Do You Calculate How Much Money You Spend Each Year?

Discussion in Personal Finance started by Denis Hard • Jun 18, 2016.

  1. overcast

    overcastActive Member

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    I have one app named Moneyview. It keeps track of all my SMS. And it adds up all the expenses and spends. I have to manually also add some data. But it works out just fine as it is. You can see that apart from this I have to keep track of online and offline spent too. So I do keep track of where I am spending the money. That way I can understand how the money is being spent.
     
  2. Barida

    BaridaActive Member

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    It was in 2015 that my good friend on Facebook taught me the need to start keeping records of how my expenses go, but it is sad that since that year till now, I have never kept one record of such which is a bad habit I will try to work on to save. I think keeping those expenditure records on reviewing them at the end of each month is far better than having to wait until the year end. the reason is that it helps one to have a look at how we spend and adjust in the areas we are wasteful in the coming month so as to save more of our income.

    I appreciate the fact that you brought up such idea for me once more for it is what I really need to curb the way I spend every month considering the fact that sometimes, I do not understand how I spend my money that I wonder if some of the money flew out of the window which is a sad situation I found myself in already.
     
  3. Nakitakona

    NakitakonaActive Member

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    I know where my money goes and I know the basic needs we have and the utilities we pay every month. But I never ever put them in record those expenditures. I know it is a good suggestion to keep track where your hard-earned money goes to find out if it's spent wisely or not.
     
  4. Heatman

    HeatmanActive Member

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    @ThesePretzels@ThesePretzels I don't see myself ever doing this, even though it's kind of a way to help you monitor your expenses to know if you would cut it short or increase it, I still don't see how it's possible for me to engage in such.

    The reason for my stance on not participating in this act is solely because it would be only a source of heartache for me, looking at the huge amount of money I already spent which if I would have managed to save might be a huge lump of cash. So in order for me not to cause myself any future problems over something that I know is already gone and there is no way of bringing it back, why waste my precious time on it?
    There is a saying that goes this way, "There is no need crying over spilled milk" so why calculate already spent money? Are you looking to get it back or what?
     
    #24Sep 4, 2017
    Last edited by a moderator: Sep 5, 2017
  5. morgoodie

    morgoodieActive Member

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    I wish I were the organized type of person who would do this type of thing. I don't have much to track right now except the regular monthly bills such as utilities and auto insurance. I used to keep track of my online income but I even stopped doing that. I think because I got frustrated not seeing an increase each month for my income. I really need to do that again just so that I know how much extra I have each month and then maybe I could start saving more each month.
     
  6. Rock1987

    Rock1987Member

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    I have an app on my smartphone which helps me track my expenses. Earlier in my life, I was never motivated to keep a track of my spending habits. I was never able to understand how much more money I have spent at the end of the year. My elders and my friends suggested me to keep track of my money through the app. From then onwards, I have been able to calculate my spendings.
     
  7. sommax

    sommaxMember

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    Truth is, I don't really care about how much money I spent in a year. It's of no use to me, but that doesn't mean I spent carelessly.
     
  8. ACEP

    ACEPMember

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    Always. If possible, I calculate it also per month. It helps me to save money, to focus on the things I need to buy. It is not bad to calculate how much you spent a year, it can help you also to motivate.
     
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