How To Assess Your Weekly Spending Habits
To succeed financially, you must keep tabs on where your money is coming from and where it’s going. In simple terms, this act is called budgeting. Not everyone is great at assessing and tracking their spending habits. The task can be daunting, especially if you’re a beginner, and there isn’t a one-size-fits-all solution when it comes to budgeting and tracking your spending habits. On that note, here are three ways to assess your weekly spending habits.
Maintain a financial journal.
If you’re new to tracking expenses, you should always ask for your receipts and keep a notepad or financial journal to keep track of all of your purchases, no matter how minor. A financial journal helps track where your money is going and helps you become more aware of your spending patterns by making you think more critically about each expense.
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Have an accountability partner.
As with most challenges in life, having an accountability partner to encourage you is one of the best ways to ensure that you continuously assess your weekly spending habits. A close friend or relative can serve as an accountability partner. Alternatively, if you enjoy writing, you can start a blog on a WordPress site where you share your expenses while your readers serve as your accountability partners.
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Use a single bank card.
Having many credit cards for various reasons is becoming commonplace, especially with certain credit cards giving incentives for you to apply for them. However, it can be challenging to keep track of spending when your expenses are split across many accounts. An easy way to track your weekly spending is to use one card for the full month. Your bank statement will show you just how much you’ve spent. Remember to also avoid the use of cash for a more accurate report at the end of the month.
These tips will hopefully help you improve your financial health!
