Let me introduce a simple tip to keep your expenses under control without getting into a tight spot: Track your expenses.
Every time you buy something – a gift, a latte or a mani/pedi –write down the item and the amount…at the time of purchase. Otherwise, the receipts pile up and it feels overwhelming.
Trust me, tracking isn’t just for those with limited resources. Tracking is a powerful consciousness-raising and potentially life-changing tool. It reveals much more than meets the eye shave and store.
To start, the numbers tell a story about your life. For example, if you look where you are are not expenses – for example doctor visits or new underwear –Do you see where you might be robbing yourself?
If you look at where you are Are expenditure, Do your purchases reflect your values, what is really important to you? Or are you trying to fill a hole in your soul that no amount of “stuff” will ever fill.
Furthermore, tracking has a ripple effect. There was a fascinating Australian study where participants wrote down every purchase, with surprising results.
Not only did their financial lives improve, but they also smoked and drank less, ate less junk food and even noticed they were more productive.
“While people strengthened their willpower muscles in one part of their lives — at the gym or a money management program — that power spilled over into what they ate or how hard they worked,” the study found. “Once the willpower became stronger, it hit everything.”
Tracking your expenses turns out to be a great gift to give yourself this holiday season.
I’m curious about your experiences with tracking your expenses. Tell me about it in the comments below.
#Awareness #Christmas #shopping