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Aerodynamically the bumblebee shouldn’t be able to fly, but the bumblebee doesn’t know that so it goes on flying anyway.

Mary Kay Ash

Money Basics

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Tracking the Money Flow

People have money problems for many reasons. One reason may be that they do not know how much money they have and how much they spend. Sometimes it is hard to remember how you have spent your money. To begin to take control of your financial life, you need to start by finding out where your money goes. This is a great exercise to do with your parents.

  • Write down all of the things you think you spend money on each month and their approximate cost. Some things you may buy weekly- other things, only rarely. Keep the list.
  • Create a spending journal- a list of what you actually spend for one month. The easiest way to do this is to carry a small notebook. Make a note each time you buy something. Also, write down all the bills you have to pay. Some may be monthly and others may be only a few times a year (such as car insurance or taxes).
  • At the end of the month, compare your first list (what you thought you spent) to what you really spent.

Keeping track of your money is the first step to financial freedom. When you know where you spend your money, you can control your spending by making better choices.

 


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