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Personal Finance Update – August 2019

I have been tracking my spending this month using the Pocketsmith application, and have had a few surprises that I would not have known about if I hadn’t been keeping track. This has proved to me the importance of tracking every cent to see where the dollars disappear to!

This is the first week in four weeks of tracking that I have been in the green in the weekly report! That means this week I actually SAVED money! Every other week I have actually gone backwards without really meaning too!

Here is what I have learnt over the last few weeks of tracking using the Pocketsmith Money tracking app –

  1. It’s easy to forget. Little amounts actually are the easiest to forget that you have spent them. They add up too! Tracking your small purchases helps to ensure you at least realize that you are spending small amounts each week which is adding up over the month and even if you are not going backwards money-wise, at the end of the month you may not be much further ahead either!

  2. Having an app that syncs directly from your bank accounts makes it easy. I think this is why I have failed in tracking on previous attempts. Pocketsmith has syncing abilities which means the only thing I have to remember to manually add is my actual cash wallet.

  3. Knowing that a nasty red line will turn up in my inbox at the beginning of a new week if I spend more than I earn is providing me with a personal challenge to not overspend! So far, this last week is the only time Pocketsmith has emailed me a positive spending report – I think I just needed to get on track and realize how much I was overspending. Now that I am aware of my bad habits I can progress on and develop new better ones!

Yaa! – A green line from Pocketsmith this week!

  1. Just being aware that money is way easier to spend then I actually realize means I think before making small purchases now. I always thought about larger purchases and made sure I was getting the best bang for my buck so to speak when buying bigger items, but smaller gifts, magazines, recipe books, gardening and hobby purchases didn’t fall into the same category and as the dollar value was smaller, I felt I could “afford” them! Now I realize that number 1 – I don’t need them in my life and number 2 – if I want to get ahead in the future, I need to stop buying them as I am going backwards each month by doing so! Pocketsmith has really helped me to see this!

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#Money #PersonalFinance #Pocketsmith