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Home > I track my spending... now what?

I track my spending... now what?

October 26th, 2007 at 02:26 pm

In January, one of my financial goals was to track ALL of my spending on a daily basis for all of 2007. I am currently on track with that goal. At the end of the month, I total up categories, look at areas that I’ve under and overspent. Then I move on to the next month. But now I’m asking myself, what am I doing with that information.

Well, first of all, I used that data, to determine the amount of money that I’ve spent on medical expenses this year and used that information to get an estimate on how much I probably will spend in 2008. I used that info to make a decision on the amount I would like in my Health Savings account.

I used the grocery data to realize that I have grossly underestimated my grocery expenses, so I am doing 2 things. I am working harder to make my grocery money work for me. AND I have increased my budgeted amount to a more realistic number.

I am looking at house expenses to get an average of money put toward the house, so now I can create a more accurate number in my budget for house stuff/repairs.

I have seen that I grossly overspend on entertainment and need to adjust accordingly. This is going to be my focus for the next few months.

Its great that I have been keeping track of my spending, but unless I use the information, the time and effort that I’ve put into this project has been wasted. So in the upcoming week, I am planning on reviewing all the data to get a better idea

1 Responses to “I track my spending... now what?”

  1. disneysteve Says:
    1193407471

    It is great that you've kept those records, and also great that you are seeing the benefit of tracking your spending so that you can use that info to adjust your spending. Most people truly have no idea where all of their money goes. They just know that there is nothing left at the end of the month. Only by tracking where you are spending every dollar can you make changes to improve your finances, boost your savings and build a more financially secure future.

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