5 Tips When Using a Planner To Track Your Monthly Expenses

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One thing they don’t teach you in school that they should is how to manage your financial life. There really isn’t anything so important! You need to learn from the beginning how to prioritize finances. It’s a key element to living a comfortable life and not messing up your future.

When you’re starting out, one simple thing you can do to help yourself is to use a planner to keep a detailed record. It will keep you accountable for each necessary and unnecessary purchase.

Read through some helpful tips when using a planner to track your monthly expenses to improve your spending habits.

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Track When Your Next Bill Is Due

Debt is a tricky situation to fall into. Late fees and interest due on payments only enhance financial struggles.

To avoid this situation, use the planner to write down each date that a bill is due. Go through each fixed payment date so that you’re aware of when you need to pay the bill.

Related Reading: 3 Budget Strategies to Use:

Write Down How You Will Pay for Each Bill

Keep track of your spending by writing everything down in a planner or budget sheet

There are a variety of ways to pay bills. Some people schedule automatic payments where the company will remove the money on the scheduled date, and you don’t have to do any work.

Other people will manually enter their banking information each time the bill is due. The last option is to mail a physical check to the designated location.

And some people might use the well known cash envelope system and categorize their spending with actual dollars in an envelope.

Determine the payment requirements of each company. When you have that information handy and include it in the planner, you can effectively remember how to pay off each bill. This efficient system will ensure that you never fall behind.

Related reading: YNAB vs. Personal Capital

Mark Paydays on Your Calendar

It’s crucial to know when to expect your next paycheck. Without these funds, you may not have enough to pay your bills that month.

Marking when to expect your paycheck in your monthly planner allows you to determine if you’ll have sufficient funds for your bills.

Use the Planner for Your Monthly Budget

Now it’s time to establish your monthly budget.

Balance together the required payments—including rent, utilities, loan payments, insurance, and more—and the amount of money on your paycheck. From there, you can allot money toward other essentials.

Each week, determine how much you can spend on groceries, gas, and health-care needs. Also, create a small category designated for fun activities and food from restaurants.

Here are 21 free budget printables to help you track your spending.

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Establish Financial Goals for the Year

Your planner should be a safe space for your finances. While you might feel like you’re just getting by, this planner is a helpful tool to make you feel reassured about your monthly expenses.

Then, once you establish the foundation of your monthly expenses, you can use your planner to establish financial goals for the year.

If you need to get a loan in the future, know about the mistakes to avoid when applying for these loans.

Think about how your monthly expenses may change when loan payments are a factor. If your intention is to save up for a house or a wedding down the road, create a goal for your savings.

Each month, remind yourself of where you’re at in these goals. Track your progress and reward yourself for your immense financial improvements!

Final Thoughts

Using your planner to track monthly expenses is a thorough way to create a financial breakthrough. As you learn more about the economy and financial world, you’ll evolve and find that you can manage your finances on your own.