Track your spending, find ways to save - Today’s MoneyMondays Tip

Keep a spending diary for 30 days to evaluate where & what you spent money on. This helps you compare needs vs. wants.

I often find myself looking at my account balance wondering just where all of my money went. It’s sometimes hard to have a good grasp on where our money goes - it may seem like most of it is spent on necessities - rent, food and the like - but taking a closer look can really help shine a light on our spending habits and inform us on how we can make some changes to save money.

There are many ways you can keep a spending diary, from web applications, to using software made to keep track of expenses, but if you’re just getting started, check out ehow’s article on How to Create a Spending Diary.

Take notice of your spending. You may also notice that you’re spending a few dollars here and a few dollars there on recreation - which might include a movie ticket, the money you spent on dinner last night rather than cooking at home, the morning coffee you pick up every day on your way to work. You can use this information to save your money - by renting a movie and avoiding the cost of snacks and gas; by pre-cooking a meal at home one day so you can heat it easily on a day when you don’t feel like cooking; and by making your own coffee before you leave for work. Just these few examples can save you a ton of money!