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Tracing Your Money
Admit it. Sometimes when you have enough money on your hands, you feel
that tomorrow might never come so you splurge on practically everything
you see in stores. Before you know it, your wallet is left with absolutely
nothing. You wonder where your money went, and how come you’re
already penniless despite having just received a bonus yesterday.
To avoid the stone-cold realization that you have no money and you’re
practically broke, follow these tips to learn how you can keep better
track of your money.
Keep a journal of your daily savings. Whenever you spend money, make
a note of it. List down all your expenses for the day, indicating how
much money you spent and what you bought, down to the last detail. Write
down your food and transportation expenses.
In this same journal, you should also list down any amount you earned
during the day. A friend may have paid off his debt, or you might have
received transportation allowance from work. Make sure that you monitor
all these details everyday.
Your bank account should have a passbook, which you can update every
once in a while so you will be able to see how much interest your money
is earning on a monthly basis.
Commit to saving a certain amount of money every month and deposit it
in your bank account. This way, your money is untouchable and there
would be very little chance of you taking it and buying something instead.
Spend only the money you have in your wallet.
Keep your records. Paying your monthly utility bills may be a completely
tedious chore, but they can truly help you know how much you spent in
one month, and also help you figure out how you can cut down on your
expenses. Organize your bills in folders and envelopes to keep them
all together.
Remember not to blow your money on things you don’t really need.
Don’t get things just because they’re the hot new fads,
or don’t buy something just because your friend has it. Simply
buy the things you really need and remember not to shop on impulse.
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