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Section 6.2
Transcript
Track Your Spending
Fixed vs. Flexible Expenses
- When writing expenses down, it is important to OVERESTIMATE.
- It is better to think you are going to spend more…..why?
- Best way to track spending is through a spreadsheet program (Excel).
- Keep track of all: receipts, credit card statements, and bank statements.
- Fixed: amounts of money that you have already committed to pay. EX: Car, mortgage, rent, car insurance.
- Fixed expenses never change and therefore are easy to plan for.
- Flexible: amounts of money you choose to spend or not to spend.
- EX: food, going to the movies, water bill.
Track Your Income
Income and Expenses
Create a Filing System
- Much easier than tracking spending.
- Income may come in the form of a paycheck, weekly allowance, or interest from a savings account.
- Asking your parents for money is NOT income.
- You want income to be a steady source.
- Always UNDERESTIMATE income.
- First step after establishing your goal is to list your current income and expenses.
- Examples: cell phone, rent, car payment, car insurance, food, credit card bill, paycheck, tax return, etc.
- This is to see where your money is going.
- The reality is much harsher when you see it rather than just thinking about it.
- Best way to keep track of everything is through a filing system.
- In order to have an effective filing system, it must be.
1. Complete
2. Organized
3. Easy to find
Section 6.2
Track Your Expenses
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