Old School Budget Tracking

Have you ever taken a look at your credit card bill at the end of the month or an empty checking account and wondered “what did I spend all my money on!?” or “how did this bill get so high!?” I definitely do this, and with a little frustration, I pay the bill and start all over again. I tell myself “my bill will be lower this month” or “I’ll stash more in my savings account”. 

In a digital age, where everything can be automatically deducted, I can swipe, tap or use my smart watch to pay, it’s easy to pay for that latte or buy that new pair of shoes with a click of button. So, this month, my financial coach suggested taking my money tracking habits to some old school ways. This month I really wanted to know where my money was going and be more conscious of my spending instead of just checking my mobile app to see a new transaction every couple days. So, I’m tracking everything on a weekly basis via spreadsheet this month. Even if I don’t get a receipt, I’m sure to check my accounts every morning for new transactions and record them on the spreadsheet. This week, between a friend’s birthday dinner, a couple utility bills being due and the dogs needing some more food I spent $335. Now that’s perspective. I really like how my spending is more visible this way. I can easily tell if I am on track to not exceed my budget this month and I’m more conscious of what I’m swiping, tapping or auto paying for the week. Sometimes, a smaller piece of the pie is all you need to really dig into your spending habits!

Check out the Daily Expense worksheet on the Summit Credit Union website, customize the spending categories to your needs and start tracking your habits!