Do you write checks for everything you buy?
Are you a cash only type of person?
or…
Are you like me and you live and die by your debit(debt)/check card?
Regardless of the method you use to make your purchases, it is important to not only know what was spent, but what was purchased. When you can determine where your money is going it helps to accomplish a few different tasks at one time.
The first advantage to tracking your spending is that you can visually see how much you are spending in a particular category.
What most people don’t realize is that by knowing the exact figure that is spent on a particular category will lead to a subsconscious effort to control spending in that area.
Secondly, by tracking your spending you can effectively set up a savings plan that will help you to avoid financial disasters.
The saying “Plan for the unexpected!” fits very appropriately here.
If you have savings, you can be ready in the event something unexpected happens. (i.e. car breaks down, roof collapses, you take ill, etc.)
Tracking your expenditures will also lead to better money management. You...
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