Get Your Spending on Track
As you implement your budget into your daily routine, it is important to track your expenses throughout the week, month, semester, or length of time your budget is set for. As you document your spending habits, you will be able to see which categories you spend most on, where you can cut back, and how much money you should be saving.
Expense tracking methods include:
NOTEBOOKS:
Carry a small pad or notebook and write down the date, item, and amount whenever you make a purchase. At the end of your budget time frame, review your purchases and take note of where your money is going.
SMARTPHONE APPS:
There are a wide variety of mobile apps that come with more robust desktop applications that can help you track your spending. Some banks even offer expense tracking features as part of their mobile or online banking applications
BUDGETING SOFTWARE:
Various budgeting software is available for purchase that will allow you to create and adjust your budget and keep track of your expenses. If you cannot afford budgeting software, you can also create an Excel spreadsheet and use different formulas for your budgeting needs
ENVELOPES:
If the majority of your spending involves cash, this method may work for you! Place money for expenses in envelopes at the beginning of your budget time frame. Use budget categories, such as gas or groceries. If you run out of money in one envelope, try not to take from another. At the end of the day/week/month, assess how well you stuck to your budget.
CALENDAR:
Use this method to keep track of income and bills. Each time you receive a bill, or paycheck, mark the date and amount on your calendar. This will help you estimate when your bills are due and how much to set aside for expenses.
Did you know...
Saving your receipts is a fast and easy way to track your spending. However, if you use this method, take care not to accidentally throw away or lose your receipts. Keeping your receipts is also good practice for when you purchase big-ticket items, such as TV or laptops.
In addition, do not obsess over obtaining all your receipts. Accidents do happen - as long as you keep most of your receipts, this method can be very helpful.
YNAB IS NOW FREE FOR COLLEGE STUDENTS!
YNAB (You Need A Budget) is a personal budgeting software that is proven to help you stop living paycheck to paycheck, get out of debt, and save money...and now it's free for college students!
Just follow these three steps to obtain your free copy:
- Write to YNAB at support@youneedabudget.com and include proof of registration at your college.
- They'll send you a special license key, good until the end of the calendar year.
- If you're still in school at the end of the year, send another email to YNAB and they will send you a new license key!