Wow we are plowing trough 2016. It's hard to believe that January has already come and gone. Did your goals and resolutions go with it? It's not too late to reclaim the year.
For the next 28 days we will be walking hand and hand as we work to build better savings (and spending habits). If you want to sign up to get these posts via email for the next 28 Days you can!
If you're bringing home a steady paycheck, but you're finding yourself with more month than money, it's easy to ask: Where is my money going?
Let's look at some places where your budget might be leaking. SO let's unpack this together and not only look at the bigger picture but take control of it.
1. Look at your bank statement
Your bank statement is a black and white picture of your financial priorities. I know that might sound harsh, but it's a conversation I have had to have with myself lately.
If you're spending money at Burger King, buying a croissanwich every morning, but you're not putting any money in savings, clearly things are off balance.
Get online and print off the last three months of bank statements, go through it with a highlighter and highlight the non-essential. You don't have to cut them all out of your life, but it's a good starting point to see where waste is happening.
2. Keep a notebook
Carry a notepad in your pocket or purse. When you spend money, write it down. It is a nuisance, but it will show you where you're spending.
3. Spreadsheet like a nerd
I hate spreadsheets. I just hate them. I swear they give me hives. (Free spirit!) My husband loves them. He would marry a spreadsheet if given the opportunity. (Nerd!)
At the end of the day gather your receipts and put them in Excel or a Google Doc. At the end of the month when you tally the total you will get the idea of where you're wasting cash.
4. Freeze one thing
Maybe it's eating out, or renting movies or buying books for your Kindle (ahem!) find one thing to freeze for a whole month to see where you're overspending in an area. You might not think you're spending a lot in one area, but you would be surprised.
Your assignment: Print out your bank statement for the past month and find at least one area you're overspending. Commit to not spend money in that area for the next 28 days.