Keeping track of your fixed and variable monthly expenses is an important part of managing your personal finances. It helps you make sure that you’re spending responsibly, as well as ensuring that you have enough money to cover your fixed monthly bills and other expenses. In addition, it helps create a plan for unexpected expenses. I was a single mom for 10 years and understand how stressful managing finances can be. That’s why I created a system to help you manage a saving and spending plan easily. Equally important, I created a tool to help you track your expenses easily.
This information is for educational purposes only.🧐 I promote products that I use and love to help others, and to avoid advertising on my website.💕 It’s important to make purchases based on your values, goals and financial situation. 😊As an AFC (Accredited Financial Counselor), I highly encourage you save money before you make a purchase💕 This makes good financial sense💰
♡Renee
“You must gain control over your money or the lack of it will control you forever.”
Dave Ramsey
Creating a Spending Plan
A spending plan is one of the best ways to direct where your money is going. It allows you to see your fixed monthly payments. Your fixed monthly payments are items like rent, loan payments, student loans, minimum monthly payments for credit cards, etc. It also helps create a plan for variable monthly expenses. In addition, estimating variable expenses is really important as it helps you identify any areas where you can cut back or save money for unexpected expenses. Without a plan you are reacting to expenses as they arise which creates stress and chaos. If you want to create a plan that actually works, check out 5 steps to creating a saving and spending plan. Not sure where you’re money is going? Check out this video on “How to figure out Where all Your Money is Going“.
Create a Savings Plan
Another important part of managing your finances is to create a savings plan. This helps you save money for unexpected expenses, medical expenses, getaways, and exciting goals that you have. If you have a high deductible health care plan, learn about how HSA’s can save you money in this YouTube video. Having a savings plan and depositing money into the account gets you in the habit of saving money on a monthly basis. What worked well for me was to set up automatic transfers from my checking to savings on the day after my paycheck was directed deposited into my checking. The habit of saving money on a regular basis will help you save money for unexpected expenses and fun.
Use an Expense Tracker
What helped me the most was to track my expenses by writing it down. I created an expense tracking tool that’s convenient to use. This tool helps you realize how much money you have left to spend after paying your fixed expenses. Realistically, can you remember what you had for breakfast last week? If you’re like me, I can’t! This is why it’s so important to physically write down each time you spend money. You can get the expense tracker here.
Financial Confidence
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One last thing…
Managing your finances doesn’t have to be complicated. By following a few simple steps, you can create a spending and saving plan that will help you track your expenses and make sure that you’re making the most of your money. By using my expense tracking tool, you can easily see where your money is going and make sure that you have enough to cover all of your expenses. With this knowledge, you can then use it to make smart saving and spending decisions and create a plan for unexpected expenses. Need some motivation to get out of debt and enjoy life? Check out this article. Give my expense tracking tool a try and see how easy it is to manage your finances. I wish you success in your personal finances😊
If you’re not sure where to start when it comes to improving your finances, this assessment can help you focus on the areas that need extra attention.😊
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I hope you found this information helpful!💕
Hello, my name is Renee, I am a wife, mom and AFC (Accredited financial Counselor). I specialize in helping busy, single moms learn how to be financially independent so they can eliminate the stress and build confidence around money, so they can buy and do the things most important them.💕 If you want to learn more about why I am passionate about helping single moms, learn more about me and my story.
