When you lose sight of how much you spend, it is really easy for small things to add up and get out of control, keeping you stuck in that feeling that you’re “Just bad with money.”
Get back on top of your money by increasing the visibility of your expenses!
Let’s look at how it works…
Tracking Allows You to Identify the Problem and Manage It
When you pay attention to what you spend and you keep those numbers visible in the front of your mind, then you can actually take practical action to manage your money game.
In the Money Mindset Bootcamp that I run, one of the big things that we do is to look at your money in real terms. We gather the data of your income and spending habits, and from there we set what your budget is.
The first step is to review your bank statements and bills and do the math to get an idea of roughly what it is that you spend and where. (Some people don’t even realize they spend $2,000 on groceries, when half of that would be enough for their household size!)
Use a Spreadsheet
In the Money Mindset Bootcamp, I share with you the first spreadsheet strategy I ever used, given to me by my mum when I was 16 years old. Even after all my education and life experience, I’ve never changed this spreadsheet system because it works. (Thanks, Mum!)
Especially if you struggle with debt, tracking your expenses also allows you to see how every bit of money that you put down as repayment towards your credit card can reverse that cycle, and actually pay that debt off faster.
Two Steps to Get Started
1. Open Up Your Credit Card Statements On-Time
I know that when you're in debt the last thing that you wanna do is see that the balance has increased even more, but you've got to face that resistance because that's the first step to clearing the trauma and negative energy that you feel around your expenses.
2. Write-Out All Those Items In Your Spreadsheet
Yes it’s a bit of admin work, and I know that you can download statements from your bank and even import all the data, but that's not the idea.
The idea here is to increase the visibility of your spending habits, because when you actually write out everything that you spend you'll start to train your mind to really see how all of those little amounts of $20 here, $50 there--how easily those items add up to the thousands you spent without even realizing it.
This kind of work can totally change your life, and it isn’t hard. But does take time and can sometimes be confusing. If you understand the power of increasing the visibility of your spending, but want a some help organizing and getting started, the Money Mindset Bootcamp is for you!
To your success,
p.s. Whenever you're ready to experience a massive money mindset breakthrough, here's how I can help you:
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