Have you ever gone shopping and end up spending more than you thought you will spend? I bet that’s a yes! We all struggle with this, even I do.
Here’s three ways to track your expenses:
1. Use a budgeting app
I’m a big fan of using budgeting apps. They come in very handy because it eliminates unnecessary spending. I use Monarch Money and Empower (formerly Personal Capital) to create my budget and monitor my expenses. You know the best part? They’re both FREE and very user-friendly!
2. Budget Template
If you’re not a fan of an app, an Excel spreadsheet is another great expense-tracking tool. There are tons of budget templates online that you can use for free. In addition to apps, I also use a budget Excel spreadsheet to view my expenses at a one-time glance versus using the app.
The downside to this might be the lack of automated insights and trends on expenses and if you’re not familiar with Excel formulas, you can make mistakes.
3. Review bank and credit card statements
At the end of every month, we receive statements of all transactions done in a 30-day calendar. These statements show the allocation of money spent on different categories (e.g. travel, entertainment).
By reviewing the categories, you can see how much was spent and you get to decide if you need to cut unnecessary spending.
Takeaway
Only you are in control of your personal finance. Make sure to take care of your financial health.
Related Content:
- If you want cash back apps when you go grocery shopping or just looking for coupons, check my recommendations page for my referral code
- How To Properly Manage Your Money
- The Best Credit Cards for Beginners
- How to Choose the Best Credit Card for You
Do you use these steps? If not, what other ways do you track your expenses? Let me know in the comment below 🙂
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