31 Days to a Better Bank Balance: Day 2

31 Days to a Better Bank Balance

This post is a continuation of the 31 Days to a Better Bank Balance series, which is designed to help improve your financial life and your bank balance.

Today’s tip focuses on spending. Not reducing spending, necessarily — although that may come later — but identifying spending.

In general, most of us spend without really thinking about it. We may not be happy with the amount that we’re spending or how much things cost, but we’re used to buying the things we typically buy, and we’re used to spending the amounts we typically spend.

And that’s where the danger lies.

When we get used to things, we become complacent. We begin making spending choices out of habit, rather than thinking about the impact on our goals and our bank account.

So, for today, make a note of every single penny you spend, as you spend it, along with what you bought.

You can do this on a sheet of paper, electronically, on your hand, or whatever — it doesn’t matter. What does matter is that you record your spending, just for today, as you spend it. You don’t even have to total it up if you don’t want to. Just write it down as you do it, because that act will make you aware.

You’ll probably be surprised by several things: how often you spend money, what you buy, and (if you choose to add it up) how much you spend.

If you want to make this fun, leave a comment with your estimate of how much you think you’ll spend, and then come back tomorrow and say how close you came to your guess.

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