![]() ![]() An account for your significant other, and if we want to get fancy, we can have a joint account into which we transfer a certain amount of our money. I personally believe in the concept of “mine, yours and ours.” An account for me and solely me. If you are both swiping credit cards without informing the other, your expenses will add up. If you decide to open up a checking account or commingle finances, then be prepared to speak with your significant other about what’s going on. Pay attention because small charges add up.Ħ. Can you imagine if a company took $7 dollars from 700 peoples’ accounts every day? That would be $4,900 per day. It could be $10 or $100, but most importantly, it is still your money. Or a notice hit your account and you ignore it. How many of you are guilty of starting a free trial that requires your credit card and you never cancel it. Make sure to shred old financial records as well. Look at your monthly spending among your bank credit card statements. ![]() Double check your account statements for fraud, mistakes or term changes. ![]() The amount of money we were spending each month on these services could have bought the Hellcat multiple times over.ĥ. We found out that it was enough for him to save up and purchase his favorite car, a Dodge Hellcat. Karrington, my youngest son, and I tracked how much we were spending on delivery food services. It can be eye-opening when you see how much money you spend on certain things. Now with so many apps to track your expenses, there is no excuse for neglecting to get it done. We would just swipe the card, and as long as there was money in the account, we were good. When ATM cards became popular, I think we as a society lost track of how much money we were spending. That is why I like to call it a spending plan.ĭitch the shoebox method and stay organized with online services. Why? Because you should allocate money to savings, money to buying clothes, money for hanging out. There shouldn’t be one dime left over after you set up a budget. Now it is time to allocate all money to a category, and I do mean all your money. Once you set your goals, track your monthly expenses. Create a budget with monthly income and a plan on how to allocate your income to pay off expenses. ![]()
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