Day 8: Track Your Spending
With so many mobile applications out there to help us track our spending, this should really take just minutes to set up. The benefits of tracking your spending are priceless. Understanding how you spend and how much you spend is critical to understanding where the “hidden” money is in your budget and how you can best save to achieve your goals. For example you may suddenly realize you’re going to the ATM four times a week and paying $12 each week in fees, which might prompt you to look for fee-free ATMs in your neighborhood (and whaddayaknow, there’s one a few blocks from your home). In a year, that’s more than $600 saved. Or, you may see that you’re spending $50 a month sending faxes from the local FedEx when you could just buy a fax machine for $100 and break even in two months.
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