Of course, you'll have one-time expenses in some months that won’t regularly reappear, like emergency car repairs. Review your spending and your budget periodically to reveal trends you may not otherwise notice. Keeping track of your money should be an ongoing event as circumstances change. Even if you determined where your money went in August, the picture may have shifted come November. Instead, specify a percentage of your income to contribute to long-term goals and put money toward them at a regularly scheduled time each month.

Don’t throw money toward savings only when you think you can afford to - it's difficult to keep track of how much you’re saving that way, particularly if you also make withdrawals from your savings account. Set a goal, and take satisfaction as you move closer and closer toward it. Is there a category just for savings in your budget? Whether you’re trying to put together a retirement cushion or stash six months’ living expenses in case of an emergency, it's important to accumulate some savings. The result should give you a pretty good idea of where all of your money goes each month and why you may be coming up short if the total is more than you earn. Add everything up, including what you’ve earmarked for those “extras” (take a peek at your saved receipts for an accurate estimation). Then determine where the rest of your income is going: rent or mortgage, utilities, groceries, car payments and insurance premiums - all those must-pay expenses. The next step is to allocate a place in your budget for that additional spending. You might be surprised how quickly they add up. The important thing is to identify the amounts you're spending that are not accounted for anywhere else in your budget. Or, make it a point to consistently use your debit card for these purchases so the bank will effectively keep a transaction record for you. That way, you’ll have them all in one place to refer back to at your convenience. This doesn’t mean keeping a paper trail - with the Quicken mobile app, you can take a snap of your receipts and upload the photos using your phone or tablet. It's easy to get a handle on this “extra” spending by saving your receipts and storing them in a designated location at the end of the day. Those small daily expenses aren't always factored into the budget: coffee on the road or lunch out with coworkers. Find Out What You’re Spending on Little Things A few tips and simple practices can help you keep track of your money and tidy up your finances.ġ.

Good news is, finding out doesn’t have to be difficult. These statistics might reflect a shortage of earnings to some extent, but they also may indicate that we’re just not tracking where our money goes. If you find you're living paycheck-to-paycheck, you're clearly not the only one. Forbes magazine made a splash in 2016 when it reported that 63 percent of Americans have less than $500 in savings.

Keeping track of daily expenses