Do you ever find yourself with higher-than-expected credit card balances, or lower-than-expected savings each month? If you have questions about your expenses from time to time, then it’s clear that you aren’t tracking your spending. You may not even be operating from a budget. These are two key steps in getting control over your finances and making better spending choices. One of the easiest ways to identify poor spending habits is to check your accounts.
Every month you get a statement from your credit card and debit accounts. Many people just look at the total, maybe make sure there’s nothing fishy, then make any necessary payments. But a lot of consumers could benefit by taking a look at each transaction and evaluating the decision. The statement in your hand will show you every purchase you made on that account.
You may discover that you ordered takeout 12 times in the last month, or shopped online on several occasions. Or maybe you only added $100 to your savings when you were hoping to add $250. This may or may not be typical for you, but it’s important to monitor your habits if you’re trying to save money, even more so if you’re trying to get out of debt.
Next time you receive a credit or debit card statement, really dig in and evaluate your choices. You might find that some of your spending habits are beyond what they should be, and that you can make a change to better your financial future. This is a great first step towards creating a budget and managing your financial decisions.
Looking for more advice on budgeting and getting out of debt? Contact the certified professionals at American Consumer Credit Counseling for a FREE counseling session. Call 800-769-3671, or visit ConsumerCredit.com.