Tracking Monthly Expenses – Personal Budgeting

Budget Board

Tracking your Expenses

Tracking your expenses is the ideal way to see where you are spending your money. Working to pay off your debt, this is an essential part of seeing where the money trail ends up.

This is where you will start keeping track of all your receipts and writing down what you are spending. Use a notepad or setup a spreadsheet, use an app. Just as long as it is something that you will use regularly

Understand your spending habits

Getting to understand your spending habits can highlight any problem areas you need to target.

See our expenses and income worksheet to help you get started. Typically over the course of a month, you can get a good idea of your spending. You can also review your past bank/credit card statements and review a bit more in-depth that way.

Tracking Monthly Expenses Template

For our PDF income and expenses worksheet, we tried to cover all the main areas. You may need to make some modifications based on your personal situation. Another option to help with your tracking is to categorize your spending based on the stores that you frequent. This can still be a viable way to see how/where you are spending your money. The main goal here is to be able to properly track your spending.

The main sections from our PDF are:

  • Fixed Monthly Expenses – ‘same amount’ of expenses you see each month.
  • Variable Monthly Expenses – average monthly cost of expenses that differ from month to month.
  • Infrequent Expenses – average monthly costs of items that typically only occur once or twice a year.

Start tracking your expenses now! Devise a system that will work for you, track the proper categories so you can know where your money is going so you can work towards getting back on budget.

 

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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