Income and expense tracking-good strategy to a good budgeting

[Starmix]

Income and expense tracking may take us time but if we are always doing this as an essential task of our lives, then we will surely live in financial freedom. What to do, peep a log of your income and expenses to get a better sense of where your money comes from, where it goes, and your patterns in handling your finances. You may use a notebook if you are not facing with your computer. You can do it manually, what is important is, that you have to start doing this and see how it works in a month. Be thorough when you track and be consistent. For income, list not only your earned income but also your bonuses and incentives received at work. Once you’ve created your budget, track your income and expenses to ensure you’re working toward your financial goals and staying within the bounds of your budget. It does not take hours to do this daily, Let us be sensitive because the prices of commodities never go down. We need an effective budgeting technique.

 

[freelancermaria]

Yes, keeping track of your income and expenses can help you achieve financial freedom. I normally write down my spending on a notepad to see where I can cut back.

 

[Xtynehappy]

I totally agree with you on that. The most important thing for the wisely money spending is to control on the earnings and expenditure that means you should spend low than the earnings.

 

[Starmix]

You're so right, we have to spend our money wisely. Let's avoid buying things that may hurt our savings program. As much as possible do tracking on the expenses to hint the limit.

 

[eLdavis]

Keeping track of your income helps you manage how you spend and also makes it easier for you to save something as well.

 

[Starmix]

It is very necessary to keep a track record of our expenses if they match with our income or drop daily or weekly. We can also diagnose the factors that lead to the dropping of sales.