Latest Blog Entry
Track Your Spending
Posted Mon, February 25, 2008 by .
The most important weapon you have to help you gain control of your finances is to create a budget and stick to it. The first step to creating your budget is to get a grasp of what you're spending on a daily, weekly and monthly basis. Using a small memo pad, voice recorder, or PDA, keep track of every nickel you spend for a week. You will soon see that you're spending money on many things that can be easily eliminated. Do you need that gourmet latte every morning? On a daily basis that could add up to $1,500 a year. Can you take the subway or the bus instead of a cab? Save another $4,000 a year. Or just walk whenever possible and save even more money. Once you have finished your list for the week, separate the items you "need" from the items you "want". There is a big difference between needing and wanting. It's not easy to eliminate everything you "want" all at once. So do it in gradual steps. Start with the latte. Understanding where your money is going is the first key to gaining control of your finances. Start today.
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Beat The Statistics
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