Tips for Saving and Tracking Spending

Managing your money appropriately is very important if you want to eventually have a sizeable amount of money in savings accounts,or simply have more money to spend on what is important to you.

In order to put away money, it is also very important that you learn to track your spending so that you can create a budget and know what money you can put into savings. Developing healthy long-term money habits is crucial before you can be successful with budgeting and saving. To learn more about saving money and tracking your spending, read the sections below.

Saving Money Daily

Oftentimes, you may think that it is only the big amounts of money that are placed into a savings account that can result in the most savings. While it is true that placing an amount such as $1,000 in your savings account at one time can certainly build up your savings fast, you should also understand just how beneficial it could be to save smaller amounts of money on a daily basis. It can be stressful to take $1,000 and put it away, especially since most households do not have the room in their budget to put that much money into savings at one time. This is where small daily savings can be so much more effective.

Think about the money you spend so easily on little things each day or week. Perhaps you are a coffee drinker and grab a freshly brewed cup each morning at a coffee shop. Or maybe you love eating out, and you generally eat most of your lunches and dinners at a restaurant or by grabbing take out. If you can reduce the amount of coffee shop cappuccinos you buy to just one or two a week or commit to packing your lunches and cooking at home even just a few days each week, you will end up saving a lot of money in the long run, which can then be placed in your savings account.

Sometimes it is the smallest changes that you make on a daily or weekly basis that can result in the biggest rewards and savings. If you can take time to sit down and analyze where your money is going and come up with a plan for making a few small changes here and there you can put yourself on a much healthier money-saving track.

Developing Healthy Long-Term Money Habits

One of the most important things you can do financially is to work on developing healthy and responsible money habits that you plan to use in the future. Once you do something often enough, it becomes a habit. If you make a habit out of making responsible financial decisions, you will be on a great track towards having more money available for what is important to you. Whether you are passionate about travelling, paying for your children’s education, buying a home or something else.

Some money-related habits are easier to develop and maintain than others, while some require more practice and time. One healthy long-term money habit is to always pay your bills first before spending money on anything else. Also, learning to use coupons or wait to purchase certain items until they are on sale can be another great money-saving habit. Another smart money habit is to always track your spending, which you can learn more about by reading the section below.

Ways to Track Spending

Tracking your spending is so important when it comes to being financially responsible. All too often, the little things that you purchase here and there are forgotten about because they seem insignificant, only they add up much faster than you may assume. As mentioned in the ‘Saving Money Daily’ section above, the little things that are purchased here and there can end up costing quite a lot of money in the long run. Therefore, it is very important that you track your spending.


Thankfully, there are so many effective ways to track the money you spend. While you can login to your bank account with your computer to look through your statements, you can also usually download an app for your bank as well. These mobile apps can show you what was spent during different periods of time, and some will even break down your spending into different categories such as food, utilities, entertainment and more. If your bank does not offer an app like that, or you prefer to track your spending other ways, there are many other methods out there that may work for you.

Budgeting with Cash

The tips listed above are all great if you are interested in saving money and learning how to track your spending more effectively. However, they can be difficult to navigate if you do not earn money in the conventional way. If you work a job where your primary income is paid in cash, saving and tracking spending habits can be much more difficult. This stems not only from the fact that having cash on hand generally leads to faster spending, but also from the reality that your income can change so drastically from one day to another.

However, there are many tips available to help you be more financially stable and better able to budget and save your money. One of these tips is to track each dollar that you earn every day. In order to know what money you have for your expenses and what money can be put aside into savings, you must know how much money you are earning. To do this, put the total amount of money you earned each day in a spreadsheet or even write it on a calendar, whatever works best for you. Then, after around 10 weeks you can find the average (add up all of the money and then divide that total by the number of days). Do this every 10 weeks in order to keep track of what your income is so you are better able to track and save your money responsibly.


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