Do you know the importance of writing down and tracking your daily expenses? Tracking your expenses is actually the first step to start your budgeting and saving as well. Without doing this you're like a person groping in the dark. I’ll give you some reason why doing this is important. In doing this it helps you a lot whether you
do it in weekly or monthly basis. I've been doing this for the past 3 years up to now
and believe me it helps me a lot.
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| Photo Credit:thepeacefulmom |
I remember before
when I’m not aware of the importance of it, I have always seen my wife before going to bed, holding a ball pen and with here notebook writing all the expenses we consume
during the day. When I look close to her
notebook I was surprised she writes down all the expenses from fares, bills,
groceries and even the expenses when we eat in a restaurant. "Tumatawa ako at sinasabi ko" Anu yan? Meron
ka pala diary ng mga expenses natin para saan pa yan? Ha ha ha. She just stares
at me, smile and she said. “Para alam ko kung saan napupunta suweldo mo at
suweldo ko baka dumating ang araw paghanapan mo ako” ha ha ha. She knows
the importance of it, but she did not explain to me because she knows that I
will not listen. But after I
become aware about financial matters, heard from some financial adviser and
read articles about financial literacy. Now I know, the importance of
what my wife doing and I’m proud of her.
It is very important that you list down all your expenses daily from small to bigger amount. You can do it in a modern way by using an excel spread sheet or on a piece of notebook. So here are some reasons why writing down and tracking your expenses is important.
- You will see where you hard earned money goes.
- It gives you an idea how much you are spending per month or week.
- You can easily point out which expenses are just wants or needs.
- It’s help you to save more by adjusting your expenses.
- It gives you an idea on how to budget your salary in the next month so that you will not be over expense.
- You can also use that data to challenge yourself to lessen your expenses for the next month.
- You can see the progress of your budgeting every month.
- It gives you control of your finance.
- It shows your financial habits if it is good or bad.
- It gives you a feeling that you control money and not money control you.
So that’s it, from the start you will find annoying and difficult, but if you do it regularly it become your habit. If you have some idea to add on how tracking down your expenses helps you. Please share it with us, feel free to comment so that it will give an additional information to others.
I hope you get some tips on my blog about saving and budgeting and again Thank you for visiting my blog and see you in my next post. May god bless you!
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