Take Control of Your Finances: Tracking Your Spending Made Easy
- Ben Getley
- Jun 29, 2025
- 4 min read
Updated: 4 days ago
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. By doing so, you can 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 of Financial Control
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.
The Importance of Tracking Your Spending
Understanding your spending habits is the first step toward financial freedom. Creating awareness allows you to make better decisions. When you track your spending, you empower yourself to see the bigger picture.
You may notice areas where you overspend, or perhaps find opportunities for savings. This insight is essential for building a secure financial future.
What You’ll Be Doing
In this tutorial video, you will complete 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, and more.
Monthly Occasional Expenses: car repairs, birthdays, clothes, and one-off spends.
By understanding these categories, you can take control of your finances effectively.
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. You may discover patterns and habits you didn’t realise you had.
To begin, choose a method that best fits your lifestyle. Options include:
Using a budgeting and expense tracking app.
Downloading your bank statements manually and reviewing your transactions.
Opening your spreadsheet and entering your actual spending for each category.
The goal is not to restrict you, but to increase awareness. This allows you to 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 provides clarity on what adjustments you may need to make in your financial journey. Look for patterns and identify areas where you consistently overspend. These are 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?
Making Adjustments
After analysing your data, it’s essential to make necessary adjustments. If your essential expenses are eating too much of your income, look for alternatives.
For instance, consider finding a less expensive housing option. Is there a subscription you can cancel? How can you earn more?
If you notice your “Day-to-Day Spending” is frequently over budget, think about areas to cut back. Perhaps bringing lunch to work instead of eating out could save you a significant amount over time.
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 involve saving for a holiday, while long-term goals may include saving for retirement or a down payment on a house. Aligning your spending with these goals will help you feel more in control of your finances and more empowered in your choices.
Other Tools and Resources
While tracking your spending is great, don’t forget about other resources that can assist you on your financial journey. Explore financial podcasts, blogs, and books for insights. Connecting with a financial advisor can also provide personalised advice.
Leveraging multiple resources gives you a comprehensive view of your financial health. This approach makes reaching your goals more feasible and effective.
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!
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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