Tracking Daily & Weekly Expenses is a Crucial Part of your Budget
A few years back my husband and I contacted
GreenPath Debt Solutions, a debt counseling service. We spoke with the representative about many facets of our debt, including our bills, budgeting, different ways to consolidate and cut back, etc. Although its easier to track monthly expenses such as mortgage or rent payment, utility bills, daycare costs, etc. but with us it was the smaller [everyday] spending that was really adding up.
Among the vast number of tips, helpful information and advice we were provided as a whole for tracking and reducing debt, the simplest way to track our weekly spending was everyday to put all our receipts into a bowl and at the end of the week total them up and see what our "everyday" money was spent on. At the end of the week we sat down and reviewed where all the miscellenous money was being spent. From Dunkin Donuts to a shopping spree at Target, most of the money being spent in foolish or unnecessary ways. Once we incorporated this way of tracking it, it definitely made us get a stronger grip on where we were spending to much money unnecessarily each week.
In order to conquering the debt, you need to know exactly where your money is being spent. Writing down your monthly expenses is a start but knowing where that everyday money that sometimes vanishes right from your wallet is spent plays a very big part in developing your budget.
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