Managing Money By Planning
And Tracking Expenses

Managing money can be discouraging (especially if you don’t have enough of it or you don’t control how you spend it).

Budgeting is accomplished in steps
each one building on the other

Step 1 - Budget Planning

Step 2 - Expense Tracking

Step 3 - Creating Your Budget

Realizing that Rome wasn’t built in a day, you too, need to be patient. Educate yourself and learn from your mistakes. Small steps yield big results.


A family budget is the single most important tool you can use to take control of your finances. As we’ve learned, budgeting is done in steps; each one building on the other.

The first step in budget planning is to evaluate your current financial situation and to ask yourself some hard questions.

This step is essential, and requires your complete honesty because it sets the foundation for your budget.

Prioritizing essential and non-essential living expenses is vital.

One of the biggest reasons we fail with our budget is because we cannot admit that we have become over-extended and are living outside of our means.

If we define our essential living expenses first we can prioritize our other expenses accordingly.


Expense tracking concentrates on your spending habits.

People are often very surprized to see exactly where they are spending their money after tracking it for 1 month.

You have to be deligent and write everything down. Save every receipt. No expense is too small.

The hardest part of this step is to keep track of the expenses that don't have a receipt or that are bought on impluse.

Impluse spending seems to catch us all by surprise. Don't forget to track impulse spending categories such as shopping, fast food, and a morning coffee.

Remember the goal of this step is to see exactly how much you are spending on everything.

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