit card and banking companies or all available credit card and banking offers. This content is not provided or commissioned by the bank advertiser. Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. This site may be compensated through the bank advertiser Affiliate Program.

© 2023 MoneysMyLife. All rights reserved.

  • About
  • Advertiser Disclosure
  • Disclaimer
  • Privacy
  • Terms
  • Contact
No Result
View All Result
  • Home
  • Bank Bonus
    • Featured Bank Offers
      • Chase Bonuses
      • Axos Bank Bonuses
      • Bank of America Bonuses
      • BMO Harris Bonuses
      • TD Bank Bonuses
      • Fifth Third Bank Bonuses
      • Upgrade Bonuses
    • Best Bank Bonuses
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Checking Accounts
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Crypto
    • Best Crypto Offers
    • All Crypto Offers
  • Deals
    • All Deals
    • Referral Deals
    • Best Referral Deals
    • Best Cash Back Shopping Sites
    • Best Contests & Sweepstakes
    • Best Freebie Deals
  • Credit Cards
    • Best Credit Card Bonuses
    • All Credit Card Deals
  • Advertiser Disclosure

© 2023 moneysmylife. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.