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One of the easiest ways to keep track of your expenses is to get a receipt for every transaction-no matter how small. Even if you only give new life to something for a few more months, that’s still money saved.Ĭheck out some awesome items you can upcycle here. Rather than buying something new and increasing your daily expenses, see how clever and resourceful you can be by using what you already have. MacGruber, Will Forte’s take on MacGyver, makes life-saving inventions out of household materials. If you’re successful, at the end of the challenge reward yourself with something inexpensive, or better yet free.
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See if you can spend at or under your daily spending limit for a week-or even a month. Make a game of tracking and cutting your expenses. Even better, make sure your cash is in large bills so you’re less inclined to break them. Calculate the maximum amount you can spend on daily expenses and stay in budget, and get it in cash. But what about your day-to-day spending? If you don’t want to track your spending to the cent, at least establish a stopping point. We like to come up with spending limits for our kids, and when holiday shopping and on vacation. Or at lease, take on a few side hustles for your splurges. If you determine, for instance, that a new pair of shoes will cost you a day of work you may consider curbing your spending. As you make purchases throughout the day, stop and determine how long it takes you to make enough money to cover the cost of each purchase. Shocked? Now let’s apply that to your finances. It takes 524 burpees to work off one large fries from McDonald’s. Seeing the balance rise is likely to help squelch the desire to spend more. Make it a habit to check online several times a week to check on what you’ve spent on your credit cards. Most people wait for their statement to come in at the end of the month, and only see their spending then. For instance, if an analysis shows that 40 percent of your daily spending goes to food-on-the-go, you know where to focus your budget cuts. When you see a lot of your money going into a certain type of expense, this gives you the information you need to make adjustments in that area. Watch for spending trendsīe an expense detective and analyze your spending to check for patterns. Sound new? It’s not– the Times reported on the service back in 2010. Seeing your expenses in real-time helps you make on-the-spot spending adjustments so you can keep your spending in line. Many banks offer text message service that allows you to text in a numerical message and immediately get a return text with a snapshot of your account balances and transactions. Read more about essential personal finance apps for entrepreneurs here.
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Look for an app that allows you to track every last penny that you spend throughout the course of the day such as Track Every Coin, Expensify and Cashbook Expense. Knowledge is power, and money management apps give you plenty of knowledge about your spending.