Step 1 of 12 to Financial Wellness: Tracking Your Spending
Managing your finances can feel overwhelming, but with a few simple strategies, you can gain clarity and take control of your spending. Here are some tips to help you get organized and make informed financial decisions. Check Your Statements Regularly Start by keeping a close eye on your monthly statements. Tracking your expenses helps you understand where your money is going and identify areas where you can cut back. Consider signing up for e-Statements to receive your statements securely and earlier, making it easier to stay on top of your finances. Categorize Your Expenses Organizing your expenses into categories can provide a reality check on your spending habits. For example, if you discover you’re spending $100 a month on takeout, that might inspire you to reconsider those choices and redirect that money toward paying off debt. A little awareness can go a long way! Create a Budget Once you’ve tracked and categorized your expenses, it’s time to create a budget. Thi