It’s all very well to go detective-mode on your spending with a handy app or two. But what do you do with the data that starts pouring in?
First up, you could create a new daily habit of checking the data on the app. Or, if you’re not using an app, you could simply go to online banking and see what the last five transactions were. Do it while you’re waiting for your morning coffee or during your lunch break. It doesn’t take long.
A tiny habit like this can morph into something special. By adding something new, tiny habits to your daily routine could put you on the path to a goal. After your feet touch the floor in the morning you could say, “Today is going to be a good day”.
Back to your spending. If you have a habit of checking your spending on a daily basis, you’ll soon start to see patterns emerge. You become more aware of where your money goes (just like that Fitness Tracker) and can start to find ways to save. Look for things that weren’t absolutely necessary (like that second martini) or could have been a little cheaper.
For example, that premium music streaming service you’re paying for but haven’t used for the last two months? You could scrap it. The big chunk of money you’re giving to taxi drivers each month? Think about public transport. Or the surprisingly high amount of money going on groceries each week? You could shop smarter by comparing prices and cutting back on the camembert.
Don’t forget, money management and spending are highly personal. Some people are very thrifty and only spend on what they absolutely need. (Maybe saving is wired into these peeps’ DNA.) Others are willing to spend a little more in pursuit of the Good Life. There’s no right or wrong. The key is to get clarity on your personal spending habits so that you can create a more realistic budget that’s designed with your life in mind.
So what are you waiting for? With app in hand, go forth and conquer your savings goals!