Tracking your expenses is a good habit, and it serves much more than simply having an overview of where your money’s going. It also helps you feel in control and indirectly reducing some of that financial stress you might currently be facing.
I help my clients with budgeting their monthly expenses, while keeping in mind their short and long term goals. This helps them stay on track and on top of their game, and serves as a benchmark at the end of each month.
By creating financial awareness, you know where your money goes and how you’re spending it. Small daily expenses and indulging in seemingly insignificant bad money spending habits can blow your budget and impede you from ever reaching your financial goals in life.
It’s not anything uncommon when my clients tell me they don’t feel like they’re reaching any of their financial goals they’ve set for themselves. Without a good grasp of personal finance foundational concepts such as compound interest and without clarity of what it takes to achieve these goals, it’s incredibly easy for us to indulge in instant gratification.
In my financial planning work, I make it a point to display my client’s financial goals as clearly as possible, detailing the timeline, goal to achieve, and which accounts are currently funding this goal.
Dashboards provide quick insights.
I like summarizing things.
Tracking expenses and looking out for blindspots in your personal finance planning may seem like a lot of work when you first begin, but you can make it as simple or complicated as you want to.
The easiest way to start is by identifying spending issues and spending priorities. Anyone can start building their wealth by having a tighter control of their spending habits and changing their money beliefs.
If you need access to my financial budgeting sheet, feel free to contact me.