Sooo….let’s talk about tracking expenses!!!! First off, DO IT! MAKE IT A HABIT! Because it is muy importante !
Last year, I’m being honest, I did not track one expense from my checking acct. I only tracked what went in and out of my sinking funds. THIS YEAR, I’m doing my best to track every expense!
Because let’s be honest…although we are cash stuffers, we still swipe our card every now & then, and in order to know where our money is going and be in control of our spending, we have to track it!
The month of February has been a doozy! It’s been hard to cash stuff with everything I have going on, so I’ve been swiping my card a lot for my daily expenses and the occasional expenses that I would normally pull from my sinking funds. In order to stay in budget, I have to track extensively!!!!! & also pay myself back (replenish my checking acct when needed).
For example, I got my nails and toes done and used my debit card. Once I track that expense in my budget book, I can easily go back and see that “okay, I spent $100 at the nail salon. Let me go into my beauty sinking fund, pull that $100 out in cash, and deposit that back into my acct”.
By doing this, I am spending the money I have saved for and not depleting my checking acct. I also understand I cannot take cash with me everywhere, so it’s important to have a buffer in my checking acct.
What is a buffer? It is an amount in your checking acct that can be used for unexpected expenses, if a bill is larger than normal, helps prevent overdraft, and it is for any expenses you may need your card for if you don’t have cash with you.
Anywho, I’m holding myself accountable this year by posting my expense trackers!!!
😊
Book is from @theelevatedlifeco
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