The Easiest Ways To Track Spending When You’re Too Busy To Track Spending
Let's face it, budgeting is hard, especially if you don't have the many hours needed to create that spreadsheet that tracks every little penny, according to Brandon Gregg, a certified financial planner (CFP) and advisor with BBK Wealth Management.
If you’ve struggled to track your spending – or perhaps used the excuse you’re just too busy – read on for some expert-backed advice.
Read More: Create a Budget — And Actually Stick to It This Month
Check Out: Start Growing Your Net Worth With Smarter Tracking
Start With an Easy Reminder
Let’s start with what may be the easiest way to begin tracking your spending.
“I'd suggest setting up a regular, perhaps weekly, calendar event to review and update your budget,” Gregg said. “I find that putting a task on my calendar helps me stay accountable for unexciting tasks like this.”
Find a Good Tool
Once you have the calendar reminder, it’s time to start actually tracking where your money is going. Many financial pros suggest finding an easy-to-use budgeting tool.
“Most people spend half their day or more on their smartphone these days,” Gregg said. “Might as well take some of that time to track your budget. You won't regret keeping your finances in order.”
Use Envelope Budgeting
“If you like using cash, consider pulling out the exact amount of cash you need for the month and use the envelope approach,” said Annie Cole, Ed.D., money coach and founder of Money Essentials for Women. “This approach will allow you to internalize your budget limits and make them a regular habit.”
For those unfamiliar with the envelope approach, it’s a cash-based strategy where you sort your monthly spending into envelopes labeled with specific categories.
Look at Your Statements
Overall, according to Taylor Kovar, CFP, co-founder of UseKlear.com (previously BudgetGPT), the honest answer is that the best system is the one you’ll actually use.
“I've seen people do really well just reviewing their credit card statements once a month and categorizing the big stuff,” he said.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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