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How to track expenses for a spending savings plan
Estimated time: 30 minutes
Level of difficulty: easy
Why is this important?
Successful money or debt management requires households to track their expenses. Most people do not know where their money goes. Finding out is key to creating a successful spending savings plan.
Steps to take
1. Download Developing a Spending Savings Plan
- file available here
2. Identify major household expenses.
Using information you have on hand, i.e. your tax return, your checkbook or bank statement, your ledger or credit card statements, identify major household expenses.
3. Keep receipts.
Keep receipts for everything on which you spend money. Designate a place where all family members will put their receipts.
4. Determine household expenses.
Follow the instructions on page 4 of Developing A Spending Savings Plan to determine your household expenses.
