Whether you run a business or you just want to keep better track of where your money is going every month, keeping track of your finances is so important. The problem is that many people start off with a commitment to keep track of their spending but they gradually lose this discipline over time.
Well, in this blog, we will cover four different methods of tracking your finances to see if any suit you. When running a business, you may want to develop your financial skills with an online accounting MBA as this can give you an entrepreneurial edge. You may have tried one of these before, in which case it might be time to try one of the other methods so that you enjoy more success.
If you are an Excel expert then keeping track of your finances on a spreadsheet may be the right option for you. Even if you are not too well-versed in this method, there are plenty of pre-made templates there to help you out. On the positive side of things, you have all your finances displayed on one page which gives you a great overview of everything. This way, you can easily see what you are spending and what you can potentially cut back on. However, you do have to remember to manually input the figures on a regular basis.
Some people think that the handwritten approach works best for them, particularly if they are not the most computer literate people in the world. You can also always carry your budget around with you in notebook form or just on a piece of paper. The act of writing everything down physically really does imprint every expense in your mind, but the obvious disadvantage is that this is a laborious process which can feel outdated in the digital age.
Online Budget Tracker
There are plenty of online budget tracker apps out there like Mint, allowing you to connect all your cards up with the service so you can let it keep track of your spending. You can place all your outgoings into categories so you can tell where your money is going every month. Though this is a very convenient option, it does remove you from the budgeting process somewhat so you don’t really notice where your money is going so much.