Tracking Expenses With Budgeting View this video to gain additional insight about tracking expenses. As you listen, consider why it is important for you to track your expenses. An essential component of budgeting is tracking expenses. You have several options to track your expenses: download and use one of the popular expense tracking apps like "Mint", use an Excel spreadsheet, or use the old-fashioned pencil and paper.

Instructions

Review the "Tracking Expenses with Budgeting" video. Track your spending for seven days. You may choose to use a spending app, Microsoft Excel, or good old paper and pencil. Record every purchase you make each day for seven days as you make purchases. This exercise can uncover trends in your spending habits that you may have not been aware of. Your purchases can include anything from a coffee to paying the mortgage. Your discussion should include three paragraphs. The first paragraph should include how many purchases you made each day and what those purchases were for. Do not include dollar amounts on these posts. In the second paragraph discuss trends that you see in your spending. In the third paragraph reflect on how you might change your spending based on what you observed or discuss how you can carryforward your purchase tracking into a workable budget going forward.