Write Down Your Daily Expenditures for One Month
This can be done in many different ways, and it's important to
find a method that works best for you. If you aren't sure what will
work best, try using this free expense
tracker to get you started.
Write down every single penny you spend every day for one month.
If you put a quarter in a parking meter, write it down. If you run
through the fast food drive-thru, write it down. If you pay your
cellphone bill, write it down. Write down absolutely everything you
spend every day for one month straight.
For most people, this exercise is a real eye opener. You'll get
an honest picture of your spending habits, and you'll be able to
make the choice to change your behaviors to align more closely with
your values and financial goals.
Once you have recorded your expenditures for a month, go back to
your Monthly Expense Form and make the adjustments for next month
based on what you see. Could you cancel a few subscriptions and use
that money to pay off debt faster? Maybe you could forgo a couple
of meals out to boost your emergency savings?
Visit OklahomaMoneyMatters.org for
more budgeting tools.