Do you have more month than money? Are you confused about where all your money goes? Then here is your solution – you need to control your spending with a spending diary! This simple sheet of paper will revolutionise your spending. It will show you exactly where your money is going and will enable you to make changes and get saving. Continue reading and then sign up to receive your free spending diary sheet.
What is a spending diary?
A spending diary is simply a list of all the miscellaneous spending you would do within a particular time frame. Each time you spend, using cash or card, you jot down a few details like the date, the amount and a description of what you have purchased.
How do you use a spending diary?
You can choose to track your spending daily, weekly or monthly, whichever suits you best. If you have weekly spending money then keeping a spending diary each week may be the best way for you. However, if you have monthly spending money, you may prefer to keep a tally of what you spend for the whole month.
Whenever you make a purchase, whether that be for your cup of coffee on the way to work, your daily newspaper for your commute, or that bar of chocolate to get you through the day, you write this down.
At the end of the week or month, you can look back and see exactly where your money has gone and which are your ‘danger’ spends - those purchases that you don't realise you are making.
How can a spending diary help?
Keeping a spending diary will reveal exactly what you are spending money on. For example, my Husband and I enjoy a coffee at our local Costa each week. Over the month, that cup of coffee (and the extras we may have alongside it) comes to a total of around £40! Over a year that is £480 – which could be put towards a holiday or Christmas.
Once you can see where your money is going you can act on this information and use it to see if you can make changes. Some changes can be quite simple to make. I have listed a few examples below but there are many more that may be able to think of.
- Over spending on lunch - try making your own lunch to take with you
- If coffee is pushing you into the red - buy coffee sachets to make your own lattes or cappuccinos instead of buying them
- Breaking news - Read the news online rather than buying a newspaper
- Consider a different method of transport for your commute, or see if you can save money by getting on or off at an alternative stop
How Do I Start a Spending Diary?
To get you started, you can get a FREE Spending Diary sheet by signing up below. You will instantly receive an email which the link to the PDF file which you can download and use as many times as you like. Just print out the file and begin tracking your spending.
- Sign up to receive your FREE spending diary
- Instantly print out the PDF file
- Starting logging all your purchases
- At the end of each week or month, review your spending
- Take action on the results
- Start to see your savings increase