Things I've learned while tracking my expenses

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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!

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Hey again!

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