• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Financial Wellness

You are here: Home / Budgeting / Personal Budgeting and Tips for Tracking Your Expenses

Personal Budgeting and Tips for Tracking Your Expenses

Personal Budgeting | Tips for Tracking Your Expenses

October 16, 2017 by Katie Bentley

Personal budgeting can be a hard task, especially for those who hate budgeting.

However, no matter how challenging, everyone needs to learn how to budget.

After all, personal budgeting will help you get further on your path to personal wealth.

In addition, practicing personal budgeting early on can benefit you long-term.

With this in mind, below are some personal budgeting tips to keep your finances in tip-top shape.

Personal Budgeting: Path To Financial Wellness

1. Track Your Spending


The foremost step in personal budgeting is, of course, tracking every penny you spend.

In personal budgeting, it’s important to know where the cash goes.

You can use several spending tracking tools to simplify the process.

Whether you want to use a notebook, a spreadsheet, or an expense tracking app on your cell phone, just find what works for you.

In knowing where your money goes, you may be able to set a budget for each expense group.

RELATED: Top Personal Finance Apps

2. Categorize your Expenses

Categorize your Expenses | PERSONAL BUDGETING: TIPS FOR TRACKING YOUR EXPENSES
After knowing where your cash flows, the next thing to do is set-up your budget according to your expenses.

You should segregate your budget into 3 categories: essential, non-essential, and other recurring expenses.

Essential expenditures are expenses such as food and clothing.

Non-essential expenses are things like movies and travel.

Lastly, other recurring expenses are things like your housing and utility bills.

Categorizing your expenses makes it easy to set-up your budget.

3. Swipe It

Swipe It | PERSONAL BUDGETING: TIPS FOR TRACKING YOUR EXPENSES
Another way of tracking your expenses is by controlled use of your credit card.

When you want to know what you have spent in a month, you can easily have the information on hand.

Rewards you earn using your credit card can also add to your budget without spending cash.

If you don’t trust yourself to use a credit card, you can always use your debit card or a prepaid card.

That way, you can also spend without worrying about fees.

4. Save First

Essentially Save | PERSONAL BUDGETING: TIPS FOR TRACKING YOUR EXPENSES
Personal budgeting primarily requires lowering your expenses.

In order to achieve this, it is advisable to save first rather than save after expenses.

This strategy strengthens your savings capability by ensuring you always put money aside.

Once you’ve deposited your saving, you can use the rest of the funds.

This way, you can spend the rest of your budget without worrying about burning through your savings money before the month is up.

5. Solve Your Debt

Solve Your Debt | PERSONAL BUDGETING: TIPS FOR TRACKING YOUR EXPENSES
Personal debt will almost always ruin your personal budgeting and savings.

Without trying to resolve your debt, any effort on your part to save and budget will be in vain.

Debt disrupts plans to save, because you have to make room for this drain on your finances.

The sooner you figure out your credit with your creditors, the sooner you’ll be able to take command of your expenses.

See the video below for some tips on how to stay on a budget this holiday season.

Managing your expenses through personal budgeting can sometimes be a daunting task.

However, taking control of your expenses through budgeting can help you save more money.

It just takes a little effort to subdivide your expenses and do away with miscellaneous spending.

Once you’ve done that, you can watch your savings grow!

Do you have other personal budgeting tips to share? Let us know your thoughts in the comments below!

Up Next: Simple Household Budget Templates & Apps To Help You Save Big

Filed Under: Budgeting

Previous article: Financial Planner: How To Find One Suitable for Your Needs
Next Post: Home Loans for People with Bad Credit: Securing Your Dream Homes Even In Debt

Primary Sidebar

Follow Us







RECENT ARTICLES

  • What is Chapter 11 Bankruptcy and How it May Protect BusinessesWhat is Chapter 11 Bankruptcy and How May It Protect Businesses?
    Chapter 11 bankruptcy isn’t uncommon, yet many fail to see its purpose. Most people have heard of Chapter 11 vs Chapter 7 liquidation, or even [...]
  • Personal Loans After Bankruptcy Discharge: Is This Possible?Personal Loans After Bankruptcy Discharge: Is This Possible?
    Applying for personal loans after a bankruptcy discharge? Getting approved may not be easy, but it still is possible. It will definitely require [...]
  • How to Stop A Student Loan Wage GarnishmentHow to Stop A Student Loan Wage Garnishment
    Student loan wage garnishment is the last thing you want to experience while paying student debts. Monthly wage deductions could ruin your spending [...]
  • Don’t Miss These Posts On Financial Wellness..
    Here’s what happened on Financial Wellness 1. How to Start Investing in Stocks Even With Debt If you’re in debt, then you might be afraid [...]
  • Credit Repair Credit Cards: Learn to Rebuild Your CreditCredit Repair Credit Cards: Learn to Rebuild Your Credit
    Trashing your credit score is so much easier than building a solid credit rating. It’s no wonder so many people seek out credit repair credit [...]
Instagram did not return a 200.

Connect With Us On Instagram!

Footer

Financial Wellness

© 2021
FinancialWellness.org
All rights reserved

  • Privacy Policy
  • Terms and Conditions
  • Contact Us

This Copyrighted Material may not be republished without express permission. The information presented here is for general educational purposes only. Material Connection Disclosure: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to/from this page and may receive commissions from purchases you make on subsequent websites. You should not rely solely on information contained on this page to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.

FOLLOW US

  • Facebook
  • Twitter
  • Instagram