Ways to Track Budget

Let’s face it.  Money is tight, the economy is slowing down and will continue that way for quite some time and the value of our currency is eroding.  We have to be rather careful with every penny we spend.  It would be a wise step to establish a budget, stick to it and become financially independent.

If you follow a budget correctly and become prudent, the terms credit card, debt, paycheck-to-paycheck and and poor will become foreign to you.

Of course, if you are not used to keeping track of your money through a budget, it can be quite difficult to achieve your financial goals.  Here are some tips to follow to ensure that you complete your fiscal target(s).


So, you have completed your budget after rigorous effort.  Perfect.  But have you kept track of your budget to make certain that you are sticking to your budget?

It is imperative that you track your budget on a consistent basis.  It all really depends on what kind of budget you are maintaining. In a perfect world, it’s best to have a minor weekly budget, heavy monthly budget and an intense annual budget.

If you’re creating a monthly budget, glance at it once a week and then thoroughly conclude on the final day of the month if you have successfully completed your objectives.

Remember, if you do not track your budget on a regular basis, it could become easy to lose sight of your finances, spending habits, income, savings and outstanding debts.

Spending Notes

One method to measure how much you spend is to have a small book with you at all times.  Every time you spend a dollar, write that dollar down with a note beside that amount of what you purchased.

For example, if you bought a cup of coffee and it cost $1.25, write that down.  If you went to the movies with your family, note the price of the tickets and food (if applicable).

At the end of the month, it will be easier to calculate the total cost of your minor purchases.

Limit Spending

A no-brainer, right?  Well, for many individuals this is quite difficult.  However, if you are determined to live a life of economic cautiousness, you should limit your spending to an absolute minimum.

If you’re the type of person who eats at the local McDonald’s a lot or buys beer every weekend, try to cut the amount of times you do this.

For example, if you feel the need of eating a burger, buy meat, find a recipe and make them at home.  If you must have a beer, try to find cheaper brands or locate an alternative (I.E. juice, club soda, water).

In your budget, have a goal of miscellaneous non-essential spending and try to meet it at all costs.  You will feel a sense of pride at the end of each month.  It’s better to live within your means than beyond.