Where is our money? After checking his credit card statements, Tao complained What? We spent $500 on grocery and $200 on eating out this month.,. I just paid off our credit card bill last week and now we still have $1,500 balance to pay off. Tao continued.

His wife replied, you should keep track of our monthly spend rather complaining every single month. Then, you would have some idea of where our money goes.

Huh! Tao exclaimed. I work 5 days per work and take care of kids over the weekends. I need a break from work. If I have to keeps lists everything we spends, I will have a mental breakdown.

Over the last years, I keep hearing you complain about our expenses. It seems the more money you make the more debt we have, the wife explained, I cant stand this anymore. Tao replied, two years ago, we were planning to pay off my student loan and auto loan, and now it is still the same amount. We dont have anything in savings after the bills. How long will I have to work to pay off the house?

Tao and his wife have decided to manage their finance this year before getting too late. First, they collect all their bank statements and purchase receipts to see how their money was spent in 2021, they spent more than $10,000 on clothing and charged more than $5,000 on entertainment.

Wow, I thought you are a CPA and you would manage our money well, but we wasted so much on those things we dont need, said his wife. What should we do?