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Tracked every dollar for 6 months straight, then stopped for 6 months, and the difference shocked me
So back in January I started writing down every single thing I bought in a little notebook, even a $1.50 coffee. Did that for 6 months and my spending dropped from about $2,400 a month to $1,850, mostly because I just stopped buying dumb stuff once I saw it on paper. Then in July I got lazy and quit tracking. Fast forward to now, I pulled my bank statements for the last 6 months and I'm back up around $2,300 a month, and I honestly can't tell you where the extra $450 went. My wife says tracking is a waste of time because you already know what you spend, and my buddy at work swears by the cash envelope thing instead. I'm torn because the notebook clearly worked but it was a pain in the butt to keep up with. Anyone else quit tracking and watch their budget slide back? Or does the envelope method actually stick better for you?
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ivan59716d ago
My budgeting system lasts about as long as a gym membership in February, so you're doing better than me. What got me was the little stuff, the $4 snacks and gas station runs that add up to $200 a month without me noticing. The notebook sounds annoying but it clearly kept you honest, and the envelope thing might work if you can actually stick with cash. Your wife might be right that you know what you spend, but knowing and seeing it on paper are two different things in my experience.
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