As a busy mom, keeping track of your family’s finances can be a daunting task – with so many things going on at home, it’s easy to forget about keeping track of where money is going!
But, knowing exactly how much you’re spending and where you’re spending it is crucial for maintaining good financial health, and preventing things like debt and overspending.
Plus, budgeting is so much easier if you know exactly how much you spend every month in each category!
Thankfully, there are several simple ways to effectively track your spending, and in this short and sweet little blog post, I’ll share some of them with you!
Let’s get to it!
1. Keep a record of your expenses
To effectively track your spending, you need to know where your money is going!!
A good way to do this is to keep a record of all your expenses – this could be as simple as jotting down expenses in a notebook, or using a budgeting app. Each month, take some time to go through your expenses, categorize them, and review them to see where you can cut down or make adjustments.
I use this spreadsheet from Beginner Bookkeeping. It’s actually designed for a business, but if you are a little tech-savvy, you can easily adapt it for your household. I like it because I use it as my checkbook register, and then it automatically tracks my expenses in the right categories for me.
Then I use that for my budget. 😉
2. Set a budget
Speaking of budgets!
Another excellent way to stay on top of your spending is to set a budget.
This could be a weekly or monthly budget, depending on what works best for you. Having a budget will help you stay focused, keep your spending under control, and ensure you’re not overspending in any particular category.
I use The Savvy Mama’s Budgeting Binder. They have both, a digital budget planner and a printable budget, and I use both.
Remember to make adjustments to your budget as necessary, and be sure to stick to it as closely as possible.
3. Choose payment methods with tracking features
If possible, choose payment methods like credit and debit cards that have tracking features.
This will allow you to keep track of your spending in real-time, and make it easier to categorize and analyze expenses. You can also take advantage of other tracking features that these payment methods offer, such as alerts for when you’re close to or have exceeded your budget.
I use Wells Fargo, and while it works, I find it’s not always accurate. So I prefer to do my own tracking.
4. Involve the whole family
Involving the whole family in tracking spending is a great way to get everyone on board with good financial habits. Encourage your kids to save and keep track of their own expenses, and make it a habit to talk about money regularly as a family.
5. Use financial planning tools
There are plenty of great financial planning tools that can help make tracking your spending much more manageable. Tools like Mint and Personal Capital are easy to use and can provide invaluable insight into your spending habits, as well as offer recommendations for areas where you could save more money.
I’ve actually tried money apps – even Mint. But I’m still more of a paper and pencil kind of girl! If you find a money app that you really like, leave it in the comments below! I’d love to find one that works for me. 🙂
Tracking your spending is an essential part of managing your financial health. As a busy mom, it can be daunting to keep track of everything, but by using simple methods like keeping a record of expenses, setting a budget, choosing payment methods with tracking features, involving the whole family, and using financial planning tools, you’ll be well on your way to effectively tracking your spending!!
Remember, the key is to find what works for you and stick with it consistently. Good luck momma!
