How To Track Finances With A Budget Binder
If I can tell you one thing about budgeting, it’s this:
Your budget won’t work if you don’t track it.
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Because if you don’t track your budget you can’t know for sure if you’re sticking to it.
And, what’s the point of a budget unless you stick to it?
You guessed it:
There is no point to a budget if you don’t stick to it.
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> why do you need to track your budget?
You need to track your budget to make sure that you keep budgeting.
You need to track your budget if you want to:
- stick to your budget
- pay off debt
- save money (for emergencies, retirement, college, etc.)
- organize your finances
- stop poor spending habits
- stop stressing about money
Here’s the deal: If you do not track your budget, your budget will not work.
As I’m sure you’ve already discovered.
It is awesome to research budgeting methods and write down a plan for your money.
But how will you create action steps to make sure your financial plan is working without tracking your budget?
You’re right: You can’t.
To make sure the budget you worked so hard to create keeps working for you and your family, you need to start tracking your budget.
> How to track your finances with a budget binder
> Tracking Your Income & Expenses
It is important to track your income and expenses to understand how much money you earn and how much money you spend.
Without this knowledge, you cannot create a budget, pay off debt, or save money.
Using monthly income and expense organizing printables, you can list out and calculate your exact monthly earnings and responsibilities.
And, with that, you can get a clear picture of your financial wellbeing (or lack thereof).
When you subtract your total monthly expenses from your total month income, are you in the green or in the red?
If the number you calculated is positive, you’re in the green and are living within your means.
If the number you calculated is negative, you’re in the red and are living beyond your means.
This information is the foundation to your financial success.
Helpful Hint: If you’re in the red and need to cut costs, check out this list of 101 ways to save money without trying! (Or download the checklist below.)
> Tracking your budget
I know you’ve heard it from me before: Your budget will not work unless you track it.
Using budget binder printables, like the ones below, you can create a budget plan and then track it throughout each month to make sure you’re sticking to it.
Whether your budgeting weekly or bi-weekly, the Budget Boss Planner has you covered.
See, when you create a budget and then track it, you’ll:
- never be short for bills
- save strategically
- never miss a bill payment
- pay off debt quickly
- be prepared for surprise expenses
- stop fighting about money with bae
And, most importantly, you’ll never stress about money again!
> tracking your bill pay
Nobody likes paying bills.
But, more importantly, nobody likes paying late fees on top of paying bills.
So, avoid missed bill payments by tracking your bill pay.
To track your bill payments throughout the month:
Use a bill pay calendar and/or a bill pay checklist.
This way, you can make sure you pay your bills on time and avoid late fees!
> tracking your spending
If you do not track your finances, it can be very difficult to recognize poor spending habits.
And, if you don’t recognize your poor spending habits, you can’t stop them.
The best way to discover where you overspend is to track your finances in a budget binder using a monthly ledger and daily expense tracker.
Tracking your spending will help you to:
(a) keep your accounts balanced and,
(b) visualize your flow of money and will allow you to see, point-blank, where you overspend.
Spending $5 a day on coffee doesn’t seem like much until you’ve totaled up your spending for the month and visualize that this equates to $150 a month.
Now, paying down your debt doesn’t seem so out of reach when you know you could reallocate your coffee money to additional debt payments.
Once you recognize your poor spending habits, whether it be that you spend too much on cable or that you shop too often at Target, you can stop them in their tracks.
And, once you stop overspending, your relationship with money will drastically improve.
> tracking your money goals
Having financial, debt repayment, and savings goals are super important.
But, more important than the goal itself, is the plan you have to accomplish your goals.
So, to help you visualize and track your goals, use financial, debt, and savings goals printables and trackers.
Take these for instance:
Using a financial goals and roadmap printable, set goals and action steps at the beginning of the year.
Then, throughout each month track your progress to ensure your financial success!
Debt Repayment Goals
Organize your debts at the beginning of the year and create a repayment plan with action steps.
Then, each month, track your debt repayment progress and become debt free quickly.
Saving money is pretty hard when you don’t have a plan, right?
I mean, Taco Bell…come on.
But with a savings goals printable, you can create concrete goals and action steps to help you achieve those goals.
With a savings goals and roadmap printable, you can create yearly savings goals with action steps.
Then, throughout the year, track your savings progress on a savings tracker printable!
> another option for tracking finances
Not a planner kind of person?
That’s ok! I’ve got another option for you.
It’s called Honey Money and is a web-based version of a budget binder.
Through your Honey Money dashboard, you can create a budget, savings plan, debt repayment plan, and more.
Then, like a budget binder, you can track your progress.
Honey Money is super simple to use and I highly recommend it as an alternative to the Budget Boss Planner.
>> Take Action
Now you know why it is imperative to track your finances and how to do so.
Next, take action:
Invest in your finances and your future by purchasing the Budget Boss Planner Toolkit.
Included in the toolkit is every printable mentioned in this post, plus many more. With 40+ budget printables, the Budget Boss Planner Toolkit will help you:
- organize your finances
- track your budget
- pay off debt
- save more money
It gets better:
>> Wrapping Up
If your failing budget keeps leaving you baffled, I have one question for you:
Do you track your finances?
I know your answer is no since the common denominator to every failed budget is this: The lacking of a plan and the tracking of its success.
So, stop feeling stressed about money once and for all by starting the simple habit of tracking your finances!
The Budget Boss Planner Toolkit is on sale for $9 for just a few more days.
Make the smart money move by grabbing it now before it goes back up to $27!
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