Up until quite recently, I had a problem with understanding where my money was going every month. I used to be quite good with tracking my finances but I had fallen away from those habits and was making mistakes again.
I was forgetting when automatic payments were coming out of my account and having to scramble at the last minute to find the money to make sure I didn’t bounce anything. I would have unexpected cash windfalls from expense/mileage cheques through work but have no plan for how to use it. The money would end up getting used up in frivolous purchases or day to day spending that would amount to nothing in the end.
Getting Financially Organized
I think getting organized has been a big part of my recent success with being able to increase my earnings and effectively utilizing those funds for debt and other needed purchases. For example, I now have a way to reliably track my expenses at work and now submit these forms on a regular basis. I used to forget where I traveled and lose receipts that I could have claimed which resulted in me losing money.
Building a system required some trial and error, a little bit of work, and some practice at making it a habit but it was worth every single cent I have been able to recoup over the past four months. The best part is that I have budget lines to account for what I spend in extra gas and purchases for work so anything I get returned to me is considered “over and above” money.
Reaping the Financial Benefits: More organized!
It’s been changes like this that have been really helpful with my project to reduce my debt. However, there is still room for improvement and I plan on doing just that! Currently, I have different spreadsheets detailing everything from work expenses to mystery shop projects – this week I’m going to amalgamate all my income streams and outgoing expenses in one spreadsheet so I can track everything more efficiently.
I also want to start sharing these things on my blog so people can let me know what they think – I love all questions and comments! That’s how I learn. I also want to be accountable to myself and to my readers for my spending and debt pay-off goals!
Stay tuned next week for my Financial Spreadsheet Masterpiece!
Good for you!! We designed our own budget in excel which took us the better part of 2012 with all the changes we made. We track our projected expenses, coupon savings, discounts etc and it’s been wonderful in helping us save money to pay off this mortgage next month. I think any budget as long it is right for you will do the trick. If a budget does not satisfy your needs you may easily fall away from it. I look forward to your posts and updates on how you are progressing. Cheers
I imagine our budget-building will be similar! Something that changes and grows with what we learn as we go. I’ll post more, for sure. Thanks for the comment!