Desktop programs like Quicken and Microsoft Money were released decades before the first expense-tracking apps rolled out. Still, the realm of expense tracking has made huge strides after the first edition of Quicken was introduced into the market in 1983.
Today we have got Web and phone-based expense tracker apps that will help you achieve an entirely different degree of financial readiness. A weekly expense tracker is just the fix, whether you’re trying to make ends meet or you want to get a good grip on your finances.
There are several reasons why you need a weekly spending tracker. It’s never too late (or too early) to begin taking advantage of all the benefits it can bring, whether you’re still at school or already in retirement.
Avoiding Unnecessary Spending
Keeping tabs on your transactions with a weekly spending tracker might show some shocking figures. For instance, you might realize that you’re spending $20 a week on something that you can brew yourself at home. You may recognize that you do not need your Starbucks fix anymore.
Let’s say, every day at work, you buy a meal and drink from the vending machine, for a cost of $15 each week. If you bring food from home instead, that’s a huge chunk of savings right there.
You are also obliged to pay more of your bills while you are monitoring your expenditures. A high electricity bill could motivate you to turn off the lights, or a high water bill could ensure that you reduce those hour-long baths in half.
Creating a Useful Budget
It’s simple to plan for your mortgage, loan, or auto insurance while you’re putting together a budget since these figures usually remain the same each month. But how about eating out, traveling, shopping, grocery, gas? Such costs appear to vary every month or week, so you won’t just add in a random amount for these expenses.
In one week, you may have gone out more than usual or purchased more supplies when you have visitors over. Or perhaps you decided to buy some kid’s clothes, or you skipped the carpool and drove to work daily.
You need to monitor it for at least a few weeks to get an estimate to get a solid grip on your overall expenditure in every category. The budget that you ultimately build will be more helpful and precise once you have that.
Simplifying and Consolidating
Many of us live busy lifestyles, and while it may seem like yet another hassle to maintain a personal expense tracker, it can genuinely make your life simpler not only from a financial point of view.
You may discover that you have got multiple trips to the local supermarket in a week while tracking expenses. This may not only be a misuse of fuel, but it’s also a waste of valuable time, whether or not you’re driving there.
Recognizing this could encourage you to schedule a little more in advance for your grocery trips, saving both time and money in the end.
It’s worth noting that, with time, your financial objectives may change, and that’s all right. But let’s presume you’re meeting your target and paying off the credit card that doesn’t mean you should stop tracking your spending.
The above are sufficient reasons for you to use a weekly spending tracker— from helping you reduce unnecessary spending to making a useful budget. You need to consider what you spend and where you spend it, and that’s basically what an expense tracker does!