We’ve all been there: a paycheck comes, we pay a few bills and have a fun weekend… and then the money is gone! Where did it go? Without checking on your checking account (sorry for the pun there) you’re really going to have no idea what your spending habits are like.
People that don’t track their money (or even check in on a regular basis) will be much more likely to go into debt than those who login to their online banking to see how they stand financially.
With online banking, credit cards and debit cards, it’s a lot easier to manage your money and track your spending than you might think. Here’s an interesting challenge that should shed a little light on your spending:
How to Track Your Weekly Spending:
Starting on Monday (or today!) only use your debit card. Make sure you use it for every single purchase that you make. Do this for one week. (I told you it would be easy).
Each day, take 2 minutes to log into your online banking account to see what you spent during the day. That’s it!
At the end of the week, look at the entire week’s worth of purchases. Notice anything? Chances are, you’re going to see some expenses stick out at you and identify a few places where you could cut back on spending.
You might notice things like daily coffees, expensive lunches out, or a complete lack of control on Friday nights! Whatever the cause, you’re bound to see some spending patterns.
All that took was determination (to only use your debit card), 2 minutes/day and 10 minutes at the end of the week. I think you’ve got 20 minutes – it might wind up saving you a bundle!
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