Not quite sure where to start when it comes to tracking your monthly income and expenses? Thats okay! Most people don’t! The good news is, there are several ways you can do so that will make your life and finances so much easier to manage!
Apps: There are several apps out there that can help you track your income and spending. They allow you to categorize expenses very quickly and easily through automated systems. It also allows you to personalize the categorization of your expenses, so that if it is misplacing a certain charge in the wrong expense category, you can alter the settings and ensure that the system correctly categorizes those expenses in the future. Some of the apps that are most popular include Mint or quickbooks online among several others. Another bonus that comes with these applications is the budget features, which allow you to set up a budget for each month while keeping you up to date on where you stand that month in regards to your budgeted amount. And the best part is, some of the best applications offered are free! All the more reason to go get this set up!
Spreadsheets: Another way you can track income and expenses is through the old fashion spreadsheet. Microsoft Excel is an option as well as Google Sheets. If you are the type that partakes in a lot of cash transactions, this is always another option. While it does consume more time and take a little bit more work on the front end to get set up, you can customize it just for you! This is the way I primarily track my expenses but I am currently working on getting set up through some of the automated systems offered. I currently use google sheets, which I prefer because I can access it along with all of my other spreadsheets wherever I have internet. Again, this way I feel is best if you are managing large amounts of cash, either through spending or income. But you can always add those transactions manually in the apps mentioned above as well.
Banking: Most people don’t realize that there are many budget tracking tools that come with your online banking system. Very similar to the systems mentioned above, they allow you to track your budget all the while categorizing your expenses. The only downfall to these tools is they often limited to the accounts associated with that bank and don’t allow for your to add other accounts/credit cards you might have that aren’t associated with that bank. They also lack many of the features and customization allowed by the aforementioned tools.
Obviously, these aren’t the only ways one can track their expenses. We live in a day and age where there are countless options to do one thing. But if you weren’t sure where to start, this should give you a good idea! The Mint app is a great option and is where I would recommend one should start. It is free with the option to pay for more features if one would like. However, the features that come with the free subscription are sufficient enough to start. Take that first step and get an idea of where your money is actually going for one month. It is a truly eye opening experience and often the beginning of the journey to financial stability.
If you are still feeling overwhelmed and need guidance or help in anyway, please reach out to me through the contact form or social media and I would be more than happy to help!
Journey to Financial Freedom 