Money Management 101: Watch Your Spending

Now that you have a budget down on paper, it is easy to see where your money goes.  It will now be easier for you to spot areas where you can economize to manage your household budget better.  You can rationalize your spending by going through your expense spreadsheets line by line and marking off expense items you can adjust.  You will find that these expenses would include your food, transportation, and entertainment costs.  Depending on how much you are spending for these items, you can devise a plan on how to reduce them to your target.

Take your coffee expense, for example.  Going for a tall cup of latte from your neighborhood coffee shop would set you back a couple of dollars to maybe around $5.  Add this up for 5 days of going out for coffee in a week and you have a monthly expense of anywhere from $40 to $100.  Try getting beans instead and brewing your own cup every day and you will save at least half of this amount.  Do the same pencil pushing for your other expenses as well and see how much you can come up with in savings.


  1. it will also do some help if you will be able to make your own monthly financial statement. In this way, you will be able to track down your previous expenses and how you are doing with your money, It will be alarming if your expenses will be greater than your income,
    Another tip, when you go out and shop, make sure you have a list with you and try as much as possible to bring only exact amount and leave your credit card and atm at home. In this way, you will not be tempted to buy anything which is not on the list. Good planning goes out with discipline.

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