Back in August 2010, i said i started tracking my daily expenses. It was difficult but fun.
Tracking daily expenses and summarizing them told me stories about who i am and what my priorities are.
By tracking expenses and summarizing them, i realized that i was spending too much on unplanned expenses such as gifts, dine outs and unscheduled vacation. In my mind, my priority was saving money and investing but my actual actions tells me that my priority was destressing and relaxation.
The information i got from tracking me expenses, opened my eyes to the reality so i took action. Beginning that time, i started monitoring and watching where i spend my money. I followed money making tips and think of ways how to save money.
If you are interested in tracking your expenses, there are various ways you can do it.
- Manual paper listing
- Phone Apps
- Excel Trackers
What really got me going was using Handy Expense. Since i carry my phone everywhere, i can easily record expenses as soon as i made the purchase. The application also allows me to export the file in CSV format which i then use to import in excel.
Another tool that i have tried is the iphone app Money Journal. The iphone app costs $2.99 but that cost is compensating with ready made charts and budget comparison tool. The added bonus is that you can upload the data inputted in the app directly to Google Docs. The only hassle is that the apps takes so much key presses that i really sticked to Handy Expense. Less key presses works better for me.
Lastly, you may use excel. The spreadsheet is a great tracking tool. Also, if you are interested, there are seven free excel budget/expense tracking tool here
