Last month I talked about Step 3 - Do not take on credit. Let's continue with Step 4 - Keep a record of your spend. The foundation of good personal finance is budgeting. Expense tracking is the twin brother of budgeting. Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do. Budgeting is simply balancing your expenses with your income. Track your daily expenses for a minimum period of three months. At the end of each month, sit down and analyse where your money has gone, so you can identify ways of cutting expenses. You will be surprised to find you have been paying every month for something you have not used. There are many ways of tracking your expenses:
2021/5/15, groceries, R522.35 2021/5/16, DSTV, R499 2021/5/16, Nandos takeaway, R136
Google Play store: Mint - 4.5 rating Goodbudget - 4.4 rating Spending Tracker - 4.5 rating Monthly Budget Planner & Daily Expense Tracker - 4.7 rating If you like to blend expense tracking with gaming, try Fortune City - 4.4 rating 22seven is developed locally in South Africa, now part of Old Mutual - 4.0 rating Apple App Store: Mint - 4.8 rating Goodbudget - 4.7 rating Spending Tracker - 4.8 rating If you like to blend expense tracking with gaming, try Fortune City - 4.5 rating 22seven is developed locally in South Africa, now part of Old Mutual - 4.2 rating
Share with us your story of tracking expenses and budgeting! We'd love to hear how it goes with you.
0 Comments
Leave a Reply. |
AuthorKevin Yeh Archives
January 2025
Categories
All
|