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It’s not important to follow up your spending and savings in detail, but as long as you do, you can improve your financial situation. There is an old adage in management theory: only after measurement can we complete the task, and only after measurement and report summary can we better complete the task.
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By carefully tracking your spending, you can know how you spend your money and make strategic adjustments. Consider the following suggestions:
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1. You can’t use the credit card list to understand the expenses. It is wise to check the list of credit cards sent. There are many reasons, including whether it is a fraud. But it cannot replace the method of carefully tracking your expenses by category. Just looking at the credit card list, you don’t know how much you spent on eating out and doing things you like; Even if the credit card list can distinguish the expenditure of the restaurant from that of the grocery store, it does not reflect how much you spent on buying a new car, buying bags in the department store, or buying children’s clothes in Wal Mart.
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2. It’s easy for us to spend money indiscriminately. Since most of our monthly expenses are decisions of the month, it is important to track down the expenses. We make hundreds of purchase decisions every month. Without tracing expenses, we cannot actually know whether there is any extra spending in a certain category, especially in the most flexible categories such as entertainment and eating out.
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3. Income and expenditure are calculated separately. This problem is complicated for families, because several people are spending money and making money at the same time. How can we know the expenses of the other half without tracing the whereabouts of the money and understanding each other’s expenses?
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4. Real time audit is better than regular audit. The more detailed the expenses, the better. It is better to update the accounts every day, so that the expenses of the next day can be arranged according to the expenses of the previous day. Even checking the accounts once a month is better than not, because you can know where you spent more money last month, and you can control your spending next month.
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5. Technology brings convenience. In the electronic world, others can always find out a lot about your spending, so it is easier to find out your own. Mint. Com 7 provides online software to check your spending in real time without paying. You can also customize reports and planning tools to make everything simple and convenient. Quicken also provides software that can be downloaded for a fee. Its functions are more powerful. It can download data from the Internet in real time to help you track the whereabouts of your money.
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6. Budgeting starts with tracing the whereabouts of the money. Even if you have never made a formal budget and carefully check the accounts regularly, you can start to adjust your spending and move towards long-term goals. Finally, find out where the money goes, you can control your spending, have the effect of budgeting, and strengthen your ability to use your money to achieve your wishes.
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It is easier to spend than to save. To save more and spend less, tracking expenses is a powerful way to control the financial situation. Using modern technology can help you master your financial situation in just a few hours each month without any effort or money.
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