Keeping track of your cash
Spending less than you earn is an easy concept to understand, but in practice its not always that simple. By keeping track of your spending on a weekly, or even daily basis can help you from furthering your debt.
One of the main problems with financial planning is not keeping track of small personal expenses, like toiletries, lunches and other impulse buys. The things that we don’t keep receipts for are the worst, as they become increasingly difficult to monitor, and are often forgotten about.
If this sort of spending sounds familiar, you may have to resort to some tough budgeting measures to keep you on the straight and narrow. Alot yourself a daily budget, in line with your spending expectations for the week. So whether that is £1, £5 or even £50 per day, that is all you are allowed to spend. Don’t be tempted to use that credit card if you go over your daily budget.
This strict way of restricting your spending can be a great way to keep those impulse buys at bay, and will teach you the value of thoughtful financial planning.
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