How to Track Your Finances

The following is a post from Brabble director of business development Patrick Mackaronis. Patrick is a thought leader and subject matter expert in the fields of entrepreneurship, finance and startups, and has been a self-starting businessman for years.

In life, we either work for money, or have our money work for us. You can either live as a slave or a plantation owner in the financial world. In order to live a free life without bowing down to the slavery of debt and credit loans, find a way to keep your finances in order. A key way to do this lies in the ability to track your finances and budget properly. Without this skill, you are doomed to work for your money as a slave, barely making payments. However, regardless of your income, with proper planning and financial tracking, you can use you money in a way that it works for you. Relieve unneeded stress by following these simple tips.

Organize Finances

Organization goes a long way. If you have no idea the due dates of bills, the amount of money in your account or the payments you owe each month, you will constantly fight with earning the money you need to live comfortably. Purchase a binder. Many office supply stores offer these in the form of a financial organizer. Within these organizers, you will find areas for bills, spreadsheets and creditor information.

Create a chart to track the print copies of your bills. Format an Excel spreadsheet to look like a check register. In the supplied section write any relevant information regarding the creditor. You should include name, telephone, address, website of the creditor as well your account number. This will help you keep track of vital information should you need to reach the creditor at any time.

Additionally, if you prefer to go paperless, keep all of this information in virtual spreadsheets using computer software. Make a folder specifically dedicated to your financial information. Keep the information just as you would in physical form, only transpose it to virtual material. Your word processing program should offer formatting options for a variety of spreadsheets and document layouts.

Track Your Finances

Once all of your bills, payments and creditor information has been organized properly, diligently track the information on a regular basis. When bill payments are due, write it down or place it in the document. For those who do not know where all their income goes, write everything you spend into a document or notebook. This will show you where every penny of your income goes. Once you know this, you will have the ability to budget more efficiently in the upcoming months. Track your finances properly to efficiently spend the money you have.