According to a survey by the American Psychological Association, 72% of Americans stress out about money. If you’re one of those people, keeping track of your spending might help. Though it may seem like a daunting task, doing so could not only help reduce your spending but also simplify your life.
Here are some tips to help you with your investments. For example, maybe you take a look at your monthly bills and find your water bill too high? That could be linked to those long, luxurious showers you take every morning. Speeding up your morning routine won’t just reduce your water bill; it will give you more time in the morning to eat breakfast or relax. Or maybe you find that you have a dozen subscriptions on automatic billing that you don’t use anymore or just forgot to cancel before the free month was over. They may seem like small charges, but they add up over time and canceling them this month could improve your financial situation the next.
Also, how many times do you go to the grocery store each week? Or the gas station? Planning your trips better doesn’t just mean more free time; it means less traveling (so less gas and less wear and tear on your vehicle) and fewer chances for impulse spending. Making sure you only go to the grocery store once a week could be a surprising way to find more money in your pocket.
If all this sounds great to you, but you’re still unsure where to start, try using an app like Mint, YNAB, or Tiller. These apps make it easy to track your spending and find areas where you can cut back and save money, which could be better used to pay off debts, put into investments, or save until a rainy day.
This blog was originally published on murryenglardcpa.com