Do you track your monthly expenses? When life’s busy, it’s so easy for your finances to not be a priority (did someone say Netflix binge?!). But we’re here to remind you that it’s actually really important to set some time aside each month to audit your spending (sorry guys).
Even though you may have automated payments so you can ‘set and forget’ your bill payments, it’s still important that you track where your money is going.
Quite often, people become victims of credit card and account fraud without even knowing. Through ‘micro charges’, scammers take only a few dollars from your account, so it’s harder to notice and track over time. In 2010 a group of scammers stole just under 10 million dollars using this exact technique. There are still regular reports of micro charging to this day.
Alternatively, you could still be paying for that subscription you thought you cancelled – or the gym you haven’t attended for a few weeks*.
We understand that everyone works differently, so we encourage you to find a system that works for you. Below are a few tips that we have found to be successful in the past:
*or a few months.
Audit your statements
Whether it’s weekly, fortnightly or monthly, looking through your statements will help you identify your spending. Was your last auto payment more than the last? It also allows you to pick up on any unusual activity.
Categorise your spending
Most banking apps will allow you to categorise your spending. Using this feature allows to track where your money goes and ensure that you’re staying within your budget.
How much are you really spending at McDonalds?
Try out a budget app
These days many apps are designed for on-the-go money management, helping you allocate your spending based on your income and save you time.
Each month we send out our App of the Month. Click here to subscribe so you can stay up to date.
Tracking everything and auditing yourself, may mean you need to make adjustments. Be ready for change – we promise it’s not necessarily a bad thing!
Whether it’s business or personal, make sure you’re auditing your bills and tracking your spending. Ensuring that you set time aside to audit your finances will save you money and stress in the long run.
Plus, having more control over your spending just might mean that you’re able to save quicker. We promise you – it will be worth it.