Tracking your expenses, every last cent will help you understand where your money is going. Most people have no idea how easily their money can be frittered away on a lot of small things which over a week at up to large numbers.
There are lots of free apps for both the iPhone and the android phones that can be downloaded and used for tracking and recording expenses. Get one to make it easier to track expenses when you are on the go.
Set a budget to follow and then track or compare your expenses against the budget. You may need to adjust your budget over time as you learn about where your money is going.
By tracking and comparing your expenses to your budget you will quickly find out where the money is going and what you need to do to fix the problems
Focus on one problem area at a time. You may feel a little overwhelmed at first and this is why we suggest that you focus on one area, fix that problem, and then move on to the next.
You will make major strides in the first 7 days. But to attain perfection in managing your expenses will take a little more time. As your life changes, as your expenses and income change so will your budget and plans change. Live with it and don’t worry about being perfect all of the time.
There are lots of little expenses which add up to a lot, but if there are some large expenses that you can deal with, reduce or eliminate, then perhaps you can make some great strides towards balancing your budget. Focus on these first.
Go for the quick wins, these are the expenses you can reduce or eliminate with little pain and adjustment. You will feel better about your budget and your spending if you can get control of some areas quickly. Success breeds more success so focus on the quick wins.
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