You’ve heard it over and over again from financial planners, “Track your spending!” Many of us blow off the advise—we may dread the thought, assume we know where our money goes, or feel “above” having to do so. But, recording our expenditures, for even a month, will allow us to become much more effective money managers.
The consumer credit counselors at Clearpoint Credit Counseling Solutions recommend that those wishing to control their spending start tracking immediately. They offer the following 10 ways to do so.
Are you spending within your income? Are your needs being met? Are you saving 10-20% of your income for retirement and savings? Are you setting aside money for your short- and long-term goals (buying a car, saving for a down payment, replacing your home heating system)?
If not, revise your spending plan. Clearpoint offers help on creating a budget.
Tracking is an essential money management tool and it’s simple.
If you’re having a tough time living on your income and paying off debt, a credit counselor from Clearpoint will help you create a household budget and evaluate the appropriateness of a debt management program.
Call 800.750.2227 (CCCS) to schedule a no-cost appointment.