3 Tips to Track your Finances
New to paying monthly rent, and not sure how to plan your budget accordingly? Keeping track of your expenses is a great way to ensure you’re on top of your finances. Nowadays, it’s easier than ever. Here are three ways to track your finances.
Take advantage of tech
Budgeting apps and software make it easier than ever to keep track of your financial situation. If you are new to budgeting and don’t know where to start, head to your phone’s app store and download Mint. All you need to do is log into your bank account and you’ll have a detailed overlook of your finances at your fingertips.
Also, be sure to download your bank’s app. This simply makes it easier to get a quick look at your checkings and savings accounts and stay on top of any credit card debt.
Create a detailed spreadsheet
If you don’t feel great about handing over your bank information over to a third-party application, you can create a spreadsheet for your personal use. Open up Microsoft Excel or Google Sheets and start building out a simple financial tracker. Or use one of the many free spreadsheet templates available to get your tracker set up quick and painlessly. The Balance put together a great list of templates for both Excel and Google Sheets, so be sure to check those out before building out your own.
Keep it old school
If using an app or a spreadsheet doesn’t suit your fancy, keep a notebook on hand. It may sound tedious and unnecessary, but writing down each of your transactions will give you a brutally honest look at where your money is going. You can create your own format of tracking finances or purchase a notebook specifically made for budgeting. Keeping track of finances manually can get messy, so it might be best to purchase a notebook specifically made for budgeting. Check out Brit+Co’s list for a few options.
With the many options out there for tracking money, it’s never been easier to get a strong hold on your financial situation. Whether it’s a do-it-all app or simple pen and paper, tracking finances is a valuable life skill and can easily be mastered.