Tracking your Spending

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June 8, 2018
Tracking your Spending

Image Copyright Ted Grussing Photography – Used with permission

If you recall our previous blogs about the ‘Laws of Money’ from The Richest Man in Babylon, you may remember that the first law we discussed was “pay yourself first.” Well today we are going to discuss the first step one must take to pay yourself first and that is to track your expenditures.

Today we would like to quote a young financial planner, Taylor Milam and share her experience of tracking her expenses for a week.

She writes, “I’m not great at tracking my spending…It seemed like yet another task to add to my to-do list: Brush my teeth, work out, drink water, sleep enough, look at my phone less and track my money.

But I kept hearing about the magic of tracking…I wanted to know if it could help my finances.”

Taylor tracked her expenses for one week and was surprised by what she found.

Her first realization was that although she did not eat out much, grocery shopping was not always the way to go to save money. While at the grocery she grabbed snap peas, protein bars and a few other snacks on a whim. The problem was these items were not on her list and the grocery bill suffered as a result!

Does this sound familiar to any of you? We can certainly relate! Who hasn’t had a moment of weakness at the grocery, especially if you’re hungry while shopping?

  • Taylor’s solution was in a word, discipline. She now views her grocery list as rules instead of simply guidelines.

Tracking your spending can be a pain, but it can be well worth it for the money you save! We will talk more about some of Taylor’s findings in future articles.

Have a great weekend!

Source(s): Milam, T. (2018, January 29). I tracked my spending for a week. Here’s what happened. Retrieved from https://www.policygenius.com/blog/tracked-spending-week/