I first started really keeping track of my daily spending in December 2015. Since then, I’ve tried a few different ways to track, and honestly I’m still not sure if I found the way that’s right for me. But I am learning all along the way, so that’s something. And I’ve decided to share some of my experiences here so maybe you can avoid some of the things that didn’t work for me.
First, I created a budget listing expenses by category. Then, throughout the month, I would list every purchase amount made and also color-code them by category. I would input those amounts into a formula to be balanced within the budget. It looked something like this:
Note: all amounts are made-up.
It was very colorful and the color-codes allowed me to see where my money went, but it was also very labor-intensive and didn’t really help me at all when I was at the check-out counter. I would spend first, think later. So it was a lot of work and didn’t help me stick to my budget. I needed to try something else.
Next, I tried to simplify things a bit. Instead of keeping a running list of every purchase I made, I just added the amount spent into the “spent” section of a slightly different budget set-up I created.
The design was a lot simpler and thus easier to use. I did need to make sure I was keeping track of purchases as they happened because they weren’t detailed in the spreadsheet so it was harder to figure out what amount corresponded to what purchase receipt. It helped a little bit more with deterring spending — I’m not sure why. Maybe because I had to keep track more often? Maybe because after a year I was just naturally being a bit more mindful? Still, keeping track of what purchase was affecting which category was hard to do at the check-out counter.
In the past few weeks, I’ve decided to try yet another strategy. This one incorporates the budget spreadsheet with the calendar in my bullet journal. I use yet another reincarnation of my budget to determine a weekly spending amount (ideally in cash), then write that amount on the Sunday block of a new week. Then, throughout the week, I subtract the dollar amount I spend each day, hopefully not straying past $0 by the end of the week. If I do stray past $0 during the week, I subtract that deficit from the next week on Sunday.
The new budget:
And the calendar… it’s quite messy, but it looks like this:
Maybe you can tell that I am already really far beyond this month. I did buy a new computer, though. My hope, however, is that I will be able to amass many more highlighter-green days, a.k.a. no-spend days, to make up the deficit by the end of the month. Seeing that negative number everyday is a motivator, but I’ve still yet to find out if it is motivating enough. The highlighter-green days are inspiring — they are my goal.
So if you are looking for ways to track your spending, maybe some of this will help. I’m sure there are tons of options to look at online. And don’t be afraid to play around with different strategies to find out what works best for you. And remember, what worked best for you last year, might not be the best anymore — don’t be afraid to change it up and keep it fresh. As long as you’re trying to keep track of spending (i.e. keeping what’s going out less than what’s coming in), I believe you are on the right path to some financial comfort.