[Are you ready to join us on a journey toward financial wellness?
Each month, Oregonians Credit Union will focus on one step of a journey of financial wellness. We’ll tackle the topic in detail and help you learn all you need to know about this step. Follow along, and at the end of the year, you’ll have mastered the tools for a life of financial wellness.]
Tracking your spending is the first step toward greater financial awareness and overall financial health. But, mastering this skill is easier said than done. How can you track every dollar you spend when you make multiple daily purchases?
We’ve outlined how to track your spending in 3 easy steps.
1. Choose Your Tools
Tracing every dollar’s journey isn’t easy, but with the right tools you can make it quick and simple. Choose from one of the following money-tracking techniques:
2. Review Your Checking Account and Credit Card Statements Carefully
Along with one of the tools listed above, you can track the purchases you make with plastic by reviewing your monthly checking account and credit card statements. You can access these online by logging into your account and downloading.
3. Review and Categorize Your Purchases
At the end of the month, use your chosen tool to review all the purchases you’ve made throughout the month. When completing this step, don’t forget to include any automated payments you rarely think about, such as subscription fees and insurance premiums.
Use the tips outlined here to successfully master the skill of tracking your spending.
Your Turn: How do you track your spending? Share your tips with us in the comments.