In another few days, I'm planning to start a new practice of tracking down all my expenses. I used to do this years back but then stopped it as it was getting complicated. Now again I want to get back to it. My concern is only about tracking down the expenses and not about the income. Last month I felt like I was spending a lot of money on so many things for which I did not have a proper track. I would also like to have some control over my spending.
Planning my financial freedom
If I have to plan my financial freedom well, I have to make sure that I have proper financial planning and make sure that I have enough passive income sources before I retire. If my spending is on a higher level, I will not be able to achive my financial freedom as soon as I expect it to happen. It can take so many years to get enough passive income for me to retire.
Having good financial discipline is important if we have to save some money. It will be nice to earn a lot of money but if we don't save it well or if we don't spend it well, there is no point. I'm not against spending but I would like to have some control over my spendings as I enjoy doing the spending and it is also very tempting to do a lot of shopping.
Money manager application
There is an application in the Google Play store called Money Manager that can help me do this activity. Whenever I do some spending, I have to keep a note of it in the app. The problem can happen when I do the expenses with my credit card. Sometimes I forget to track my credit card expenses. I can take a look at my credit card statement to keep track of it but it does take a lot of time. If I have to manage my finances well, then I think it is sensible to spend the time to do it.
The next challenge is when my family members spend the money. I had a thought on this and I said to myself that I'm doing this activity just to keep a check on my spending and it is not to give a huge control on me. I have to keep this flexible and even if I don't track some of the expenses, it should be okay. Overall if I get a value that is close to the actuals, it should be fine and the Money Manager app should be able to do it. The good thing about this app is that it also gives some historical data representation that helps us understand more about our spending pattern and where our expenses are money done.
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Good thing you think of it. I'm also trying to track all my expenses and incomes from the past six months using MyMoney app. It made me realise that I have been spending most of my money on EMIs and my bad habits. I'm trying to reduce my expenses with bad habits.
Great way to track and attack bro. Good for you.
No Application for me but an Excel sheet (google sheet) with Date, amount, purpose, and category.
Applications are not smart enough to understand why I paid 3K to an unknown account.
That's a smart move on your part as it'll likely save you money once you realize where its going. I did this year ago with software connected to my bank and card which traked everything I spent and then showed it to me online.
I nwas SHOCKED to find out that I was spending at least $100 per month on tech magazines and even more on potato chips, for instance. For example, I would buy Wired magazine at the bookstore when I could have paid for a years subscription for the cost of less than 2 issues.
Stuff like that.
The software really helped to show me where the financial waste was which allowed me to cut it and really save some money. I wish you the same. Good luck! :)
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STOPI have been trying this years ago, track the monthly income then all the expenses, I went for it a full year but then it became such a pain to sign every single thing, a coffee, a slice of pizza and so on... If you pay everything with bank card it's all registered already on bank app nowadays
Great decision to start tracking your expenses again! Having a clear picture of your spending habits will definitely help you stay on top of your finances and work towards achieving financial freedom.
If actually one want to grow financially, one must definitely be able to track one expenses as it were
This sounds an interesting stuff to try! Thanks! 😀
Budgeting is very important, it is better not to spend unnecessarily. You should implement this in your life quickly. Very good thought