How to Track your Budget and Take Control of your Finances

Why Should I Care About Tracking My Finances?

It can be hard to stay on top of your finances. When you're living paycheck to paycheck and trying to make ends meet, it can be difficult to have the mental bandwidth necessary to take care of your money. But taking care of your money is important! Your financial health affects every area of your life - from the way you feel about yourself and the work that you do, all the way down to how you spend time with friends and family. 

Why You Need a Budget to Track Finances Successfully

If you want to be financially successful, you need to have a budget and keep track of your finances. A budget is a plan that helps you save money. It is all about setting reasonable and realistic goals and tracking your income and expenses regularly.

This may sound daunting, but there are some simple steps you can take to work your way towards a sound financial future. Check out the 3 tips below!

Top 3 Things to Track when Managing your Finances & Budget

1. Income & Expenses

In a world where we’re all constantly on the go, it can be hard to keep track of our finances. But it’s imperative that we do so in order to avoid unexpected surprises and find ways to save more money.

In order to better manage your income and expenses, there are some things you should keep in mind:

  • First, create a budget that includes all of your income and expenses. This will help you understand where your money is going and what savings you have
  • Second, track your income and expenses as they happen. This means that you should create a list of everything you receive and everything you buy
  • Third, categorize your income and expenses into broader groups so you can better understand the main areas that contribute to your income and spending habits.

There are many apps out there that can help us track our expenses, but the best way is to just start doing it manually. You can use a spreadsheet or notebook for this task.

2. Savings

If you want to build up wealth for your future you need to save to make it happen. To do this, you should set savings goals, track how much progress you’re making towards them and break up your savings into different categories — this can be things like building up an investment fund, a rainy day fund or paying off debts.

Setting and tracking your savings targets is the best way to become financially free!

3. Debt

Debt is something that a lot of people have these days, and it can be really hard to know what you should do. The two most common types are consumer and mortgage debt. Consumer debt is from credit cards, student loans, personal loans or other sources whereas mortgage debt is from purchasing a house.

There are simple tools out there such as debt snowball calculators which show you which debts to pay off first and help you create a payment plan!

Explore our selection of tools to help you stay on top of your finances!

We all know that managing finances is not as easy as it sounds. You have to use a lot of different tools and services to make sure that you are on top of things. The problem is that there are so many options out there, it’s hard to find the ones that work for you.

To make this a little easier, we’ve created several different finance and budgeting tools that can help you on your journey towards financial freedom!