Don’t know how to monitor your monthly expenses? Money is fleeting but you can control it with a meticulous plan and tracking method. That means no more being confused about where you used those lost dollars. Tracking helps you keep a record while putting your money in the absolute best avenues, especially this holiday season.
Tracking your money helps you find the avenues where you can easily save money by spotting the places where your money is going to waste. Find out the places where you use your money by keeping a record of all the checking, savings, or credit accounts that you have.
Let’s have a look at how you can maintain a good record of your expenses and income with these 5 steps:
Track Bank Statements
Find out the places where you use your money by keeping a record of all the checking, savings, or credit accounts that you have. Monitoring these will help find the place where you spend money the most. Experts recommend keeping track of the monthly inflow and outflow of cash, to get a better understanding of your income and spending patterns.
Divide Expenses
Expenses can be divided according to specific needs and wants. For example, various credit cards categorize every purchase into categories like miscellaneous, fashion, or automotive. This will help you weed out unnecessary expenses like that everyday Starbucks caffeine run or a subscription that you no longer get any benefits from.
These expenses are in two categories, fixed and variable. The fixed charge does not vary with time like a loan, rent or mortgage payment. However, you can save by assessing your variable expenses and making some adjustments.
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Use the Tech
There are many budgeting applications in the market, but we would recommend you use Beem. Why? Because we have personalized budgeting done just for you. You get automated reminders and help to track all your spending and saving in one place. Here are some pro tips on why your budget needs a makeover.
Try Alternative Trackers
If you are not ready to use an application yet, then a sheet is the way to go. These are divided into rows and columns. You can find budgeting spreadsheet templates easily by searching online.
If you have complex financial transactions, it is best to use an app. Switch to Beem. Beem allows you to link up all your accounts and cards in one place. This allows you to keep track of investments and bank transactions in one place.
It is a more organized, advanced, effective, and time-saving way to manage financial investments and money. You won’t have to enter the details simultaneously. You also get cash when you need it the most. All you need to do is Subscribe. Get Cash Now. Pay Later. All for a starting plan of $1.97 per month.
Make Adjustments
While tracking your income and expenses, make more adjustments while you monitor your monthly expenses. It will help you find avenues where you can save money by spotting places where it is going to waste. You can also lower your fixed expenses like car, utility or loans to save your money more efficiently.
