I asked myself the same question when I came home on Sunday night after a great weekend out. I spent close to $250 in one weekend!! What? How? Where'd it go? I could not recall what I had spent that money on! Well, a few tequila shots in midtown, but where's the other $200?? My friend had a similar - much larger - problem. She'd come home with a paycheck every other Friday, cash it, and not know where she had spent the money.
She loves shoes! What girl doesn't? When I told her she needed to track her spending, her response
"What about my shoes?!?" You can still buy your shoes and save!
Here's how:
Know where you spend your money.
- Keep an Excel spreadsheet or track it on your Blackberry or iPhone. Now, I'm not saying to write down the price of your 3rd gin martini, but track the major things, so you can budget the rest of your money.
- How much do you spend a month on
- Rent?
- Groceries?
- Going out?
- Education?
- Phone bill?
- Cable bill?
You won't be able to write this all down today. Track your spending for 3 or 4 months. See what you buy every month.
Once you know where you spend your money, you can start cutting your spending! I've shared this method with so many of my friends and they come to me 6 months later and say "I bought these really cute shoes!! From the money I saved!!!"
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