For the month of October both myself and my #cdnmoney co-host are taking up the challenge put to us by Manulife. We are tracking our spending to see how much we can and do save. Its part of the challenge to take back our paycheques. So to know how well we do there are many ways to track our spending. There are many different ways to track spending from excel spreadsheets to the newest in apps to using a notebook and pen.
So lets look at all the ways to track your spending:
A notebook and pen
I did this one for years, it is a great way to track spending as you go, especially if you do not have a smartphone, of if you don’t want to be using data. Many others still fear private information getting out so this old fashion method still works and it useful.
Want a tip if you are going this old fashion route. Use duct tape and create a small pen holder and have a pen just for tracking that you keep attacked to the notebook. No more hunting for a pen.
There are lots of free spreadsheets you can use. When I first started budgeting I used an excel spreadsheet alot. My friend Kerry at Squawkox.com has a great free dowloadable budgeting spreadsheet. These are useful.
Apps are handy
I have been using Mint for almost 2 years now to track my spending. Having this app and the weekly emails have helped me to stay on track, in fact it is one I do recommend having for budgeting and the best thing about it, its free.
I just also downloaded Spending Tracker to use as I carry my smartphone with me everywhere I go. I will be using it during the challenge to track my spending, and with a conference, Thanksgiving and Halloween all happening the month of the challenge it will be so important to track that spending the instant it happens.
There are many methods for tracking your money, as long as you are you can do well, as you will see your habits, your pitfalls, and you can adjust where you need too.
For the #cdnmoney chat on Tuesday October 30th from 7-8pm EST my co-host @ChristaClips and I will be leading an conversation on Twitter on this very topic. Join us and let us know how you track your spending. Are you joining the #centsability challenge? If you are let me know. If you want to follow us on the challenge you will find us posting on Instagram and Twitter with the #centsability hashtag.