It's important to keep track of our finances! From monitoring our spending to regularly paying our credit card bills, these simple measures can go a long way to help towards financial security. Here are a few tips and tricks to help keep track of spending!
1. Assess Account Statements
A wonderful way to keep track of spending is pinpointing money habits by taking inventory of all bank accounts, such as debit accounts and credit cards. Looking at accounts regularly will help determine where overspending is happening.
2. Use A Program
There are many budgeting programs out there that are developed for on-the-go money management, allowing users to allocate a certain amount of spendable income every month based on incomes and outgoings. These kinds of apps will work if users are prepared to log purchases, then place in the time and follow a strict budget.
3. Categorise Expenses
Start categorising expenditures which will go a long to way to cutting back costs. Some charge cards tag purchases in groups from entertainment to travel etc.. It might being surprising how much that morning Starbucks run is costing. Sharing Subscription services, like Netflix, can also save hundreds of pounds!
4. Fixed And Variable Expenses
Spending will include fixed expenses and variable expenses. Fixed expenses are less likely to change from month to month. This includes mortgages or rent, utilities, insurance, and direct debit payments. You will have more room to adjust variable expenses such as food, clothes, and traveling. Ensure you do not overspend on your variable costs.
5. Employing a Budget Spreadsheets
Handling a budget can help keep your finances organized and control your own spending every month and yearly. It can also help you organize your financial future, from saving for a new car to coming up with the down payment for a new home. Additionally, you are able to further simplify your budget administration tasks with the support of handy and free Excel templates using Lively, ready-to-use budget spreadsheets.