Step 2. Track Your Spending

19 Jan

credit card debt under the microscope

The second Step in our “Get Debt Free” series is simple. It’s time to track your spending.

I want you to get in the habit of getting a receipt for every single purchase you make – even the ones you don’t think you need.

To remind yourself, I suggest you put a post it note or small piece of paper in your wallet or purse with a reminder on it – GET A RECEIPT. If you can’t get a receipt for some reason, like you’ve purchased a drink from a vending machine – make yourself a receipt.

Every evening put all your receipts in a shoebox, drawer or envelope until you have the month’s worth.

This is really important. I want you to physically get the receipts as I’m sure that you spend money on things you don’t even realise, and while they may be only using small change, over the course of a month you’ll see them add up. You need to see them add up.

Related posts:

  1. Step 1: Get Your Financial Documents In Order!
  2. Step 3: Cut Your Expenses
  3. If I don’t open the credit card statements
  4. Grocery Budget Challenge: Week 4 Results

2 Responses to “Step 2. Track Your Spending”

  1. Allan 19. Jan, 2010 at 2:17 pm #

    I highly recommend this. You will be amazed at how much you are spending (wasting) on “little” things

    Reply
  2. Andrew 19. Jan, 2010 at 8:08 pm #

    If you are an ANZ customer, they have a great little tool which is free called ANZ Money Manager which tracks all your transactions and will present them in a easy to understand graph and report.

    You can check it out at https://www.anzmoneymanager.com/

    Reply

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