KEEPING TRACK OF YOUR MONEY

1.       WRITE IT DOWN.
Always have a little notebook on your bag to record all your savings and expenses. Most of us have troubles for the things that we forget to register. Keep this little notebook with you wherever you go and jot down all your transactions every day.  This is just a little chore that can be done while you are in a supermarket waiting in line or inside a taxi cab on your way home. Or you can even do it in front of the computer every night and record your day’s savings and spending.

2.       ROUND IT OFF
When you shop in a department store using your credit card or ATM card, try rounding off when doing your record, say you shop for 2,316. Record your spending as 2,400. You’ll be off when you reconcile with your bank statement. Some people do it the other way around like depositing an amount of 5,000 but recording only 4,500 on their little notebook and live their lives on the 4,500 and forgetting the hidden 500. This method of hiding can save you on spending more.

3.       USE WHAT WORKS FOR YOU.
There are actually a lot of methods for keeping track of your monthly finances with or without this little notebook or your checkbook. Just decide what’s best for your skills and interests. Some uses labeled envelopes for utility bills, savings, food, etc. when they get their salary, they segregate their money on these envelopes. Others prefer the more traditional checkbook/bankbook method like “deposits, withdrawal, and balance”