It’s critical to keep track of your finances, so we’ve put together this handy bundle of Free Printable Expense Trackers to assist you! This set of printable trackers will undoubtedly assist you in keeping track of your spending!
WHAT IS AN EXPENSE TRACKER?
Expense trackers, also known as expense managers or money managers, can be done using software, applications, or the good old-fashioned pen and paper method. Its main goal, regardless of its form, is to keep an accurate record of your money inflow and outflow.
Many people live on a fixed income and are often surprised that they no longer have enough money for their needs. This situation is often the result of poor money management skills rather than a low salary.
Poor money management can lead to overspending without your knowledge, which has been shown to be disastrous in a variety of ways. A handy expense tracker can help you keep track of how much you’ve spent and where you’ve spent it.
This is an excellent method for gaining a clear picture of where your money is going. This will not only show you where your money went, but it is also one of the most effective ways to keep your expenses under control and bring some order to your finances.
WHY DO YOU NEED TO TRACK EXPENSES?
Expense trackers may appear tedious and inconvenient at first because you must log everything every time you purchase something, but they are an excellent way to educate yourself on how and where you spend your money. It is an important step toward gaining financial control. Tracking your spending may reveal habits you can change to save more money.
Aside from that, tracking your expenses aids in the creation of an accurate budget. Setting up a budget and tracking your expenses may surprise you greatly, as what you expected to spend on a specific category and what you actually spend are two different amounts!
WAYS TO TRACK YOUR EXPENSES
- Budgeting Applications
Budgeting apps have grown in popularity in recent years, especially now that technology is advancing and almost everything can be done on your phone. This is one of the most popular ways to track expenses because it is the most convenient, given that we have our phones with us most of the time, if not all of the time. This simplifies the process of logging everything in.
All you have to do with the budgeting application method is download a budgeting application that works well for you. Create an account, log it into your phone, and then begin tracking your expenses as soon as they appear in your bank account. The disadvantage here is that some excellent budgeting applications require a subscription fee. So choose wisely, ensuring that it is assisting you in saving money rather than ripping you off.
Many people are familiar with spreadsheets, particularly for business tracking or sometimes automatic computations, but the power of a spreadsheet can extend far beyond that. Many people seemed to be spreadsheet anatics, and we can’t blame them. With tons of templates, the ability to customize your budget, and the convenience of having the math done for you on the screen, it’s difficult not to fall in love with spreadsheets.
One of its disadvantages is that not everyone is familiar with how to use it, so if you choose this one and are unfamiliar with it, you may fail. Another issue is that it is inconvenient to log in your expenses because you will need to open your computer every time you want to log in your expenses.
- Pencil and Paper
Of course, we can’t forget about the good old-fashioned pen and paper! When it comes to important things like expenses, many people still prefer to use pen and paper. It is, after all, one of the most convenient and simple methods available, and there is no need to learn a specific software or pay a subscription fee to make the most of it.
Furthermore, physically writing things down requires an active brain, which, as studies show, is extremely beneficial when dealing with money. Although many people may misplace such important pieces of paper or mistake it for trash, so to avoid this, make sure that your paper truly resembles a tracker. Don’t know how? Come take a look at these!
FREE PRINTABLE EXPENSE TRACKERS
More Expense Trackers
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