Where does all my money go?

Where does all my money go?

A question lots of people ask themselves is ‘Where does all my money go?’

The thing is, you have the power to find the answer. But you probably know that already.

There’s a reason that this blog, claiming to be about earning, saving and investing money, doesn’t yet have a post about tracking money. And that’s because it’s tedious and boring. Tedious to write about. Tedious to read about. Mostly, it’s tedious to do.

This is coming from a lover of spreadsheets. I love playing with the numbers, assigning my categories, changing assumptions to see how my savings balance will change, etc. But tracking where every payment goes so you can have confidence in your budget is tedious.

It’s a necessary evil if you want to take control of your spending and not be skint any more. And it will be so worthwhile when you can afford to take a holiday of a lifetime, you’re making you’re last ever mortgage payment, or when you’re simply getting to the end of the month with cash to spare.

However you choose to track your money, make it as simple for yourself as you can. It could be writing down every expense in a notebook, as a note stored in your phone, or in a beloved spreadsheet.

Or you could collect all your receipts together (and I mean ALL) for the month and add them all up, and go through every direct debit and standing order payment on your account.

When you know where your money is going, you can start making active decisions about where you want it to go and what your priorities are.

There is some good news; light at the end of a tunnel of tedium. The more you get a grip of where your money is going, the better you can take control of it. The better the control you have, the sooner you can stop fastidiously tracking your spending.

Are you ready to find out where all your money goes? If you’ve got any tips to make tracking expenses a little less dull (perhaps you use fluorescent gel pens to list your expenses) I’d love to hear them!

3 thoughts on “Where does all my money go?

  1. I am a lover of spreadsheets. I’ve created my own and I’ve become quite attached to them. We save all our receipts and bills in a basket and I record the expenses and pay bills at least once a week. Since I have a system in place, it doesn’t take much time. And I LOVE to see where our spending for the month is at each week!

    1. Snap! If my budget spreadsheet ever got corrupted, I’d be fuming. Sure, you can build them again, but it takes time to make them look like a work of art!

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