How to Effectively Track Your Expenses and Adjust Your Budget for Financial Success

Saturday morning money tracking sessions have been a long-standing tradition for me.

I wake up early on Saturdays and brew myself a cup of black coffee. I sit down in my PJs at the dining room table, open up my laptop, and sign into my bank account.  

After signing into a budgeting app on my phone, I compare my checking account on my laptop to the numbers on the app. 

Some weeks I'm spot on with my tracking. Other weeks (okay... A LOT of weeks) I need to add things I forgot about to the app. 

Doing this weekly check allows me to see how my spending is going for the month. It makes me be honest with myself and I often adjust my spending for the remainder of the month. 

For example, both of my dogs have health issues and take regular medication. One of them ran out of meds this week and I needed to refill her prescription. I had not planned on this expense and put more money into the Pet Care section of my monthly budget.

There are several ways to track your spending. Here are some options I always share with clients:

• Create a spreadsheet in Excel or Google Sheets and record your expenses. If you're a spreadsheet nerd, this is a great choice.

  
  

• Fill out a budgeting template and make sure there is plenty of space to write down your expenses.

  
  

• Keep a notebook and jot down all of your expenses. If you like physically writing down lists, this would a fantastic option.

  
  

• Download an app that can connect to your checking account. As you spend money, it'll keep track for you and eliminate the need for double checking. This feature typically costs between $10-20 per month. It may cost a little bit each month, but it'll keep you honest with the amount that you're spending.

  • Note: I've been using the EveryDollar app for years. I don't pay for the paid version, because I'm just too frugal (and I have a husband that isn't afraid to keep me honest). Instead, I created my Saturday morning habit to catch up with expenses and adjust my budget.

Another note: It normally takes someone about three months to get the hang of budgeting and tracking. If you're just starting out, be prepared to feel frustrated. Instead of throwing in the towel, get back up, own your mistakes, and try again. Trust me, I've been there. It is tough, but worth it to keep trying.

Tracking your spending is a habit worth creating in your life. You'll start to learn where all your money is going each month and you can adjust your spending for the upcoming weeks. Your future self will be so happy that you started this habit. 💚

What are your money tracking habits? Share in the comments!