Track Spending

4 Helpful Tips to Help You Budget

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Once you have a budget, it may seem like the end of your financial responsibilities, but in reality, tracking your spending is also an essential part of day-to-day life. Buying that coffee every morning or candy bar to get you through the end of the day may not seem like a lot, but over time it can add up.

Financial issues such as bad credit, insufficient funds to pay bills or losing payment information can all be attributed to poor money management. The number one rule to remember when managing money is never spending outside your means. This doesn't mean that you can't splurge every once in a while, but you should put your spending in perspective.

Two main factors to remember when managing money are accuracy and commitment. Once you begin a money management plan, be sure to stick with it. Tracking expenses for three or four months is helpful, but stopping for the rest of the year will most likely lead to later confusion.

As expenses are known to fluctuate, keep the following tips in mind for better money management and smarter spending:

  • Consider using the same type of payment: Tracking cash can be harder than tracking debit and credit card spending, which can be viewed online or at the credit union itself. Although this may not work every time for every person, it is an option that could be good for you.
  • Set aside time to go over it: Take some time out of your week to go over finances and ensure everything is in line. Use this time to make sure you weren't charged extra for that phone bill or that the right payments are being taken from the correct bank account. Making this a routine can help avoid more serious issues later on.
  • Stick to your budget: It's not enough to just have a budget, you should be playing by its rules as well. Although deviating from it can be okay sometimes, it's best to adhere to your plan. The numbers are there for a reason.
  • Write it all down: Record purchases in a notebook or utilize our spending tracker to keep all your information in one safe, convenient place.