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Things I've learned while tracking my expenses

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Avatar for Meyzee
Written by   267
4 months ago

***

Are you also like those people wondering everyday where did the money you earn goes? And it seems like you are living paycheck from paycheck?

I was once like that. It feels like, my paycheck only support my daily needs and the support I gave to my parents. And sometimes I fall short with my money even before paycheck. I have also experienced skipping a meal, not because I want to, but because I overspend and I don't have enough money to buy food or even pay for transportation. There was one time I had to call my parents for money.

And it is really hard to be in that situation, and I promise to myself I don't want to go back on that road again. Specially that I am not a fan of borrowing money to other people. I'd rather walk or not eat a meal just so I won't borrow money. Or I'd rather call back home.

Yes. You wouldn't believe that but like most of the starting job hunters, I started with a minimum paycheck, a little more than that. It was because opportunities for provincial graduates, unknown colleges/ universities are really low or if not you'll get a minimum offer.

And when your earning a minimum wage, you are only allowed to spend to your wage's limit. Eh, I am a probinsyana and there's no Jollibee on our province. With my fascination to Jollibee, haha, I would always eat there during lunch and dinner. 🙈 I like their spaghetti so much.

Looking back then, I never knew about life, and spending limits, financial literacy and all that.

And a year ago, when covid knocks out our normal life, I saw this as the problem I needed to resolve. Eventually, I have reduced my Jolly Sphagetti hunt and simply buy food on canteens. Or either cook, when food on canteens looks boring and the same.

I also managed to monitor my expenses. To easily see of I already hit my maximum daily spending when I dined out. And if I could still alter and control my expenses.

I got here a sample of my daily expenses sheet, all amounts are in pesos. This particulars, are inspired by our company petty cash reimbursement format.

As you can see, I can't do much about my daily expenses in transportation. Everyday I spent 1$+ for my fare and sometimes more than that, when I needed to cut trip due to traffic. If I totaled my daily expenses for my fare I'll spend $27$ each month. And my daily budget is 300-350php, for food and fare. And I am really looking for a way to lower that.

If you saw that I didn't pay for lunch, it is because its my colleague's birthday and she made a homemade lunch for us. Yiee so yeah I was really happy I didn't spend a penny for my lunch.

Anyway this daily expenses sheet is only applicable for a single person like me. Haha. If you are not, you can still make yours but of course in consideration of your family members. I had to buy food and not cook because it is a little bit cheap than cooking, if your housemates are also dining out. It was quite costly if you cook alone for a meal. I noticed that when I total my monthly expenses last March. The ingredients are a bit pricey. So its not advisable for a 'single' person.

So what did I learn from tracking my expenses and why you must do it too?

  1. I noticed the larger contributor of my daily expenses. And find the best way to alter and reduce that expenses on that particular item.

  2. It encourages me to spend only with my limited budget. I learn how to take control.

  3. I started to find a way to save up for other things that I want and to avoid overspending.

  4. And I don't worry that I'll skip a meal because I don't have enough money to buy food.

If you have your money monitor you don't go around circles wondering where did your money goes, but instead, you noticed the fluctuation of your spending.

You start thinking for a solution and avoid it beforehand.

So are you tracking your expenses like how you track your monthly earning with bitcoincash? Well, the money you spend will surprise you!

***

Hey again!

Thanks for reading my article and for passing by! You are appreciated! See you on the next one!

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Written by   267
4 months ago
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Comments

I tried before but lost track. It's now four days in this month. I'll try and track the rest this month.

$ 0.03
4 months ago

Its very helpful!

$ 0.00
4 months ago

I believe that tracking your expenses really help a lot. Buti ako wala pa masiyadong gastusin kasi palamunin pa ako sa bahay kaya ipon-ipon lang habang may time😆

$ 0.03
4 months ago

Haha oo ipon ipon lang muna. Tapos isip isip ng business haha

$ 0.00
4 months ago

Tingin ko walang buwan na di ako nakakagastos ng malaki. If icocompute kaya natin mga nagagastos natin kada buwan (12 months) curious ako HAHAHA

$ 0.03
4 months ago

Hahaha compute mo na tas check mo ano benefits noon sayo haha

$ 0.00
4 months ago

I make sure to track things so that I don't waste money. I used to have a take away coffee once a week until I did the maths: R40 x 52 weeks = $160 a year I could be saving. I don't do it anymore 🤣

$ 0.03
4 months ago

We really need to see the numbers before we start to realize we are spending too much to that particular item 😆

$ 0.00
4 months ago

Masakit man minsan sa kalooban at sa mata na makita ang total na nagastos natin sa loob ng isanv buwan or lkinggo pero importante din ito ng sa ganon ay malaman natin kung saan tayo pwede magbudget ng madami ganon.. Regarding sa bitcoincash naman eh sa transactions ako nagbabase sa ..Total spend..hihi

$ 0.03
4 months ago

Yes mainam talagang kwentado lahat para hindi ka sosobra doon. Wag ng uulit haha or minsan minsan na lang

$ 0.00
4 months ago

Laking tulong talaga nito. May app din sa playstore, marami kung gusto mo. Dahil sa ganyan, nabawasan din gastos ko sa mga anik anik, like snacks ganun.

$ 0.03
4 months ago

I stopped tracking when i noticed it's only giving more stress and one benefit of tracking is where i can save money.

$ 0.00
4 months ago

Hehe it is indeed stressful to see the larger amount of money you needed to pay and spend haha

$ 0.00
4 months ago

I agreed sis Meyzee. Tracking expenses is really important talaga since we can monitor and we know what are the things we must do. We can control because meron tayong binabasehan na list kaya nag tracking expenses din ako Meyzee.

$ 0.03
4 months ago

Haha oo ang galing nga. Saka nalalaman ko kung san ka pinaka gumagastos.

$ 0.00
4 months ago

Oo sis Meyzee kaya mahalaga mag tracking expenses.

$ 0.00
4 months ago