Where Does All Your Money Go?
Every so often we put some money in our wallet and before you know it, well its gone. Where did it go? Good question. Its seems that we are not very conscious of where we spend our money and granted its time consuming to keep track of it, but lets take the challenge and do just that. For the next week, write down what you spend your money on. It might just surpirse you. If your primary means of "checking out" is check card or credit card, it is even more difficult to keep a conscious effort to track your spending.
On a sheet of paper, make the following catagories: bills, food, entertainment, donations, debt(mortage, rent, credit cards), and misc. Write down every detail. After a few days you might see some interesting things. I can almost be that one column will be longer than the other. So, what do you do with the information you collect? First, add up each individual column. Then, add up all of the columns together and subtract it from your income for that week.
Are you in the red? Or are you in the black? In my next blog I will talk about what to do if you are in the red or black.