Expense tracking
Training 135 minutesexpense tracking
You are 34 and work in IT support for $2,900 a month. No big purchases, yet money still runs short. You decide to record every expense for 30 days.
Training goal: Find out where the money really goes
▶ Play this trainingSituation
1. How do you track without quitting after a week?
- Log it nightly in 2 minutes from the statement
- Keep all receipts, sort them at month end
- Run a detailed 35-category spreadsheet
2. Morning coffee is $4, sometimes in cash. Should small things like this be logged?
- No, it is pocket change
- Only if over $20
- Yes, cash included
3. The month is over. The biggest surprise: $380 on food delivery across 19 orders.
- Delete the app forever
- A $150 monthly cap and 3 dinners in the freezer
- Change nothing, knowing is enough
4. Month two. You keep logging, but only look at the numbers at month end.
- Once at month end is enough
- Stop logging, the picture is clear now
- Check categories against limits every Sunday
What you will learn
- 2 minutes a day beats a big spreadsheet once a month
- Small frequent spends often make up 15 to 20% of a budget
- Tracking pays off when it changes decisions
Your real-life step
Tonight, write down everything you spent today, cash included. Repeat for 7 days in a row.
Questions and answers
How do I track my expenses?
Log spending daily or from your statement, sort it into 8 to 10 categories and compare with your plan weekly.
Why should I track my spending?
People usually underestimate spending by 20 to 40%. Tracking reveals leaks and gives real numbers for a budget.
What expense categories should I use?
Housing, groceries, eating out, transport, phone and subscriptions, health, clothing, fun, debt and savings.
More trainings in this module
- How to make a budget
- The 50/30/20 rule
- Envelope budgeting
- Zero-based budget
- Family budget
- Irregular income budget
Numbers are illustrative. A game, not financial advice.