4 simple ways to track your money

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If you want to start making better money decisions it’s vital that you find a system where you can begin tracking your money.

It’s an important step because if you are living above your means you will continue to struggle financially, barely being able to scrape by.

Tracking your finances gives you the opportunity to see exactly where your money is going and shows you where improvements could be made.

As a result of the rise of financial literacy and advancement in technology, tracking your money has become a lot easier to do.

Here are simple methods to aid you to stay on top of your money game.

1. Consider free apps

The inventions of apps has made it convenient for users to have instant access to their funds. There are so many great apps out there to help you manage your money. They even keep you on track by letting you know when you are overspending.

Here are great free apps you can choose from:

• Mint
• Personal Capital
• Every Dollar
• Goodbudget
• Acorns

2. Keep watch of your account statements

You should be checking your bank statements at least once a week. It’s important to see what’s coming out of your account and if that amount is exceeding what’s going in.

Having a look at your account statements also keeps you aware if there are any hidden fees being charged on your accounts so you can see about getting it removed. However, if you continue to get charged you should look into accounts that won’t charge you monthly maintenance fees.

3. Write down your future expenses

It’s important not only to see what’s currently being taken out of your account, but what will be taken out down the road. This helps to ensure that you will have enough money set aside to cover those cost.

Writing expenses down by hand is said to help retain the information longer. It’s also nice to have something available to make sure you are keeping on target with your budget.

4. Create a spreadsheet

If you are not much of a writer you can also create an Excel spreadsheet. This option is nice because there are already templates provided within the application that you can use for free.

You can also edit the template to your needs and make it however you like. The customization are endless when it comes to these.

What ways are you monitoring your money? Share in the comments your favorite method?

Shaniqua

Hi, I’m Shaniqua! I paid off $26,000 of consumer debt and am on the path to pay off all my student loan debt. I’m a future full time blogger who loves to write about ways you can get out of debt fast, save money, and create more income. I’m a wife and mom, and I created debt smashing to share my own debt journey and to empower others to go for their dreams. I’m passionate about helping others to succeed with their personal finances and overall life.