FITNESS INSPIRATION – PATRICK

Tracking your spending is a crucial step in building up savings and achieving financial goals. However, it’s not enough to simply track your essential expenses like rent, utilities, and groceries. To truly get a handle on your finances, it’s important to track your non-essential spending as well.

Non-essential spending includes things like dining out, shopping, entertainment, and travel. While these expenses may be enjoyable and bring a sense of pleasure in the moment, they can add up quickly and eat away at your savings over time.

By tracking your non-essential spending, you can see where your money is going and identify areas where you can cut back. This can help you redirect those funds towards your savings goals, such as building up an emergency fund or saving for a down payment on a home.

There are many tools and apps available that can help you track your spending, including budgeting apps and personal finance software. You can also track your spending manually by keeping a detailed record of all your expenses for a month or two.

In summary, tracking your non-essential spending is an important step in achieving your financial goals. By identifying areas where you can cut back and redirecting those funds towards savings, you can build up financial security and achieve greater financial freedom.