photo credit: manuela hoffmann
For this weeks project I thought I’d re-visit the best thing I’ve ever done to control our finances; keep a spending diary.
Using a spending diary, even if you only do it for a week, really opens your eyes to where your money is going; this is essential if you want to budget, pay off debt or work towards goals. Try keeping one for a whole week and review the results next Sunday. It might surprise you.
To start:
- This is a little different this week, as all you need to do today is find a little notebook or some paper, put it in your handbag and be prepared to update it daily.
Organising:
- Keep every receipt throughout the week and record every penny spent daily in your notebook
- Next Sunday divide spending into categories and total up each category
Further Reading:
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Hi there-I use mine for my thrifting purchases, it really does help to keep me on track!
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I love this idea. I’m going to try it, but only after we get back from Disneyland since that wouldn’t reflect a typical week. (I’m also going to start reading Your Money or Your Life when we get back.)
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I’ve done this on and off for a few months now, especially when I really need to drill down on my finances. It’s always a bit of an eye opener!!
x
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Who told you I carry a handbag…?
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Good idea Sharon-Rose. Kirwin, great idea have a wonderful trip,
Kat, welcome back 
j1mbo..I just knew you would
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I do that every day, but in Excel.
I like seeing budget categories, percentages, pie charts and being able to sort all of my purchases so I can see where I need to cut back or re-adjust.
Even if you don’t stick to it STRICTLY (the way I don’t stick to it strictly), it really lets you see where you are overspending.
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try Pear Budget to keep track of spending. It’s an awesome online tool that takes 10 minutes to set up.
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