4 Steps to Tracking Where Your Money Goes
Tracking where your money goes begins with a look into your past and current finances. What do you spend money on, and where are you getting your income? By tracking these factors, you can get a better sense of your financial picture today so you can plan for the future.
Understanding Where Your Money Goes
Your financial well-being, or overall financial situation, is unique to you. Use these four easy steps to help track your money ins and outs.
- Take this quiz to see how healthy your finances are. Answer just 10 questions to measure your financial well-being and get a few steps for making improvements. Take it now, then take it again later to see if your story has changed.
- Learn where your money is coming from. Before you can make any improvements, you need to get an accurate picture of your finances. Start by tracking your sources of income.
- Learn where your money is going. Fill out this spending tracker to get a sense of your regular expenses. To get a handle on your money, you need a system that will allow you to track your daily spending on an ongoing basis. Find and stick to a system that works best for you.
- Write your bill due dates on a calendar. If you have trouble making ends meet at the end of the month, the timing of your income and expenses may be off. It’s often helpful to see the full picture. Write down the due dates for your bills on a printed calendar that you can look at regularly as you plan for the weeks ahead.
Want to explore more money tracking tips and resources? Get in touch with a certified financial coach at Columbia Credit Union. We’re dedicated to financial wellness and providing the free support you need.