When watching your favorite mystery show, you often have to track down money to find plot motives. The best espionage and bank robbery plots almost always revolve around chasing money, which you as the viewer have to track down to get to the bottom of the case.
You may not realize it, but the same strategy applies to your own life and financial planning.
follow the money
Here is an example. Suppose you estimate that he spends $10,000 a month while his take home monthly income is $15,000. This should give you an extra $5,000 each month that you can use to save or invest. But you will find that you are not saving much, or worse, not saving at all. How does that happen?
Money must follow. As you track your spending, you’ll find yourself spending more than you estimated each month.
Here’s another example that might resonate with you. Suppose you have $30,000 in credit card debt. But let’s say it was due to a one-off event and he is actually confident in his handling of the credit card and that he will be able to pay it back. After a year, check your credit card statement and if it goes up to $40,000, track it to see if you’re continually building up debt or living above your income. is needed.
how to track money in life
In your own life, chasing money is as easy as taking an active interest in your financial situation. That means you can’t just bury your head in the sand and ignore your financial situation. Instead, they need, and sometimes do, participate in their own finances. You need to track your expenses and income to see where and how you are spending. and save money.
Tracking the money in your life will help you see patterns and correct them if necessary. If you find it difficult to do this on your own, it may be helpful to enlist the help of a financial advisor who will be able to give you advice. in this exercise.
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