Have you ever thought at the end of the month: “Gosh, where did all my money go?” Don’t worry you’re not alone! We can’t count the number of friends who feel stressed after a warning call from their bank personal adviser. They often feel pressured by all the payday deals and other money spending temptations so it’s not rare they go way over budget. But how do you start taking action?
Knowledge is the key: understand where and how much you spend to make better use of your money
We remember our super organized grandma who used to collect and keep all the receipts. Not only that, she spent hours organizing them and writing down all she spent. She said it made her feel in control and that she knew how much money she could use on treating us. We love our grandma but thank God we now have technology as a financial ally!
Set goals to keep you on track on your budget mastering journey
We’re all victims of the demotivation phenomenon. It often strikes on New Year’s day or after the summer holidays when you think “I will take a gym membership” or “I am gonna start saving”. You keep it for a few weeks before the demotivation malediction strikes. You end up feeling bad about yourself and your life keeps being the same. So what is the secret of people who succeed? Simply, they set goals for themselves. It can be short, mid or long term goals, the only prerequisite is that you have a good reason for doing what you’re doing. Do you need to save for your next holidays, retirement or both? Then set your budget accordingly and do your best at self discipline. Deviating a bit from the road is fine, you just need to make sure you always go in the right direction.
Personal finance is for everyone and is not as bad as you think
You don’t have to leave personal finance and budget management to your partner or accountant. You can and you should do it too! Start tracking your money and after a few days or weeks, you will be able to organize your spending and spot regular transactions. If you get everything right bit by bit then you’ll find out that all these efforts at the beginning will be rewarded.
OK, where should I start with Quick Money Recorder?
Simple, just start entering what you spend. If you don’t have time filling up the details, then take a receipt picture with the camera function. Review them every two days and start refining your expense categories. Unless you totally change your lifestyle, they shouldn’t change too much. The goal here is to get used to include a money tracking habit in your schedule and to classify your spending.
Good luck for the beginning of your budget management journey! We’ll see in another post how to set your own budget.