So, how did your first week go?
Now that you have started recording all the expenses, its time to categorise.
We all like it the easy way, isn’t it? 😉
As Step 1, write ‘essential’ (eg.: rent, emi, groceries, utilities etc…) and ‘non-essential’ (incidental, discretionary) tag against
each expense item.
For the time being, there are two broad expense categories; add up each of them.
Here comes the reality check—like the exam results, self-evaluated this time around 🙂
Ok, Step 2: To help you overcome the number ‘shock’, migrate your handwritten sheet into an excel worksheet!!!
For starters, record it in a ‘Week1” tab. It as simple as that folks….
Step 3: Take a stare at the non-essential category and reflect on 2-3 spends that could have been avoided. Mark it in ‘Red’
Remember: Every week spends will not be the same. Let this sink into your mind.
Am sharing one of my favourite quotes to ponder over and act on……
“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people that they don’t like.”
– Will Rogers, American humorist Ann entertainer
Would love to hear your stories on tracking spends, drop them in the comments sections!