I’ve been doing this entire money for years now, I’ve made good money doing it, but every now and then I get lazy and I need to regroup. One of the most important things when it comes to controlling your money is knowing what you are spending your money on, and now just an estimate, but not knowing where every single penny is going.

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1. The First Rule about tracking your Money is This
You want to stop believing in yourself and start looking at reality
What do I mean, a lot of people say that they don’t waste any money
The reason they don’t have any savings Is that they don’t make enough ( but most of the time that’s not true ) so let's look at the facts
Before you start tracking your expenses: look at this
Shelter: How Much do you Spend on Rent or the mortgage: $155
Utilities: Water, Light, Gas, Phone, and internet ( I have someone that cleans ) $185 a month
Groceries: Food ( I have someone that cooks ) $372 per month
Transportation: Car Loan, Gas, Maintenance, and insurance ( I don’t have a car but I borrow cars ) $215 a month on gas and stuff
Total Cost for me: $927.65
Alternatives:
You can consider moving and saving on rent or selling and saving on the mortgage
Switching plans
Eating at home only
And taking public transpo or selling and buying a used cheap car

Once you have this Number: here is what you want to do Next

2. How much do you actually spend
I want you to Grab 1 Month's worth of Bank statements and go through it all, all the transactions that are taken from your account on every single account
Especially your credit cards that you have ( by the way I don’t have any credit card debt, so I should also mention that )
When I check my main debt card:
I spent in the month of January, about $2024.08 dollars, that’s a lot more than my real expenses
And I did buy some gift in December time.
What do I do with this information

Go over the Bills and Compare them:
and put into the list of things I mentioned before (shelter, utilities, groceries and transpo )
add also another category for eating out, for subscriptions, misc spending, think if you should cancel and cancel, and one more for what is this
coffee is eating out by the way
and cancel category is something you spotted that you canceled asap
the total should add up to your total expenses for that month
My results:
my results were shocking
Interesting: I’ve been charged for Prime and got a refund by looking
And when you account for what's not on my debit card, the amount goes up by like $250 extra dollars

3. Being Conscious And Build a System ( regardless of how annoying it is at first )
Spend this entire month, tracking every time you spend money
Out down in your notes in a notebook
Become selfaware

Why?
This is going to help you know where you are overspending money and where you are not
And remember you spend time getting money
So every time you spend money, you’ve effectively spent time on that

As Far as a System: since I moved from the US it has been a bit harder for me ( but I’ll build it up again )
Account for Core Expenses
Account for Fun
A longterm savings account and that’s it

This is not a video about investing, that’s why I didn’t mention it

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.