Finding Out Where Your Money Goes

Spending money can be easy if you don’t pay attention where it goes. $3 here and there for coffee, a trip to the store for bread, picking up that book or kitchen appliance that you really wanted. I may have done a few of these Image result for emoji If you want to save a few dollars then you need to keep track of every dollar you spend. This might sound tedious but if you don’t then it is something that is easy to lose control over.

“Success is the sum of small efforts repeated day in and day out.” — Robert Collier

30 Day Challenge

Building habits can be difficult, but we won’t be trying to build a habit. All we want to do is track our spending habits. Spend however you would normally spend without trying to save any money. This will allow you to discover your weakness with money.

So what are we going to do?

  1. Spend your money like you normally would
  2. Track your spending

That is it. It is that easy. Then all you have to do is add it all up. There are probably many ways to track your spending. You can use an online tracker to make it easy like Mint (Canadian) or old fashion pen and paper. For this challenge, I’ll be using pen and paper. I will be writing down my spending in categories like food, bills, household, etc…, and also calculate the taxes. This will allow me to see where I am spending my money the most and then I can determine what I need to work on.

By the end of this challenge, you will be able to move on to the next step and figure out where you can spend less and save more. Or maybe you don’t want to save more, but just have a little extra money for something you wanted to buy but didn’t think you could. Is this a journey you want to take for the next 30 days? I have started this challenge on April 1st and by the end of the month, I would have got through 30 days. This is a great challenge to get you started on taking challenges because there is nothing you have to change – all you have to do is record your spending.

If you plan on joining me for the next 30 days let me know in the comments below. Since I started yesterday, you will need to backtrack to update your tracking.

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