Tracking your spending is the first step to financial control
The first thing we must do to take control of our personal finances is to find our how much we spend each month and on what. We cannot manage what we don’t measure. A phone app can automate this process, removing the tedious task of writing down every item we purchase during the month.
Once we begin tracking your purchases for the first time, we are often surprised to find out where our big expenses lie. We don’t realise how much we spend on trivial items; A coffee here and a beer there, but it all adds up over time.
Implementation and Cost
- Use an expense tracking app to measure your spend each month; or,
- Use a spreadsheet to track your expenses; or,
- Use your bank statement (If you use a credit or debit card, all your expenses for the month can be found on your bank statement or via an online banking search).
- Use a pen and paper to write down every item you purchase during the month.