Why Track Your Spending

Tracking your spending is so important for many reasons. We think there are 6 main reasons to track your finances.

Alan and Katie at a laptop

6 main reasons to track your spending

See the list below or watch our video.

Reason 1: If you don’t know where the money goes you are in trouble. You will never be able to build wealth with a leaking financial ship!

Reason 2: What gets measured gets improved. You can’t improve something that you don’t measure.​

Reason 3: Direction of travel. Measuring your spending allows you to know if it is going in the right direction or not. Is my spending going up? Down?

Reason 4: Subscriptions – wasting money. Most people have subscriptions and the companies are cheeky – they get you to sign up on a free trial, you forget to cancel it, and the money goes out every month. Get rid of those pesky unused or undervalued subscriptions.

Reason 5: Gamifying it. Have fun with it. Have levels for your net-worth and spending, and start working out how you can get to the next level. Bring the team together to work on it. Get the kids involved in it.

Reason 6: Will you have enough for retirement? Most people have no idea how much they are spending now so how would they tell if they will have enough in retirement? This is critical to understanding your financial needs in the future.

But how do I track my spending?

Read on to find out How to Track Your Spending