If sticking to your budget is challenging creating a spending journal might help. If you’ve ever used a food journal where you write down everything you eat each day, it’s a similar concept. Here’s how it works.
Use A Spreadsheet Or App
Instead of journaling on paper or in a digital document, use a spreadsheet or app that calculates your spending. Depending on your goals you may track everything, including rent, utilities and other reoccurring expenses—or you might just track your daily spending to identify where your money is really going. Don’t forget your online shopping like Amazon, eBooks, and gaming apps.
Look At A Variety Of Totals
Set a day each week to really dive into your spending. This should include looking at the individual purchased made in the last 7 days, including cash, debit, credit cards, and digital spending. This one step may be eye-opening. Next, you want to look at your categorized spending for each week. How much you have spent on food and drinks, entertainment, clothing and accessories, skincare and beauty products, and more. Last but not least, look at your 7-day, 4-week, and monthly grand totals.
With each day and week that passes, rethink what you didn’t really need to buy—and how you could have spent less.