Tracking Your Spending
Have you ever tracked your spending to see where your money goes? I actually did this once and realized that I was spending too much of my budget on designer clothes and eating out at restaurants.
For others, it may be spending too much money on drinking, gambling, healthcare or entertainment that has your budget out of whack.
CNN recently conducted a survey of 25 million American households and the results indicated that most people were living paycheck to paycheck. There are also people who don’t receive a paycheck and depend on another’s resources.
What has helped me across the years is to develop a habit of spending in moderation. I share some, spent some and save some money as a general rule. However, to be honest when I was making more money it was easier to apply this rule. But it still can be done.
If you are struggling with not having enough resources coming in to meet your budgetary requirements there are two solutions:
- Reduce the amount of expenditures going out, or
- Increase the amount of resources coming in
Sometimes it is easier to live a simple life and to not overextend ourselves with expensive housing, cars, trips and jewelry. While nice to have, it is very stressful to try and maintain a lifestyle above the required budget.
If you have not already done so, track your spending for 30 days and analyze what’s going out and what’s coming into your budget.
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