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Recently my spending has increased in certain budget categories, such as groceries and gas. I have been trying to figure out what has caused increases and I can say that inflation played a part. BUT, the main cause is that I have not been tracking my spending.
I have a budget planner that includes weekly spending trackers, but I stopped using the trackers. It began with me tracking daily to deciding that weekly tracking was better. Then the week would be over, and I would feel too overwhelmed to figure out what I spent money on during the week. I got behind on tracking my spending and just gave up.
To help with this issue, I created a spending tracker that I can throw in my purse, keep at my desk, and import into my iPad (I use the Good Notes app). I want to share with you the spending tracker that I have been using. I will also give you some tips on how to track your spending. And of course, the spending tracker is a Freebie! I love freebies! Let’s get started!
To get your Free Spending Tracker, click the link below to begin the download!
Spending Tracker (US Letter)Use a Tracking System
Before I tell you about the spending tracker, let’s talk about finding the right tracking system. It’s HIGHLY important that you find the right system to track your spending. You need to decide if you want to track your spending with a spending tracker, notebook, planner, or app.
You should choose a tracking system that you will be able to use daily, weekly, and monthly. Something that you will be consistent with. Here’s a quick overview of the tracking systems that I mentioned:
- Spending Tracker: This is a guided sheet that you can write in all your spending with the description, amounts, budget category, and even the payment method that you used.
- Notebook: A simple way to track your spending because you write down what you spent money on and how much you spent.
- Budget Planner: Most budget planners have spending tracker pages in them. This will be a great option if you use your planner daily and have a habit of writing things down.
- App: The easiest way to track your spending because it’s automated. This lets you connect your bank and credit cards to the app and the app will track and categorize your spending for you.
Keep Your Receipts
A simple way to see how much money you are spending is to save your receipts. You can use your receipts to write down your spending. I use my receipts to log my spending because it’s easier to me than looking through my bank account.
I will suggest that you don’t let your receipts pile up. Log your receipts on your spending tracker daily or weekly to prevent an overload. Trust me, this is why I got behind on tracking my spending. I now log my receipts daily in my spending tracker.
Review Bank and Credit Card Statements
Another way to track your spending is to look at your bank and credit card statements. This may take a little digging, but it is a good option if you don’t like receipts. I know that papers can pile up and lead to clutter, so going the electronic route is a great option.
If you choose to track your spending using your bank and credit card statements, you may want to do this weekly or monthly. Due to some transactions not posting to your account the same day, it will be easier to look at your statements after they have closed.
Stay Consistent and Track
Consistency is the key to tracking your spending. Develop a routine to tracking your spending and you will have a better overview of your finances. Choose how often you will track your expenses and stick to it. That means tracking EVERYTHING that you spend. Even if you splurge or go over budget. TRACK IT. This is not to make you feel guilty, but to help you see if you need to add or subtract money in certain budget categories.
Free Printable Spending Tracker
Now is the time to get your Free Spending Tracker and start logging your spending. I created this tracker to help you track your spending in an easy way. The tracker is very simple to follow:
- Write the Week or Month that You are Tracking Your Spending For.
- Write in the Date, Description, Budget Category, Amount, and Payment Method used.
- Repeat step 2 for each transaction. (For example: If you went to Target and made a purchase write all the items on a line. And if you then went to another store and made a purchase write the information for that purchase on another line.)
- Keep Tracking and Staying Consistent!
To get your Free Printable Spending Tracker, Click the link below to begin the download:
Spending Tracker (US Letter)Please feel free to check out the free budgeting resource library that has all a bunch of budgeting trackers to help you transform your finances: Free Budgeting Resource Library.
Don’t Stop Tracking!
Now that you know how to track your spending, the tracking systems that you can use, and how to use the Freebie Spending Tracker, it’s time to track! Remember to track everything that you spend and use your spending tracker as a tool to improve your budget.
There are other tracker tools that you can use, but I like to keep it simple. I know that budgeting can feel overwhelming, so I wanted to provide a resource that will make the task simple.
Before you start tracking your spending, please leave me a comment below letting me know what tracking system you plan to use. Don’t forget to connect with me on social media: @thesavingbutterfly
