October 16th, 2007 No Comments » | POSTED BY ROB
More On Tracking Your Spending
In a post yesterday I said how one of the first steps to being able to save money was to closely monitor your spending.
I’ve just read a post over at FreeMoneyFinance which looks at this subject and discusses how by tracking your spending you can budget and fix your cashflow. The process they propose you take is:
- Track your money
- Find the waste
- Stop the waste
- Redirect the waste
- Keep tracking
As the plan suggests, this process never ends. You must keep tracking your transactions, looking for any waste that can be stopped, and then put the money you would have spent to better use, such as by saving, paying off debt or investing for the future (remember the power of compound interest). Rinse and repeat.
- Tracking Your Spending: The First Step To Saving Money (October 15, 2007)
- Tools For Tracking Your Spending (October 21, 2008)
- Which Of These 5 Budgeting Systems Do You Use? (April 26, 2008)
- Mint Adds Cash Spend Tracking, Still No UK Version (April 12, 2010)
- Money Saving March: Don’t Pay The Standard Variable Rate (March 7, 2006)