Personal finance blogger Mrs Micah is challenging her readers to manually track their spending throughout the month of February in her “Where’s My Money Going Month“.
The purpose of this month is to make you aware of your spending habits and patterns. Using financial software to keep an eye on your spending and even following a budget isn’t the same as being really aware of where your money is going and evaluating whether or not you like where it’s going. Staying with the same budget year after year may keep you from thinking creatively about your financial life.
I’ll be taking part too, as I’ve been successfully tracking my own spending using Expensr for a few months now, but I’m interested in finding out how other people do it and what techniques or tools are out there to make it easier.
Knowing where your money is going is a key part of being able to stick to a budget and save money, but as it can be a little tricky to do, many people lose track of where their money is going. Hopefully this challenge will help to educate a few more people to find out where all their money goes.
If you’d like to learn more about your spending habits, go and join the challenge.
- Contactless Payments “Cause Brits To Overspend” (September 13, 2016)
- Money Dashboard Adds Budget Tracking (June 6, 2016)
- HSBC Launches “Connected Money” App (May 9, 2018)
- Ernest: Latest Chatbot To Bring Artificial Intelligence To Your Bank Account (January 25, 2017)
- Paranoid Spenders: 43% of Britons Check Online Banking Twice a Day (November 19, 2014)