“Feel Like You’re Earning Enough But Still Broke? How Tracking Your Spending Changes Everything”
- Ben Getley
- Jun 29
- 4 min read
In today’s fast-paced world, managing your finances can feel overwhelming. Many people find themselves at the end of the month wondering where their money went. Fear not! With the right money management tools and strategies, you can take control of your finances.
This video tutorial guides you on how to begin tracking your spending in 3 easy steps, allowing you to understand where your hard-earned money goes each month. This way, you can make informed and empowered decisions about your finances. Let’s begin.
Tracking Your Spending Is the Foundation to Taking Back Control of Your Money
Recognising your spending habits is crucial for overseeing your financial future. By monitoring your expenses and analysing your spending patterns, you can:
Determine where your money is actually being spent
Differentiate between necessary and discretionary expenses
Make deliberate decisions that support your financial objectives
This is not about limitation; it's about awareness and making informed choices.
What You’ll Be Doing
In this tutorial video, you will engage in a simple budgeting exercise that can be customised to fit your personal situation. You will monitor three types of monthly expenses, including:
Monthly Direct Debits – bills, subscriptions, rent/mortgage
Monthly Day-to-Day Spending – food, transport, coffees, etc.
Monthly Occasional Expenses – car repairs, birthdays, clothes, one-off spends
Step 1: List Your Monthly Budget (Summary Tab)
Open your spending tracker and navigate to the “Summary” tab.
Here, you’ll need to list your estimated budget for each category:
Direct Debits
Day-to-Day Spending
Occasional Expenses
Use your best guess or refer to a recent month’s bank statement for accuracy.
Tip: This is your starting point, not a final answer—so don’t fret over achieving perfection!
Step 2: Monitoring Your Expenses
Now that you’ve estimated your expenses, the next essential step is to track your spending in real time. This gives you a clear picture of where your money is actually going each month—often revealing patterns and habits you didn’t realise you had.
To begin choose a method that best fits your lifestyle such as;
Use a budgeting and expense tracking app
Download your bank statements manually and review your transactions
Open your spreadsheet and go to each monthly tab to enter your actual spending for each category
The goal is not to restrict you, but to increase awareness—so you can make smarter, more intentional choices with your money.
Hint: Be as honest and accurate as you can—this is for your benefit, not to impress anyone!
Step 3: Analyse Your Spending
Analysing your spending will provide you clarity on what adjustments you may need to make in your financial journey. Look for patterns and identify any areas where you consistently go over budget, as these will be key areas for improvement.
Return to the “Summary” tab to compare your budget with your actual spending.
• Black numbers = you stayed within budget ✅
• Red numbers = you went over budget 🚨
Ask yourself:
• Where did I overspend?
• Where did I do well?
• What does this tell me about my habits?
• What small change could I try next month?
Reflection: Awareness is power. You’re not judging yourself—you’re gathering information.
Making Adjustments
After analysing your data, it’s essential to make necessary adjustments. If you find that your essential expenses (like rent and bills) are eating too much of your income, consider alternatives.
For instance, can you find a less expensive housing option? Or, is there a subscription you can cancel? How can you earn more?
Moreover, if you notice that your “Day-to-Day Spending” is frequently going over budget, think about where you can cut back. Perhaps bringing lunch to work instead of eating out could save you a significant amount over weeks and months.
Creating Financial Goals
Once you’ve analysed your spending habits and made adjustments, it’s time to create specific financial goals. Identify your short-term and long-term goals.
Short-term goals could be something like saving for a holiday, while long-term goals might include saving for retirement or a down payment on a house. By aligning your spending with your goals, you'll not only feel more in control of your finances but also more empowered in your choices.
Other Tools and Resources
While tracking your spending is great, don’t forget about other resources that can help you on your financial journey. Consider exploring financial podcasts, blogs, and books. It could also be worthwhile to connect with a financial advisor for personalised advice.
Leveraging multiple resources enables you to get a comprehensive view of your financial health and makes reaching your goals that much more feasible.
Conclusion
Understanding your spending habits is the first step on your path to financial freedom. By diligently using your budget tracker, implementing changes based on your findings, and creating actionable financial goals, you set the stage for a brighter financial future.
Remember, spending less than you earn is not just a goal—it’s a lifestyle. The journey begins with awareness and choice, so take the reins today, and watch as you pave your way towards financial empowerment.
So go ahead, empower yourself, and tread your path to financial freedom confidently!
Take Your First Step Towards Financial Freedom Today!
And If you're ready to take control of your finances, don't hesitate to reach out! Contact me today to get your personalised tracker and start your journey towards better financial management.
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