Reviewing How You Spend Your Money Regularly

I totally agree. I used to keep track of all my month expenses and see where I could cut back and save money. It really does work as well as having a budget each month and being able to stick to your budget you can save money or at least not overspend each month. I stopped doing this when I had kids but I feel like I should start again so I can see where all my money is going each month. Thanks for the reminder.

 

I think that is part of the problem. A lot of people put in place a budget, perhaps grudgingly. They seem to assume that what was originally decided upon is set in stone and doesn't need to be shifted to reflect changing circumstances or issues that they hadn't thought about in the first place.

You don't what the process to be onerous but you do want to have some form of review process in place that makes you more aware of how efficiently you are spending money.

 

I do this too but usually I try and do the review after each shopping trip or shopping binge as I come down from the hype or the high of buying what I think are my much needed items and if I feel myself sort of regretting a few purchases I'll make sure to take note and remember it for next time. This way I could more accurately assess how the purchase made me feel since the vibe is still fresh. I think this probably would just work for me though since I know most people probably plan and learn in a more efficient way.

 

This is a very good thread in consideration of our spending habits. There should be a time for this. For example, when we pay our bills, that's an opportune time to review our spending - do we still afford or are we over spending or under spending? I have a ledger to check my balance of incoming money and outgoing money. With the help of the spreadsheet, it is easier to make a chart of money matters.

 

I think it is essential that we think about how we spend our money, because our finances will change all of the time, and for that reason it is important that we always know what we're doing with the money that we have. I know that I take the time to do this every few months, and I am glad that I do so, because it helps to organise myself in the future.

 

A very wise tip Denis Hard - especially as this is one of the best methods of dealing with money problems and avoiding them happening the first place.

Particularly when bearing in mind that - although budgeting is an excellent tool for managing expenses and especially for those in debt - as it helps to keep track of expenditure - budgeting is generally only successful if expenses are regularly monitored.

That said - although its not something that everyone finds easy to do - as it does take discipline to keep a check on regular expenditure - its certainly well worth doing - particularly as - not only does monitoring expenditure regularly - ensure that priorities are always paid first - but more importantly - that money allocated for other necessary things - isn't spent on unnecessary items or to put it simply - as it helps to stop people living beyond their means - meaning - not buying things that are not needed or spending money that they don't have - it helps to avoid the possibility of getting into financial difficulty - with the added benefit that it can over time - result in savings too.

 

I totally agree with this. People spend a lot of money on stuff they do not need and do not even realize it. I made myself a spreadsheet and listed a lot of spending categories on it for like gas, food, restaurants, espresso, clothes and so much more and I actually kept track of every receipt that I had and added the money to my spreadsheet. Within a months time I was able to see just how much money I was spending and was able to make necessary cuts in order to save money. Fast food and espresso drinks were the first to go, and then I tried to cut down on grocery spending and gas and stuff like that.