Do you struggle with staying on top of your budget? If so, you’re not alone. In fact, a study found that 60% of Americans had misjudged by an entire 30% when asked how they spent their money. And when you’re trying to achieve financial goals, it’s critical to know exactly where your money is going. That 30% can add up quickly!
So, how do you achieve your money goals? It’s quite simple, actually. Keep track of your finances.
Keeping Track of Your Finances Will Get You to Your Money Goals Faster
It’s not just about checking in with your finances every month or even every week. And making an educated guess on where your finances are or depending on the balance showing on an ATM receipt isn’t going to help things either. You need to know exactly where your money is, and you need to know it on a daily basis.
Know How Much Money You Have at Any Given Moment
By being aware of how much money you have – down to the penny – every day, you’re better able to budget for things coming up. But that’s not all! Keeping track of your finances in this way helps get you to your money goals faster because it allows you to see where you’re overspending or spending in ways that are suitable for your lifestyle.
Examining Your Overspending
For instance, if you’re keeping track on a daily basis how much money you have and where your money is being allotted to, it can help you see that perhaps your budget for eating fast food is far more than you’d realized. In that case, you can start make conscious efforts to cook at home more, and stow that extra money you just saved away for what you’re saving for.
What about subscription services? It’s all too easy to become forgetful of all of the small, automatic payments we have coming out each and every month. A $10 charge here and a $5 charge there may not seem like much, but they add up in a hurry. By keeping a close eye on your spending, you’re able to immediately identify when those automatic payments come through that you aren’t using services for anymore. With a quick call to deactivate your account, you’ve now put money back into your wallet.
Keep Track of Your Spending with an App
Mobile apps make it incredibly easy for you to keep track of your spending when you’re on-the-go. At the drive-thru grabbing lunch? No problem! Simply pull your phone out, open your money tracking app, and enter in the transaction. In just a few seconds, you’ve updated your current balance, and you’re still on top of your finances. Here are a few apps for keeping your budget under control:
No matter what, in order to achieve your money goals and create a life with more financial freedom, you must keep track of your finances.
Feeling the need to get back on track with your budget right away? Try our 30-Day Savings Challenge.
For help with all of your financial needs under one roof, stop by your nearest South Suburban Currency Exchange location today.